Circuit Breaker and Fuses Market is Anticipated to Increase at a Stable CAGR over the Forecast Period (2023 to 2029)

Circuit breaker and fuses market is estimated to grow at a CAGR of nearly 6.0% during the forecast period. Rising demand for renewable energy sources and electric vehicles are primarily contributing to the growth of the market. As per the International Renewable Energy Agency (IRENA), the global solar energy capacity increased from 488.7 gigawatts (GW) in 2018 to 586.4 GW in 2019. Asia-Pacific has the largest share in the adoption of solar energy. As per the IRENA, the total solar energy capacity in Asia increased from 274.7 GW in 2018 to 330.8 GW in 2019. 

As per the International Energy Agency (IEA), China has taken huge strides in solar power technology, primarily solar photovoltaic (PV) manufacturing and installations, which has made it the largest manufacturer of solar panel technology across the globe. As per the PV-Tech & Solar Media Ltd., of the top ten solar panel manufacturers across the globe, seven are Chinese. This, in turn, has led the innovations in solar panel technology in the country. This results in the demand for circuit breaker and fuses for use in solar panels. Solar modules are connected in series circuits, and as per its capacity, one installation may have one or more circuits to protect severe damage when short circuit occurs. 

The manufacturers of circuit protection solutions work closely with solar equipment manufacturers for the development of fuses and circuit breakers, integrated with a spectrum of surge protective devices, which can offer complete protection for solar PV systems. Further, emerging demand for electric vehicles will offer an opportunity for market growth. As per the International Energy Agency (IEA), in 2018, the stock of the electric passenger cars global lypassed 5 million, which represents a rise of 63% from 2017. In 2018, china accounted for nearly 45% of electric cars on the road, which is 2.3 million, followed by Europe which accounted for 24% of the global fleet, and the US represented 22%. 

This leads to the adoption of direct current (DC) circuit breakers as electric cars contains a fuse box with DC circuit breakers. DC circuit breakers is also used in electric vehicles charging infrastructure as its whole system works with direct current. Therefore, the manufacturers of electric vehicle charging stations use DC circuit breakers for a potential safety hazard. As a result, the rising demand for renewable energy sources and electric vehicles are supporting to drive the global circuit breaker and fuses market.

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Circuit Breaker and Fuses Market- Segmentation

By Circuit Breaker

High Voltage
Medium Voltage
Low Voltage

By Fuses

High Voltage
Medium Voltage
Low Voltage

By Arc Quenching Media Type

Vacuum Circuit Breakers
Oil Circuit Breakers
Air Circuit Breakers
Others

By Application

Consumer Electronics
Industrial
Transport
Construction
Energy
Others

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Circuit Breaker and Fuses Market- Segment by Region

North America

United States
Canada                                                                                                                                                                

Europe

UK
Germany
Spain
France
Italy
Rest of Europe

Asia-Pacific

India
China
Japan
South Korea
Rest of APAC

Rest of the World

Company Profiles

Atom Power, Inc.
Bourns, Inc.
Camsco Electric Co., Ltd.
Changan Group Co.,Ltd.
Eaton Corp. plc 
EFACEC
Fuji Electric Co., Ltd.
G&W Electric Co.
Havells India Ltd.
Hitachi, Ltd. 
Honeywell International Inc.
Larsen & Toubro Ltd.
Legrand
Maxwell Technologies, Inc.
Mitsubishi Electric Corp.
Pennsylvania Breaker LLC
Schneider Electric SE
Siemens AG
Tavrida Electric
TE Connectivity Ltd.
Toshiba International Corp.

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