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Circuit Breaker Market Outlook, Trends, Analysis, Insights, Overview And Forecast To 2033
Circuit Breaker Market Outlook
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According to The Business Research Company's, The circuit breaker market size has grown strongly in recent years. It will grow from $7.12 billion in 2023 to $7.59 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to increased electrification across industries, rising investments in infrastructure, growth in renewable energy integration, expansion of industrial automation, and rise in demand for outdoor installations of circuit breakers.
The circuit breaker market size is expected to see strong growth in the next few years. It will grow to $9.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to the growing adoption of electric vehicles, rising investments in renewable energy infrastructure, rising concerns over cybersecurity in electrical systems, increasing investment in grid resilience, and the growing global population. Major trends in the forecast period include technological advancements, smart grid integration, IoT-enabled devices, the adoption of solid-state circuit breakers, and digital twin technology.
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Market Drivers and Trends:
The rise in demand for electricity is expected to propel the growth of the circuit breaker market going forward. The widespread use of electronic devices such as computers, smartphones, and appliances, increased household and commercial electricity consumption, the adoption of smart home technologies, and growth in industrialization contribute to the rising need for electricity. Circuit breakers are essential safety devices in electrical systems, designed to protect against overcurrents and short circuits while providing a means for manual control and maintenance of electrical circuits. For instance, in August 2024, according to Eurostat, a Luxembourg-based government agency, the EU's gross electricity production increased from 2,784 TWh in 2020 to 2,907 TWh in 2021. Additionally, according to the Department of Climate Change, Energy, the Environment, and Water, an Australia-based government department, in 2021-2022, Australia's total energy generation climbed by 2% to 272 TWh. Therefore, the rise in demand for electricity is driving the growth of the circuit breaker market.
Major companies in the circuit breakers market are proactively developing eco-efficient alternative solutions to address environmental concerns and meet regulatory demands. Eco-efficient alternative solutions are methods, technologies, and practices designed to minimize environmental impact while maximizing efficiency and productivity. For instance, in August 2022, Hitachi Energy Ltd., a Switzerland-based manufacturer of high-voltage equipment, launched its first eco-efficient 420-kilovolt (kV) circuit breaker. This innovative circuit breaker utilizes an eco-efficient gas mixture, replacing the traditional sulfur hexafluoride (SF6) gas known for its high global warming potential. The new gas mixture significantly reduces the environmental impact while maintaining the same high-performance standards. The circuit breaker features advanced digital monitoring and diagnostic capabilities, ensuring reliable and efficient operation.
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Major Key Players of the Market:
Panasonic Corporation, Schneider Electric SE, Mitsubishi Electric Corporation, Honeywell International Inc., Siemens Energy, ABB Ltd., Toshiba International Corporation, Larsen & Toubro Limited, Eaton Corporation plc, TE Connectivity Ltd., Fuji Electric Co. Ltd., Kirloskar Electric Company Ltd., Andeli Group Co. Ltd., CG Power and Industrial Solutions Ltd., Powell Industries Inc., Terasaki Electric Co. Ltd., Maxwell Technologies Inc., Carling Technologies Inc., Industrial Electric Mfg, Efacec Power Solutions, Hitachi Industrial Equipment Systems Co. Ltd., ETA Elektrotechnische Apparate GmbH
Circuit Breaker Market 2024 Key Insights:
• The circuit breaker market size is expected to see strong growth in the next few years. It will grow to $9.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Rising Electricity Demand Propels Growth Of The Circuit Breaker Market
• Hitachi Energy Introduces Eco-Efficient 420-kV Circuit Breaker To Reduce Environmental Impact
• Asia-Pacific was the largest region in the circuit breaker market in 2023
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