Press release
Circuit Breakers Market size was above USD 6 billion in 2015 and is forecast to grow at over 7.0% CAGR by 2024
Medium and high voltage circuit breakers industry based on their arc quenching medium are classified into vacuum and SF6 breakers.
Vacuum circuit breakers market is slated to be the dominant technology adopted for medium and high voltage line protection owing to some of its excellent inherent features such as high reliability, long contact life, low operating energy, and less maintenance. Increasing government initiations pertaining to toxic gas emission in the environment is boosting the vacuum circuit breakers industry demand. As per estimates, this market is anticipated to grow at a lucrative annual growth rate of 9% over the coming seven years.
SF6 circuit breakers are also being widely deployed for medium and high voltage applications preferably within 800 KV. Driven by some of the excellent properties of Sulphur hexafluoride gas including high dielectric strength, good thermal conductivity, and excellent arc quenching ability, SF6 circuit breakers market is anticipated to witness a whopping CAGR of 10% over the period of 2016-2024.
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Although SF6 circuit breakers deployment in medium voltage application is witnessing a downturn for SF6 being identified as a greenhouse emission source, SF6 circuit breakers industry is still foreseen to witness a significant surge on grounds of being the only choice left for high voltage range.
Global circuit breakers market from low voltage was valued more than USD 1 billion in 2015. A large number of electrification programs initiated especially across emerging nations is allowing an increasing penetration of low voltage substations. This, in turn, is positively influencing the overall low voltage circuit breakers industry.
On the technology front, air circuit breakers market is also expected to witness significant gains in the coming years with a target revenue of USD 5 billion by 2024. This category of circuit breakers is mainly restricted to low voltage electric network (less than 15 KV) and in the high-security installation where the risk of oil contamination or oil leakage is too severe to be tolerated.
Considering the global landscape, North America is one of the prominent participants in the circuit breakers industry. The rapid expansion of circuit breaker production base in U.S., is allowing it to be the dominant player in the regional market. Asia Pacific circuit breakers market, is also grabbing a global attention with their considerable industry share. China and India are estimated to be the major revenue pockets of the APAC market. Report estimates China circuit breakers market to exceed a revenue record of USD 1.5 billion by 2024 and India industry share to record a CAGR of 8% over the coming seven years. Increasing investments by the governments to renovate and improve existing transmission lines along with numerous HVDC line installation in these countries is catalyzing the overall circuit breakers industry demand in APAC.
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UK played a vital role in Europe Circuit breakers industry with a revenue collection worth USD 140 million in 2015. The region is expected to continue its prominence in the European market over the years to come.
Circuit breakers market is still emerging and is expected to gain heavy impetus with the increasing development of green corridor projects which focuses on integrating renewable energy plants with state and national grids. Reportedly, PGCIL has already taken an initiative in this regard.
Prominent industry participants include Powell Industries, GE Alstom, Mitsubishi Electric Corporation, Schneider Electric, and BEL Fuse Inc.
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Browse Related Report:
Power Transmission Components Market Size By Product (Transformers, Circuit Breakers, Isolators, Insulators, Arrestors, Transmission Lines , Transmission Towers), By Voltage Level (132 kV, 220 kV, 440 kV, 660 kV, 765 kV & above), By Current Level (HVDC, HVAC), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, France, Germany, Russia, China, India, Japan, South Korea, Australia, Saudi Arabia, UAE, South Africa, Brazil, Argentina, Peru), Price Trends, Competitive Market Share & Forecast, 2016 – 2024
https://www.gminsights.com/industry-analysis/power-transmission-components-market
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