Circuit Breakers Market size was above USD 6 billion in 2015 and is forecast to grow at over 7.0% CAGR by 2024

Circuit Breakers Market is one of the most rapidly expanding markets in the electrical industry. Circuit breakers being an integral part of the power system protection is unavoidable in running a power link. In a world of digitalization, smart grid and modular packaged substations are witnessing a global preference, which in turn is leaving a direct impact on the massive growth of the market. For instance, UK’s Scottish Power Energy Network has declared to invest a lump sum amount of USD 13 million under the FITNESS project for the installations of digital substations in the country.

Circuit breaker types vary for different voltage levels-low, medium, and high. Medium voltage circuit breakers find extensive applications in both indoor and outdoor installation. With the accelerating demand for compact substations both across commercial as well as industrial sectors, medium voltage circuit breakers industry is growing at a rapid pace. It is estimated to collect a massive revenue of USD 4 billion by 2024.

High voltage circuit breakers market is set to register a lucrative annual growth rate of 6% over the coming seven years, owing to its large demand for the protection of 132 KV transmission line. Furthermore, rising investments in the development of EHV and UHV grid infrastructure is providing ample opportunities for the high voltage market to prosper in the coming timeframe. Government of China has declared to invest USD 315 billion in smart grid infrastructure development.

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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. 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.

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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.

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.

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