Circuit Breakers Market Size, Share, Growth Report 2032

Circuit Breakers Market Insights

Zion Market Research has published a report on the global Circuit Breakers Market, estimating its value at USD 6.87 Billion in 2023, with projections indicating that it will reach USD 10.93 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 5.3% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Circuit Breakers Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Circuit Breakers Market: Overview

The global circuit breakers market accounted for USD 804.3 Million in 2020 and is expected to reach USD 883.2 Million by 2028, growing at a CAGR of 1.6% from 2021 to 2028.

The global Circuit breakers market, as the name suggests, breaks the electrical circuit automatically or manually under no-load, full-load, and short-circuit. In other words, they work in the form of a rescue mechanism by interrupting/discontinuing electric flow in case of faulty functioning. The basic advantage of circuit breakers is that they could be reset automatically or manually for resuming normal options.

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COVID-19 Impact Analysis:

The outbreak of COVID-19 has certainly impacted the production of electricity in the first place. Though it’s an essential thing, there is less number of people turning up at the job site (s) fearing the worst in wake of the second wave proving to be more fatal, and also lockdown being imposed therein.

Growth Factors:

The consumption of electricity would never cease. In fact, the number of consumers of electricity has been rising at a noteworthy rate over the last few years. Now, where high transmission comes into the picture. Herein, circuit breakers play a very important role. Also, governments in developing countries are investing in utility infrastructure for increasing the electricity access rate.

This factor is also there to positively impact the circuit breakers market. Moreover, the growing demand for uninterruptible power is expected to supplement the market growth in the coming years. As there is an exponential rise in the emergence and development of SMART Cities, power needs in the population have been rising substantially. Therefore, the construction of new projects is likely to propel the need for innovative concepts to supply uninterruptible power supply.

On contrary, budget constraints and lack of basic amenities in various countries are expected to hinder the market growth. Additionally, environmental regulations are getting stringent as new construction projects are taking place. This has created additional challenges for market development.

Circuit Breakers Market: Report Scope

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Type Segment Analysis Preview:

Based on type, the circuit breakers market is segmented as low voltage circuit breakers, high voltage circuit breakers, and medium voltage circuit breakers. Low voltage circuit breakers accounted for a significant market share in the past few years owing to the prolong use in the domestic application. The high voltage circuit breaker is anticipated to reveal moderate growth in the coming years attributed to the rise in demand for electricity. 

Application Segment Analysis Preview:

Based on application, the circuit breakers market is segmented as power, oil and gas, EPCs, metals/mining, and others. The power segment is likely to account for a significant share in the coming years owing to the steady growth rate. Moreover, the oil and gas segment is expected to register robust growth as the need for circuit breakers is always high in manufacturing units.

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Regional Segment Analysis Preview:

Asia Pacific held a significant share in 2020 accounting for 4.5% CAGR in the forecast period. Factors such as the presence of major players and technological feasibility are supplementing the market growth. North America and Europe are likely to gain significant traction in the forecast period owing to the rise in production and lucrative opportunities in the near future.

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Key Players and Competitive Landscape:

Some of the key players in the circuit breakers market are ABB Ltd., Alstom, Siemens AG, Mitsubishi Electric Corporation, BEL Fuse Inc., Eaton Corporation, General Electric, Schneider Electric, Toshiba, Powell Industries Inc., TE Connectivity, and Mersen, Siemens AG.

The Global Circuit Breakers Market is segmented into

By Voltage:

• Low Voltage Circuit Breaker
• Medium Voltage Circuit Breaker
• High Voltage Circuit Breaker

By Application:

• Power (Power Generation, Power Transmission, Power Distribution)
• Oil and Gas
• Metals/Mining
• EPCs
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa