Circuit Breaker Market worth $8.6 Billion by 2028
The global Circuit Breaker Market is projected to reach USD 8.6 billion in 2028 from USD 6.5 billion in 2023 at a CAGR of 5.5% according to a new report by MarketsandMarkets™. Key drivers for this growth include increasing investments in smart grid technologies aimed at protecting and controlling power equipment, as well as the replacement of aging infrastructure. Additionally, the demand for reliable transmission and distribution (T&D) networks presents high-growth opportunities for the Circuit Breaker Market.
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T&D utility segment is the largest contributor in the circuit breaker market.
The Circuit Breaker Market is primarily led by the T&D utility segment. Within this segment, Asia Pacific emerged as the largest market in 2022. This significant market size in the Asia Pacific region can be attributed to the growing demand for electricity and the need to replace aging infrastructures. Countries like Japan, China, and South Korea are particularly driving this demand in the Asia Pacific region, further bolstering the market for circuit breakers.
The high voltage is expected to be the largest segment of the circuit breaker market.
In 2022, the high voltage segment emerged as the dominant segment in the circuit breaker system market. These high voltage circuit breakers find extensive usage across various end-user industries, including T&D utilities, large power generation plants, and railways & metros. The market for high voltage circuit breakers is primarily driven by increasing investments in transmission and distribution networks. This is a response to the growing demand for power and the necessity to enhance the reliability of high-voltage electrical assets. As a result, the high voltage segment is expected to experience substantial growth in the market.
By insulation type, the gas circuit breaker segment is expected to grow at the fastest rate during the forecast period.
During the forecast period, the insulation type segment emerged as the leading segment in the Circuit Breaker Market. Among the different insulation types, the market for gas circuit breakers experienced significant growth due to their high dielectric property and space-saving characteristics. The Asia Pacific region is projected to hold the largest market share in the gas circuit breakers segment, followed by Europe. This can be attributed to the increasing investments in renewable energy sources, which are driving the demand for gas circuit breakers.
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Asia Pacific is expected to be the largest and fastest-growing market during the forecast period.
During the forecast period, Asia Pacific is anticipated to be the largest and fastest-growing market in the circuit breaker industry. This region is segmented into key countries, including China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Countries in Asia Pacific are witnessing a surge in power demand driven by rapid urbanization and industrialization. To address the need for energy efficiency and uninterrupted power supply, the State Grid Corporation of China (SGCC) has planned significant investments. Approximately USD 62 billion, accounting for 11.1% of the total investment, is allocated to grid technologies, including circuit breakers, to accommodate a substantial amount of renewable energy in the grid. China has emerged as a major consumer of smart grid technology due to the ongoing transformation in its energy landscape. The country’s focus on energy efficiency, clean energy adoption, and power industry transformation further supports the demand for smart grid infrastructure. By 2020, China is expected to have over 100 GW of installed wind capacity and a significant increase in solar PV installations, resulting in a higher demand for circuit breakers in the market.
Key Market Players:
The key players in the Circuit Breaker Companies are as ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), and Eaton (Ireland).
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