The Circuit Breaker Market size is
forecast to reach US$17.5 billion by 2027, growing at a CAGR of 6.2% from 2022
to 2027.
Growing investment in power generation especially from a renewable energy source,
rising demand for reliable and secure power supply and growing initiatives
towards electrification is significantly boosting the Circuit Breaker industry
during the forecast period. China's government has established the Renewable
Energy Law, which calls for renewable energy to account for 20% of primary
energy consumption by 2021. However, environmental regulations regarding the high
emission of SF6 and high maintenance costs are hampering the market growth.
Moreover, widespread applications of circuit breakers
in the industrial, commercial and residential sectors also boost the market size. Electrical switching devices have extensive applications in power transmission
systems and power distribution systems in electricity distribution substations
which in turn boost the adoption of circuit breakers. In January 2020, ABB
launched Vmax ANSI, a medium voltage circuit breaker that is excellent for
electrical distribution applications due to its compact size and greater
flexibility.
North
America generated approximately 26% of the global revenues in the Circuit
Breaker industry in 2021. The modernization and automation of existing industries and increasing
investments in developing infrastructure have helped the Circuit Breaker Market
grow in this region. In August 2020, Ideal Power Inc signed a partnership
worth US$ 1.2 million with Diversified Technologies to demonstrate B-Tran-enabled high-efficiency direct current electrical switching devices.
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Circuit Breaker Market Growth Drivers:
Growing
demand for renewable energy is driving the Circuit
Breaker Market forward
Rising consumer awareness of the harmful effects of fossil fuels on the environment, rising government initiatives to promote the adoption of clean and green energy, rising public and private efforts to reduce carbon emissions and rising consumer adoption of green energy are the major factors expected to fuel the demand for the global renewable energy. Renewable energy sources require dedicated protection systems. Hence, circuit breakers are required to connect the power generating stations to switchyards and the electrical grid. As a result, circuit breakers have become one of the most crucial components of any electric power system. It ensures power system protection and regulates the power supply. Published in July 2022, according to the U.S. Energy Information Administration report, in 2021, small-scale solar capacity installations increased by 5.4GW, a 23% increase over 2020 installations. According to EIA, battery storage capacity has tripled in 2021, rising from 1,438 MW in 2020 to 4,631 MW in 2021. This growing demand for renewable energy will positively influence the Circuit Breaker industry outlook during the forecast period.
The
Major Players in this Market Include
Major players in Circuit Breaker Market include ABB Ltd, Siemens AG, Schneider Electric, Eaton Corp, Fuji Electric and Toshiba among others. In August 2022, Siemens launched new 3VA UL Large frame molded case circuit breakers, allowing users to implement robust, safe and smart systems while simplifying the work process.