Circuit Breaker Market Size, Share, Growth and Forecast to 2023

Circuit Breaker Market Scenario

Circuit breakers are pre-set values in percentage terms. These are automatically functioning electrical switches, which are designed to secure electrical networks from being damaged by the excess current from overload or even short circuit. The primary and the basic functioning of the circuit breaker is to interrupt the current flow on detection of any fault. According to the latest study conducted by Market Research Future (MRFR), the global circuit breakers market is expected to experience decent growth during the forecast period.

The market is expected to be driven due to operational safety and the expanding measures undertaken to integrate a dependable and sustainable electrical infrastructure. As developing regions across Asian and African nations witness frequent power lags as well as network failures, the regions hold massive potential in the deployment of effective electric products. The industry dynamics can also be positively influenced by the increasing measures to prevent fire hazards, faults in electrical supply, and relevant operation dereliction.

Market Segmentation

The global circuit breakers market segmentation is divided in terms of voltage, type, and end users.

By voltage, the market includes high voltage, low voltage, and medium voltage segments. The low voltage circuit breakers are the leading segment in this category. The segment is driven by the continuing drive of rural electrification as well as regulatory proximities towards the integration of distributed generation and renewable networks of stand-alone nature.

By end-user, the market comprises of residential, commercial, and industrial.

By type, the market divides into SF6, vacuum, and others.

Competitive Landscape

The global circuit breakers market holds a number of key and prominent players, including STAHL (Netherlands), Honeywell International Inc. (US), ABB Group (Switzerland), Holley Metering Ltd. (China), Siemens (Germany), General Electric (US), Schurter Electronics (Switzerland), and Sensus (US).

Regional Analysis

The geographical segmentation of the global circuit breakers market covers 5 key regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.

The North American market is the leading region in the global circuit breaker market, primarily due to the fast-paced expansion in the production base over the years. The market contribution of the North American region can be attributed significantly to the US. The US region holds a major hand in the global market and is projected to continue its growth trajectory in the forthcoming years as well. A major factor identified as the key driver of the market is the positive regulatory shift towards the replacement & retrofit of the conventional electrical equipment with advance units. With an aim to curb down the curtailment rate in their Western Transmission Network, regulators of the US have framed various plans in 2018 to invest close to USD 10 billion in developing and improving the domestic electric infrastructure.

The European region closely follows North America to stand tall as the second-largest global circuit breakers market. The Asia Pacific market is projected to experience growth at the fastest pace during the forecast period. Herein, developing economies like China, Indonesia, and India pose favorable growth potential as these countries continue to expand their current power generation capacities and the supply infrastructure to match up to the rising electricity demand.

Industry Related News

Feb 16th, Schneider Electric announced the introduction of Masterpact MTZ, a one of a kind next-gen high power low voltage circuit breakers, which was assembled in the Indian market. The Masterpact MTZ circuit breaker will offer customers with enhanced and superior performance with optimal security and reliability.

Feb 19th, Leviton announced the introduction of its next generation product Leviton Load Center, which is an internet-connected system that transmits real-time monitoring data to the users and customization notifications to their smart devices. The Leviton Load Center will welcome the new generation of intelligent and smart circuit breakers.