Market Research Future (MRFR) expects the global circuit breaker market to achieve a decent growth rate of 4.90% during the forecast period (2016-2023).
Top Drivers and Key Barriers
Over the years, the demand for electricity has surged more than expected. Circuit breakers are used in the transmission as well as the distribution of power supply. Given the rising need to save electricity, various government bodies around the world are coming up with new initiatives pertaining to smart power grids. These factors are deemed to work in favor of the circuit breaker market in the following years.
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Safety of industrial tools and machinery, IT products as well as kitchen appliances has turned into a grave matter that is boosting the demand for circuit breakers. With the use of circuit breakers, the entire power mechanism can be protected from the continuous power fluctuations along as well as short circuits.
The circuit breaker market growth is also induced by the surging urbanization and industrialization, especially in developing countries. This has led to some level of improvement in the electricity infrastructure and power supply growth in rural areas. Additional factors that promote market growth include circuit breaker’s low maintenance cost combined with their surging use in locomotive industries.
Global Circuit Breaker Industry Segmentation
The global Circuit Breaker Market has been extensively analyzed, considering the segments like voltage, type, and end-user.
Voltage-wise, the market segments covered in the report are high and low.
Given the type segment, the market can be divided into indoor and outdoor circuit breaker. The growing need for safe operation and high reliability of sub-station equipment has driven the demand for outdoor circuit breakers in the global market. Outdoor circuit breakers have the ability to work in harsh climates and perform efficiently in every type of environment.
The global circuit breaker market, depending on the end-use, covers power generation, transmission & distribution, railways and renewables. The transmission & distribution segment can have the highest traction in the market during the review period, on account of rising investments in substation automation and the focus on modernizing the power grids. This is expected to elevate the protection level by bringing down the energy losses brought on by low operational efficiency of conventional equipment.
The latest trends and the growth potential of the global circuit breaker market have been analyzed, taking into account the primary regions of Asia Pacific (APAC), North America, Middle East and Africa as well as Europe.
High demand for load management paired with the rising number of construction projects has helped APAC gain the largest market for circuit breakers. Circuit breakers have gained significant momentum in the region and note increasing deployment across various industries. Surging power requirement as well as the expanding power infrastructure would also stimulate market growth in the region. China is touted to be the most profitable market for circuit breaker in the region, since the country has an elaborate industrial sector that makes extensive use of the product for various applications. The government in the country has laid out numerous grid infrastructure plans and is making an effort to modernize the grids by the year 2020. Thus, high government funds spent on several power generation projects can lead the China market to greater heights in the following years.
North America and Europe together form a highly lucrative market for circuit breaker, thanks to the rising focus on upgrading the existing infrastructure. Vigorous expansion of industries and the strong urbanization rate in these regions offer excellent growth opportunities to the circuit breaker market.
Some of the leading players in the worldwide market for circuit breaker include Siemens (Germany), Tavrida Electric (Switzerland), Mitsubishi (Japan), Toshiba (Japan), Powell (US), ABB (Switzerland), CG Power (India), Larsen & Toubro (India), Schneider Electric (France), TE Connectivity (Switzerland), Fuji Electric (Japan), and others.
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