The global circuit breaker market is estimated to be USD 6.85 Billion in 2017 and is projected to reach USD 8.68 Billion by 2022, growing at a CAGR of 4.85%, from 2017 to 2022.
Increasing construction and developmental activities, the growing demand for electricity in developing countries, and rising number of renewable power generation projects are the major drivers of the circuit breaker market.
The report segments the circuit breaker market, by voltage, into medium voltage and high voltage. The medium voltage sub-segment dominated the market in 2016 due to increasing investments in aging electrical infrastructure in transmission and distribution networks and the rising need to protect electrical circuit equipment.
Based on end-user, the circuit breaker market has been segmented into transmission and distribution, renewable, power generation, and railways. The transmission and distribution sub-segment led the circuit breaker market in 2016 and is projected to dominate the market during the forecast period. The renewable segment is expected to grow at the fastest rate during the forecast period.
Based on type, the circuit breaker market has been segmented into indoor and outdoor circuit breakers, which have been further divided into high voltage and medium voltage. The outdoor circuit breaker segment held the largest market share in 2016 and is projected to dominate the market during the forecast period as they offer space optimization, low maintenance, and protection against extreme environmental conditions.
In this report, the circuit breaker market has been analyzed with respect to 5 regions, namely, Asia Pacific, Europe, North America, the Middle East & Africa, and South America. The market in Asia Pacific is expected to lead the global circuit breaker market during the forecast period due to the upgradation of aging electrical grid infrastructure and increase in electricity demand in the region.
Aging power infrastructure, growing HVDC transmission networks, and upcoming smart cities can lead to opportunities in the circuit breaker market. Stringent environmental and safety regulations for SF6 circuit breakers and increasing competition from the unorganized sector could be a restraint for the circuit breaker market, leading to declining profits.
Some of the leading players in the circuit breaker market include ABB (Switzerland), Siemens (Germany), Eaton Corporation (Ireland), Mitsubishi (Japan), and Toshiba (Japan). Contracts & agreements and new product launches were the most widely adopted strategies by players to ensure their dominance in the market.
Continued Growth of Construction & Developmental Activities
Increasing Access to Electricity in Developing Countries
Growth in Renewable Power Generation
Stringent Environmental & Safety Regulations for Sf6 Circuit Breakers
Increasing Competition From the Unorganized Sector of the Circuit Breaker Market