The circuit breakers market size was valued at $9.4 billion in 2020, and is estimated to reach $17.8 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030. Circuit breakers are protective devices used in electrical power systems to automatically interrupt the flow of electric current in a circuit when there is an overload or short circuit condition. They are designed to protect electrical equipment and wiring from damage caused by excessive current, as well as to protect personnel from electrical hazards.
Circuit breakers play an important role in maintaining the safety and reliability of electrical power systems. They are designed to interrupt the flow of electric current quickly and reliably in the event of a fault, preventing damage to equipment and minimizing downtime. Regular maintenance and testing of circuit breakers is important to ensure that they are functioning properly and providing adequate protection.
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Circuit breakers are rated by their voltage and current-carrying capacity, as well as their interrupting capacity, which is the maximum amount of current that the circuit breaker can safely interrupt without damage. They come in a variety of sizes and configurations, from small molded case circuit breakers used in residential and commercial buildings to large high-voltage circuit breakers used in power transmission and distribution systems.
The key players operating and profiled in the report include ABB, Ltd., Alstom, Eaton Corporation Plc, Furukawa Group, Kirloskar Electric, Powell Industries, Mitsubishi Electric Corporation, Schneider Electric, Siemens AG, and Toshiba Corporation.
Other players operating in the value chain of the global circuit breakers market are Tavrida, LS Electric, Huayi Electric, Myers Power Products, and others.
Significant development of the end-use industries, such as oil & gas, power, mining, chemicals, pulp & paper, and others fuels the demand for circuit breakers, which in turn is expected to fuel the growth of the circuit breakers market.
Europe is expected to grow at the fastest rate, registering a CAGR of 6.6%, during the forecast period.
In 2020, Asia-Pacific dominated the global circuit breakers market with more than 33.7% of the share, in terms of revenue.
Asia-Pacific garnered the dominant share in 2020, and is anticipated to maintain this dominance in the circuit breakers market trends during the forecast period. This is attributed to the presence of key players and huge consumer base in the region.
Involvement of domestic governments, non-profit organizations, and international financial institutions, such as the World Bank in the development of electricity access rate majorly influences the adoption of circuit breaker at the global level.
Increase in the consumption of electricity fuels the demand for circuit breakers, thereby propelling the growth of the circuit breakers market.
In 2020, the outdoor segment accounted for 61.8% circuit breakers market share in the year 2020, and is anticipated to grow at a rate of 6.3% in terms of revenue, increasing its share in the global circuit breakers market.
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Circuit breakers are used in energy-related areas to define the sensitivity of high residual current to provide optimum protection.
Residential is the fastest-growing end-user segment in the global circuit breakers market and is expected to grow at a CAGR of 6.6% during 2021–2030.
In 2020, the high voltage segment accounted for about 47.2% of the share in the global circuit breakers market, and is expected to maintain its dominance during the forecast period.
Rapid expansion of the renewable energy sector, rise in investment toward up gradation of aged power infrastructure, and rapid industrialization in the region are further anticipated to fuel the circuit breakers market growth in the upcoming years.
Circuit breakers help to protect electric appliances from short out and overburden of current. Moreover, circuit breakers are cost-effective and give reliable operation of the electric circuit.
The requirement for circuit breakers has increased significantly with expanding concern for safety in media transmission hardware, car, electrical, and electronic sectors.
COVID-19 Impact on Market
Lockdowns imposed due to the outbreak of the COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for circuit breakers from consumers.
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The circuit breakers market was expected to recover by the last quarter of 2021, as COVID-19 vaccination is available in various economies across the globe, which is expected to improve the global economy.
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