New York, United States, Jan. 21, 2025 (GLOBE NEWSWIRE) -- The circuit breaker is a crucial element in electrical systems that protects circuits from damage caused by excessive current. Unlike fuses, circuit breakers can be reset and reused after tripping. They are made to automatically stop the flow of current when a fault or abnormal condition is detected, such as an overload or short circuit. Circuit breakers find applications in various sectors, including power distribution, communication circuits, automobiles, telecommunication, computers, industrial machinery, consumer electronics, and more. Circuit breakers can be manually operated or triggered automatically by sensors. They serve as crucial safety devices, preventing electrical hazards, safeguarding equipment, and ensuring the reliable operation of electrical systems. When the fault is resolved, or the overload is eliminated, the circuit breaker can be reset to restore power to the circuit.
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Market Dynamics
Growing Demand for Electricity and Need for Reliable Power Delivery Drives the Global Market
Circuit breakers and fuses play a crucial role in the energy sector by protecting electrical circuits from excess power and overloads. Circuit breakers have several advantages over fuses, including faster response time and the ability to be reused and repaired. This makes circuit breakers more reliable and cost-effective for ensuring power delivery and reducing the risk of short circuits. The global electricity demand has been increasing significantly, and circuit breakers are in high demand to ensure reliable power delivery in residential, commercial, and industrial applications. They are widely used to protect circuit boards and electrical setups in homes and industries. Industrial plants rely on circuit breakers to safeguard their manufacturing operations and ensure a stable power supply at a larger scale. Circuit breakers offer cost benefits by reducing investment costs and providing protection at a relatively lower price than other alternatives.
Rising Renewable Energy Production Creates Tremendous Opportunities
Governments and regulatory organizations worldwide emphasize producing renewable energy to mitigate greenhouse gas emissions and promote sustainable energy sources. This global shift towards renewable energy is driving the development of smart cities and increasing access to electricity. As a result, this sector has growth opportunities for circuit breakers. Renewable energy targets have become crucial to legislative activities in many countries. Many nations, including 164 countries in 2015, have adopted renewable energy targets in their legislative approach. The European Union has set legally binding renewable energy targets for its member states and energy communities. These legislative efforts have accelerated the adoption of cleaner energy sources.
In the context of smart cities, the increasing utilization of renewable energy creates opportunities for the use of circuit breakers. These devices play a vital role in protecting electrical circuits and ensuring the reliable distribution of renewable energy within smart city infrastructures. Therefore, the growth of renewable energy production and the focus on smart cities contribute to expanding the circuit breakers market in the forecast period.
Regional Analysis
Asia-Pacific is the most significant global circuit breakers market shareholder and is estimated to grow at a CAGR of 4.8% over the forecast period. The Asia-Pacific region has emerged as the dominant player in the circuit breaker market, with countries such as China, Japan, India, South Korea, Australia, and others contributing significantly to its revenue. The region's high population and rapid economic growth have increased electricity demand, driving the need for circuit breakers. Additionally, the replacement of aging grid infrastructure further fuels the market growth in the region. China and India, two major economies in the Asia-Pacific region, are among the top five producers of renewable energy globally. This emphasis on renewable energy integration, along with the interconnection of renewable sources to the grid infrastructure, has created additional opportunities for the circuit breaker market in the region.
North America is estimated to exhibit a CAGR of 5.9% over the forecast period. North America is a significant continent in the circuit breaker market, accounting for a substantial share. This market encompasses key countries such as the United States, Canada, and Mexico. The escalating electricity consumption in the United States and Canada primarily drives the growth of the circuit breaker market in North America. The stringent safety requirements in various industries further contribute to this region's market expansion of circuit breakers. These industries prioritize the operational safety of individuals, necessitating reliable circuit protection systems. Additionally, North America has a notable shift from conventional energy installations such as coal, petroleum, and natural gas towards renewable energy sources. As the reliance on renewable energy grows, there is an increased demand for circuit breakers to support the efficient distribution and management of electricity from renewable installations.
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Key Highlights
- The global circuit breakers market size was valued at USD 15.34 billion in 2024 and is expected to reach from USD 16.31 billion in 2025 to USD 26.63 billion in 2033, growing at a CAGR of 6.32% over the forecast period (2025-2033).
- Based on voltage, the global circuit breakers market is bifurcated into high, medium, and low. The high segment dominates the global market and is expected to exhibit a CAGR of 5.21% during the forecast period.
- Based on the installation, the global circuit breakers market is bifurcated into indoor and outdoor. The indoor segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 4.91% during the forecast period.
- Based on the application, the global circuit breakers market is bifurcated into residential, commercial, industrial, and utility. The residential segment dominates the global market and is predicted to exhibit a CAGR of 4.8% during the forecast period.
- Asia-Pacific is the most significant global circuit breakers market shareholder and is estimated to grow at a CAGR of 4.8% over the forecast period.
Competitive Players
- ABB Group
- Schneider Electric Inc.
- Mitsubishi Electric Corporation
- Eaton Corporation Plc
- Siemens AG
- Alstom
- Furukawa Group
- Kirloskar Electric Co. Ltd.
- Powell Industries
- Toshiba Corporation.
Recent Developments
- May 2024 - ABB's innovative Miniature Circuit Breaker (MCB)* is celebrating its 100th year of safeguarding electrical circuits and is adapting to suit future sustainability requirements. By guaranteeing the security of residential and commercial facilities and reducing the possibility of unanticipated events, MCBs have revolutionized daily life.
- March 2024 - Siemens has created the first electronic switching-based solid-state high-power circuit protection device. When an error occurs, the Sentron ECPD (Electronic Circuit Protection Device) electronically turns off the circuit and, if required, trips the downstream mechanical isolating contact. To date, electro-mechanical components have been mostly used for disconnection.
Segmentation
By Voltage
- High
- Medium
- Low
By Installation
- Indoor
- Outdoor
By Applications
- Residential
- Commercial
- Industrial
- Utility
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