Circuit Breakers Market to Garner $17.8 Bn, Globally, by 2030 at 6.3% CAGR: Allied Market Research

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Apr 18, 2022, 08:50 ET

Growth of end-use industries including power, oil & gas, mining, chemicals, pulp & paper, and others has increased the growth of the global circuit breakers market.

PORTLAND, Ore., April 18, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Circuit Breakers Market by Voltage (Low, Medium, High), by Insulation Type (Vacuum, Air, Gas, Oil), by Installation (Indoor, Outdoor), by End User (Residential, Commercial, Industrial, Utilities): Global Opportunity Analysis and Industry Forecast, 2020-2030". As per the report, the global circuit breakers industry accounted for $9.4 billion in 2020, and is expected to reach $17.8 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.

Major determinants of the market growth

The growth of end-use industries including power, oil & gas, mining, chemicals, pulp & paper, and others and involvement of domestic governments, non-profit organizations, and international financial institutions have increased the growth of the global circuit breakers market. However, greenhouse gas emission from the SF6 circuit breaker hinders the market growth. On the contrary, surge in consumption of electricity and rise in use of circuit breakers in energy-related areas would open new opportunities in the future.

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Covid-19 scenario:

The Covid-19 pandemic resulted in shutdown of several industrial operations including manufacturing, construction, renewable energy, and other infrastructure installations.
In addition, ban on international import & export and manufacturing activities decreased the demand for circuit breakers from consumers.
Unavailability of workers and surge in demand-supply gap hampered the circuit breaker market.

The high segment dominated the market growth

By voltage, the high segment held the largest share in 2020, accounting for nearly half of the global circuit breakers market, due to applications in commercial, industrial, and utilities sectors. However, the low segment is expected to register the highest CAGR of 6.6% during the forecast period, owing to rise in demand for low voltage circuit breakers from residential and commercial users.

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The residential segment to manifest the highest CAGR through 2030

By end user, the residential segment is expected to register the highest CAGR of 6.6% during the forecast period, as residential sector is the largest consumer of circuit breakers. However, the utilities segment is expected to hold the largest share in 2020, contributing to nearly two-fifths of the global circuit breakers market, due to increase in demand for electricity from developing and developed economies.

Asia-Pacific, followed by North America, held the largest share

By region, the global circuit breakers market across Asia-Pacific, followed by North America, dominated the market in 2020, holding around one-third of the market, due to presence of key market players and huge consumer base in the region. However, the market across Europe is expected to register the highest CAGR of 6.6% during the forecast period, owing to rapid expansion of renewable energy sector, rapid expansion of the renewable energy sector, and increased investment toward upgradation of aged power infrastructure.

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Major market players

ABB, Ltd.
Eaton Corporation Plc
Alstom
Kirloskar Electric
Furukawa Group
Mitsubishi Electric Corporation
Powell Industries
Siemens AG
Schneider Electric
Toshiba Corporation

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