Global Circuit Breaker Market expected to demonstrate rapid growth: Projected to Grow at a CAGR of 4.9% by 2027
Published | 09 November 2021
An increase in the adoption of cleaner energy has driven numerous investments to the renewable energy sector, and the growing construction projects across the world have brought a lot of opportunities at the table for the growth of the global circuit breaker market. In addition this, the rising electrification rates across the world are also contributing to the demand for the circuit breakers, which is projected to solidify the growth of the global circuit breaker market in the coming years..
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that global circuit breaker market was worth USD 5,220.0 million in 2020. The data yielded by the study revealed that the market is estimated to grow at a CAGR of 4.9%, earning revenue of around USD 7,100.8 million by the end of 2027. An important factor driving the growth of the global circuit breaker market is the increasing number of investments in the renewable energy sector, which has led to the development of circuit breakers that are more compatible with the upcoming renewable energy market. Furthermore, the growing number of utility infrastructure projects by the Biden administration and some of the emerging projects that were started by the Canadian government to uplift the infrastructure is anticipated to fuel the growth of the global circuit breaker market during the forecast period.
Increasing number of investments in industrial sector favoring the global circuit breaker market
The Biden Administration has been working hard to improve the industrial sector of the US. Accordingly, the administration claims that policies aimed at boosting exports and reducing the trade deficit will cost about USD 850 billion over the next four years. In addition, the government is looking forward to devaluating the Dollar Index to increase exports and rebuild the competitiveness of U.S. industries. Moreover, the European Union's actions for the upcoming EU Industrial Strategy 2020 plan, which include diversifying partnerships established abroad, forming industry alliances, and achieving carbon neutrality, are boosting investments in the industrial sector and providing more opportunities for Europe's industrial sector. Since circuit breakers play a pivotal role in safeguarding the circuits receiving excess electric current and protecting the industrial machines and equipment from inflicting any catastrophe, the growing investments are positively impacting the growth of the global circuit breaker market.
Rising temperatures propelling the demand for circuit breakers
Globally, the rising temperatures and warmer summers have contributed to the increased energy demand. The US declared 2020 to be the second-warmest year on record in 2020. Earlier, the United States had already marked 2016 as the warmest year on record, and rising temperature trends indicate that climate change is having an increasing impact on the country. According to the Copernicus Climate Change Service (C3S), Europe witnessed the warmest year on record with an increase of about 0.4°C than 2019. The CO2 concentrations have also been on the rise, growing at a rate of about 2.3 ppm/year in 2020. These factors indicate rapid growth in the temperatures. In light of the importance of circuit breakers in protecting households from fluctuations in electricity, the demand for such products is expected to rise in the coming years, resulting in a higher growth for the global circuit breaker market.
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Global Circuit Breaker Market - Impact of COVID-19 in the Industry
The coronavirus outbreak negatively impacted the growth of the global circuit breaker market. Phosphate, iron, copper, steel, and cobalt, which are some of the crucial manufacturing components for stationary and moving contacts, tripping units, electromagnets, and others, had to experience supply chain disruptions. In addition to this, the demand for circuit breakers was severely impacted due to the growing restrictions in the utility and construction industries, which involve high human interaction. The government measures restricting such activities led to a huge decline in power consumption, which reduced the excess power supply issues at the premises. As a result of such measures, the demand side of the global circuit breaker market was also severely impacted, indicating an equal amount of damage done to the global circuit breaker market. The vaccination rates, however, indicate that the global circuit breaker market is determined to eliminate the restrictions imposed on different industries allied with the circuit breaker market, which may assist in improving the overall growth in the near future.
The Indoor Circuit Breaker Installation Segment Holds the Largest Market Share
Based on the installation, the global circuit breaker market is segmented into indoor circuit breakers, and outdoor circuit breakers. The Indoor circuit breaker segment dominated the circuit breaker market with the largest share in 2020. The growth of the outdoor circuit breakers is attributable to the rising offshore and renewable energy projects, such as solar energy and wind energy. According to U.S. Energy Information Administration, in 2020, renewable energy sources (including wind, hydroelectric, solar, biomass, and geothermal energy) generated a record 834 billion kilowatt-hours (kWh) of electricity or about 21% of all the electricity generated in the U.S. As a result of the aforementioned factors, the outdoor segment is witnessing rapid growth, which is propelling the global circuit breaker market forward.
North America Leads the Global Circuit Breaker Market
Based on geography, the global circuit breaker market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among these, the Asia Pacific region accounted for the largest market share in 2020. As a result of the rising temperatures in the Asia-Pacific region, there has been an increase in demand for power consumption, which is proving to be a driving force for the global circuit breaker market. Three of the world's largest economies, India, China, and Japan, are located in the world's most populous region, the Asia Pacific. The growing quantity of foreign direct investments (FDI) flowing into India and China is driving up demand for industrial space in the two countries. Thus, the growth of electricity generation is supported by an increase in industrial activities. As a result, power generation is expected to rise in the next years, propelling the global circuit breaker market to new heights.
Global Circuit Breaker Market - Competitive Landscape
The major players in the global circuit breaker market are Siemens AG, Schneider Electric SE, Eaton Corporation Plc, Panasonic Corporation, General Electric Company, Hitachi Ltd., Toshiba Corporation, ABB Ltd., TE Connectivity, Mitsubishi Electric Corporation, Cummins Inc., CG Power, and Industrial Solutions Limited, Fuji Electric Co., Ltd., Alstom SA, Meidensha Corporation, Henan Pinggao Electric Co. Ltd., Sieyuan Electric Co. Ltd., and other prominent players. The growing emphasis on local production to compete with China has bolstered the manufacturing competitiveness of the United States. Additionally, the European Union and other nations have also laid their respective industrial plans, which may positively impact the growth of the market in the coming years.
In October 2021, Basel has chosen ABB charging technology for future sustainable e-bus operations. By 2027, Basel will electrify its entire bus operations in one of Switzerland's largest infrastructure projects Renewable energy will enable the ambition of largely emission-free operations ABB will provide both the necessary electrification and charging solutions.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global circuit breaker market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global circuit breaker market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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