Report Overview

India Circuit Breaker Market is growing rapidly owing to rising expenditures on smart grid technologies for the protection and control of electrical equipment, replacement of old infrastructure along with the requirement for dependable T&D networks.

India Circuit Breaker Market - Industry Trends & Forecast Report 2028

India Circuit Breaker Market is forecast to grow at a CAGR of 9.1% during the forecast period (2022-2028). The rapid expansion of the market is predominantly due to the rising demand for circuit breakers as a result of rising investments in the power sector, particularly in renewable energy. Renewable energy sources like solar and wind turbines use circuit breakers and need a special safety system. Moreover, the need for circuit breakers nationwide is predicted to rise as solar and wind power plant installations increase. The need for outdoor circuit breakers is also rising as a result of the quick infrastructure growth in nations with high rates of urbanization. Furthermore, during the forecast period, the market expansion is anticipated to be supported by its growing adoption in high voltage transmission and distribution lines, railroad systems, and small and medium substations.

Circuit Breaker - Overview

Electrical switching devices known as circuit breakers control power flow and deliver predetermined amounts of electricity to structures. Demand for the device is anticipated to rise as construction activity and reliance on electricity both continue to increase. It improves resident safety by preventing failures, malfunctions, and short circuits. Additionally, consumers may become more aware of the device due to the growing safety consciousness. The device's adoption prevents damage to the electrical system.

India Circuit Breaker Market Forecast and Trends

Growth Drivers

Rising Electrification Initiative Adoption to Support Market Development

Market expansion is anticipated to be accelerated by the implementation of electrification schemes in developing nations. This aspect is anticipated to increase the use of circuit breakers. As a result of increased electrical availability, there is an abundance of it, which is then used to provide electricity to rural areas. For instance, the World Bank contributed over USD 2.3 billion to the West Africa Power Pool for reforms and infrastructure support (WAPP). By 2030, this project might contribute to the ECOWAS' (Economic Community of West African States) ability to supply electricity to about 15 nations. Additionally, the required adoption of these breakers in utility-scale grids, businesses, homes, and other construction projects is anticipated to fuel the circuit breaker market's expansion.

Initiatives to Promote the Use of Circuit Breaker Systems in Electrification

Running a rural electrification initiative to connect to the grid. India is also attempting to integrate various grid zones into a mega-national system. These factors have improved the market prospects for utility-scale switches. The rising availability of electricity is fueling rapid infrastructural development, resulting in plentiful electrical energy. As a result, the use of electrical switching devices for the safe and dependable operation of gadgets and devices is increasing the demand for infrastructure projects. All these factors boost the growth of the India Circuit Breaker Market during the forecast period (2022-2028).

Adoption of Electrical Safety Regulations to Supplement Growth

Breakers have become an essential component of electrical networks in homes and businesses, industries, and utility-scale grids. Every home, workplace, and other structure has an electrical switching device installed because, with rising urbanization and modernization, breakers have become a vital feature of every construction. Frequent modifications include tight adherence to test protocols for breakers and switchgear used in electrical power distribution networks. All these factors boost the growth of the Japan Circuit Breaker Market during the forecast period (2022-2028).

Restraints

Increasing Unorganized Sector Competition to Limit Market Growth

Market growth would be hampered by escalating competition from the unorganized sector. The major businesses are now able to compete in the market thanks to the rising investment in technological improvement for circuit breakers. A significant factor limiting the market's growth over the projected period is likely to be price strategies used by minor competitors, growing competition, and processing.

Impact of COVID-19 on India Circuit Breaker Market

The COVID-19 pandemic-induced lockdown and economic crisis have affected the power and energy sector. The utility's investment in grid developments has experienced a sharp drop. In addition, there has been a decline in consumer expenditure across a variety of applications, which has affected the demand. Moreover, many suppliers experienced substantial resource constraints in their material supply and logistics chains throughout the year, which had a notable negative impact on their operations. Furthermore, supply chain disruptions have a significant impact on the India Circuit Breaker Market. However, the market, on the other hand, is improving and is likely to return to normal as the government's assistance grows. During the forecast period (2022-2028), the market is expected to rise due to the quickest recovery rates in some regions and rising significant investments in creating energy infrastructure.

India Circuit Breaker Market - By Voltage

Based on the voltage, the India Circuit Breaker Market is segmented into High Voltage, Medium Voltage, and Low Voltage. Low voltage breakers are becoming more common in both residential and commercial applications. More frequently used in current, foundational, and utility applications are medium voltage breakers. The most varied reasons and fastest expected growth are seen in the medium-scale breaker applications. Circuit breakers that operate at high voltage are typically utilized in utility-scale applications and less frequently in other commercial settings. All these factors propel the growth of the India Circuit Breaker Market during a forecast period (2022-2028).

India Circuit Breaker Market – By End-User

Based on end-user, the India Circuit Breaker Market is segmented into Renewables, Power Generation, Transmission, Railways, and Others. Among these, the power generation segment holds the largest market share. The generator circuit breaker is used to synchronize the generator with the grid, protect it from faults, and avoid undue strain on power equipment, especially generators, from external short-circuit faults that could harm the generator. All these factors boost the growth of the India Circuit Breaker Market during the forecast period (2022-2028).

India Circuit Breaker Market - By Type

Based on type, the India Circuit Breaker Market is segmented into Outdoor Circuit Breaker and Indoor Circuit Breaker. The outdoor circuit segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). The majority of the installed breakers are outdoor automatically operated electrical switches. Outdoor breakers have nearly double the market size of interior breakers. It is utilized in the assembly of switchgear, which is mostly employed outdoors for utility-scale applications. This influences the outdoor circuit breaker segment to dominate the market share in the upcoming years.

Competitive Landscape

The leading market players in the India Circuit Breaker Market are CG Power, ABB, Schneider Electric, Eaton Corp, Toshiba, Mitsubishi, Fuji Electric, Larsen & Toubro, and other prominent players.

The India Circuit Breaker Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.

Recent Development

• January 2021: ABB India announced Formula DIN-Rail, a range of Isolators, Residual Current Circuit Breakers (RCCBs), and Miniature Circuit Breakers (MCBs) to meet the global standards and shall be produced at ABB’s Smart Buildings factory in Bengaluru.

Scope of the Report

By Voltage

• High Voltage

• Medium Voltage

• Low Voltage

By End-User

• Renewables

• Power generation

• Transmission

• Railways

• Others

By Type

• Outdoor Circuit Breaker

• Indoor Circuit Breaker