Circuit Breaker Market to Exceed Market Valuation USD 9.4 Billion by 2031 | SkyQuest Technology
Westford USA, Oct. 25, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global circuit breaker market will reach a value of USD 9.4 Billion by 2031, with a CAGR of 5.0% during the forecast period (2024-2031). The circuit breaker market has been witnessing remarkable growth backed by mounting demand for electricity and the growing need for efficient and reliable energy distribution systems. The leading market drivers comprise improvements in smart grid technologies, advances in smart grid technology, and rising infrastructure development. Overall, the market will continue to transform with more innovations in circuit breaker technology and favorable regulations for energy efficiency.
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Browse in-depth TOC on the “Circuit Breaker Market”
Pages – 157
Tables – 118
Figures – 77
Circuit Breaker Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 6.36 Billion |
| Estimated Value by 2031 | USD 9.4 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.0% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, Insulation Type, End User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growing Adoption of Smart Grid Technology to Control and Protect Power Equipment |
| Key Market Drivers | Heavy Investments in Power Generation from Renewable Sources |
Outdoor Segment to Lead Market Owing to Growing Demand for Infrastructure
By application, outdoor segment registered majority share of the market in 2023, driven by the growing infrastructure demand and rising integration of renewable energy. Growing investments in transmission infrastructure and power generation is notably fueling the demand for circuit breakers in power plants and substations. Moreover, the rise of renewable energy projects like solar farms and wind frequently need outdoor circuit breakers for better management of different leads and high voltage.
On the other hand, the indoor segment is expected to grow at a considerable rate owing to growing space constraints and better safety. Indoor circuit breakers are highly suitable for urban settings, wherein space is restricted, increasing their demand for facilities and buildings. Also, these breakers offer enhanced protection from ecological factors like less risk of exposure to weather and improving safety in highly populated areas.
Increasing Power Requirements by Diverse Industries to Drive Industrial Segment
By end user, the industrial segment led the market in 2023 and is expected to continue dominating in future as well owing to the growing demand for energy and growing use in complex electrical systems. Industrial facilities need abundant electricity for equipment and machinery, which fuels the need for strong circuit production. In addition, the segmental growth is also impacted by heavy demand from industries since they have complex electrical setups that demand well-developed circuit breakers to ensure reliability and efficacy.
Nonetheless, the commercial segment is expected to grow at a faster pace owing to the rising infrastructure development and growing power requirements. Growing construction of more commercial buildings and speedy urbanization is propelling the need for effective and reliable systems. Also, commercial places like retail spaces, offices and hotels need significant energy for HVAC, lighting, and other machinery, thus driving the segment’s growth.
Industrial Expansion and Speedy Urbanization to Fuel Market Growth in Asia-Pacific
Geographically, Asia-Pacific is held majority share in the 2023, and will lead over the forecast period as well owing to speedy urbanization and industrial expansion. The region is witnessing major urban progress, resulting in increased demand for infrastructure development and electricity. Also, the flourishing industrial sector, especially in construction and manufacturing is impacting the demand for efficient power distribution systems, thus impacting the regional growth.
Europe to grow as the fastest growing segment owing to strict safety regulations and investments in renewable energy. Strict environmental and safety standards are fueling the adoption of improved circuit breakers in different sectors. Also, strong dedication towards energy sources increased the need for efficient circuit breakers for incorporation in the grid technology. The regional growth is also impacted by high focus on sustainability that complies with the need for improved circuit protection technologies.
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Circuit Breaker Market Insight
Drivers:
- Growing Electricity Demand
- Heavy Investments in Infrastructure Projects
- Increasing Adoption of Smart Grid Technology
Restraints:
- Significant Upfront Investment
- Intensifying Market Competition among Manufacturers
- Complexity Associated with Maintenance and Installation
Prominent Players in Circuit Breaker Market
The following are the Top Circuit Breaker Companies:
- Siemens AG (Germany)
- ABB Ltd. (Switzerland)
- Schneider Electric SE (France)
- Mitsubishi Electric Corporation (Japan)
- Eaton Corporation plc (Ireland)
- General Electric Company (US)
- Toshiba Corporation (Japan)
- Fuji Electric Co., Ltd. (Japan)
- Hitachi, Ltd. (Japan)
- Legrand SA (France)
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Key Questions Answered in Global Circuit Breaker Market Report
- What is the size of the Global Circuit Breaker Market, as per SkyQuest Technology?
- What are the key strategies adopted by players in the Circuit Breaker Market?
- What are the leading drivers and opportunities in the Circuit Breaker Market?
This report provides the following insights:
Analysis of key drivers (speedy urbanization, growth of renewable energy, strict safety standards), restraints (varying standards and regulations, economic downturns, growing environmental concerns), opportunities (upgrading old infrastructure, development of next-gen circuit breakers, growing industrialization and urbanization), and challenges (supply chain disturbances, lack of skilled labor, technological complexity) influencing the growth of circuit breaker market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the circuit breaker market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the circuit breaker market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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