Circuit Breaker Market Report 2024

The circuit breaker market size has grown strongly in recent years. It will grow from $7.12 billion in 2023 to $7.59 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the historical period can be attributed to several factors, increased electrification across various industries, heightened investments in infrastructure development, the integration of renewable energy sources, expansion of industrial automation, and a growing demand for outdoor installations of circuit breakers to support these developments.

The circuit breaker market size is expected to see strong growth in the next few years. It will grow to $9.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period can be attributed to several key factors, the increasing adoption of electric vehicles, rising investments in renewable energy infrastructure, growing concerns about cybersecurity in electrical systems, heightened investment in enhancing grid resilience, and the expanding global population driving greater energy demand. Major trends expected in this period include advancements in technology, integration of smart grid solutions, proliferation of IoT-enabled devices for enhanced monitoring and control, adoption of solid-state circuit breakers for improved efficiency and reliability, and the implementation of digital twin technology for predictive maintenance and optimization of electrical systems.

The circuit breaker market is expected to grow significantly due to increasing demand for electricity driven by widespread use of electronic devices such as computers, smartphones, and appliances, rising household and commercial electricity consumption, adoption of smart home technologies, and industrial growth. Circuit breakers are critical safety components in electrical systems, protecting against overcurrents and short circuits while allowing for manual control and maintenance of circuits. For instance, Eurostat reported an increase in the EU's electricity production from 2,784 TWh in 2020 to 2,907 TWh in 2021, and Australia's total energy generation rose by 2% to 272 TWh in 2021-2022, underscoring the market's growth trajectory.

Leading companies in the circuit breaker sector are focusing on developing eco-efficient alternatives to meet environmental regulations and sustainability goals. Eco-efficient solutions aim to minimize environmental impact while maximizing efficiency. For example, Hitachi Energy Ltd. launched a 420-kV eco-efficient circuit breaker in August 2022, utilizing a gas mixture that reduces environmental impact compared to traditional sulfur hexafluoride (SF6) gas. This innovation maintains high-performance standards with advanced digital monitoring and diagnostic capabilities, ensuring reliable operation.

In July 2022, Eaton Corporation plc acquired a 50% stake in Jiangsu Huineng Electric Co., Ltd.'s circuit breaker business to enhance its presence in China's growing market. This strategic move allows Eaton to expand into high-growth sectors such as renewable energy, grid modernization, commercial buildings, and industrial applications, leveraging Jiangsu Huineng Electric's expertise in voltage electrical equipment manufacturing.

Major companies operating in the circuit breaker market are Panasonic Corporation, Schneider Electric SE, Mitsubishi Electric Corporation, Honeywell International Inc., Siemens Energy, ABB Ltd., Toshiba International Corporation, Larsen & Toubro Limited, Eaton Corporation plc, TE Connectivity Ltd., Fuji Electric Co. Ltd., Kirloskar Electric Company Ltd., Andeli Group Co. Ltd., CG Power and Industrial Solutions Ltd., Powell Industries Inc., Terasaki Electric Co. Ltd., Maxwell Technologies Inc., Carling Technologies Inc., Industrial Electric Mfg, Efacec Power Solutions, Hitachi Industrial Equipment Systems Co. Ltd., ETA Elektrotechnische Apparate GmbH.

Asia-Pacific was the largest region in the circuit breaker market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the circuit breaker market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the circuit breaker market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A circuit breaker is an essential electrical device designed to safeguard electrical circuits from damage caused by overcurrent or short circuits. Its primary function is to halt the flow of electricity automatically when it detects a fault, thereby preventing harm to the electrical system and mitigating the risk of fire or other hazards.

Circuit breakers are categorized into three main types based on voltage levels, low voltage (LV), medium voltage (MV), and high voltage (HV). Low voltage refers to systems and equipment operating at or below 1000 volts (V) AC or 1500 V DC. LV circuit breakers are crucial components in control rooms, distribution networks, lighting systems, communication setups, security systems, and various residential and commercial devices such as doorbells, thermostats, and landscape lighting. They utilize different insulation mediums such as vacuum, air, gas, and oil, and are deployed across both indoor and outdoor applications. End-users of LV circuit breakers include residential, commercial, industrial, and utility sectors.

The circuit breaker market research report is one of a series of new reports that provides circuit breaker market statistics, including circuit breaker industry global market size, regional shares, competitors with a circuit breaker market share, detailed circuit breaker market segments, market trends, and opportunities, and any further data you may need to thrive in the circuit breaker industry. This circuit breaker research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The circuit breakers market consists of the sale of miniature circuit breakers (MCBs), molded case circuit breakers (MCCBs), air circuit breakers (ACBs), vacuum circuit breakers, and gas circuit breakers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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