Circuit Breaker Market Size Anticipated to Reach $8.7 Billion by 2022
The global circuit breaker market is projected to reach USD 8.7 billion by 2022 from an estimated USD 6.9 billion in 2017, at a CAGR of 4.9% from 2017 to 2022. Growing access to electricity in developing countries, increasing construction and developmental activities, and the rising number of renewable power generation projects are the major drivers that would trigger growth in the circuit breaker market.
Aging power infrastructure, increasing high voltage direct current (HVDC) transmission networks, and upcoming smart cities are expected to create new opportunities for circuit breaker companies. Moreover, the governments of most countries are investing in renewable energy-based power generation to meet the growing energy demand. All these factors are likely to drive the circuit breaker market during the forecast period.
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The high voltage segment is estimated to be the fastest growing circuit breaker market, by voltage, from 2017 to 2022. This segment is expected to witness growth due to rapid industrialization and urbanization. Aging power infrastructure leading to the modernization and upgradation of existing high voltage electrical grids and power plants is also a key factor driving the growth of the high voltage circuit breaker market.
Renewable are projected to be the fastest-growing power source until 2022
Renewable are one of the fastest-growing power sources as countries worldwide are investing immensely in the sector. It helps reduce carbon dioxide emissions and is increasingly capturing a larger share of the global power mix. It is used extensively in the power generation, heating and cooling, and transport sectors. The renewable segment of the circuit breaker market is estimated to grow at an above-average CAGR during the forecast period. The renewable power plants in the energy & power sectors are predominantly located in remote locations and connected to the local distribution systems. A rise in the connectivity of distributed power generation systems and renewable power generation systems to the national grid is gradually leading to the growth of the circuit breaker market.
The Asia Pacific market continues to be the fastest-growing circuit breaker market until 2022
Asia Pacific is expected to be the largest market for circuit breaker in 2022 and is projected to grow at the highest CAGR, during the forecast period due to increasing construction and developmental activities and the growing demand for electricity. It is also projected to lead during the forecast period. The growth can be attributed to the increasing investments in T&D, renewable energy, and upcoming smart city and smart grid projects in the region. The North American market is projected to be the second-fastest-growing market owing to the rising demand for revamping the existing aging power and transmission infrastructure and the continued growth of construction and developmental activities in the region.
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Some of the leading players in the Circuit Breaker Market are ABB (Switzerland), Toshiba (Japan), Siemens (Germany), Eaton Corporation (Ireland), Mitsubishi (Japan), and Schneider Electric (France).
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