Global Circuit Breaker Market Overview
The primary and the basic functioning of the circuit breaker is to interrupt the current flow on detection of any fault. According to the latest study conducted by Market Research Future (MRFR), the global circuit breakers market is expected to experience decent growth during the forecast period. Circuit Breaker is defined as an automatic electric switch that can be used to stop the flow of current in an electric circuit to protect the electrical system from damage.
The basic driver for the global circuit breaker market growth is the growing use of circuit breakers in commercial, industrial, and residential areas. Circuit breakers protect the electric appliances from overload, over-current, or short circuit. The biggest advantage of a circuit breaker is that it does not require any replacement like a fuse or other safety devices.
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Circuit breakers are cost effective and provide reliable operation of the electric circuit. Other factors resulting in market growth include increasing access to electricity in developing countries, government-sponsored initiatives to develop smart cities all over the world, and growing investment in the power sector.
The market is expected to be driven due to operational safety and the expanding measures undertaken to integrate a dependable and sustainable electrical infrastructure. As developing regions across Asian and African nations witness frequent power lags as well as network failures, the regions hold massive potential in the deployment of effective electric products. The industry dynamics can also be positively influenced by the increasing measures to prevent fire hazards, faults in electrical supply, and relevant operation dereliction.
Competitive Landscape
The global circuit breakers market holds a number of key and prominent players, including STAHL (Netherlands), Honeywell International Inc. (US), ABB Group (Switzerland), Holley Metering Ltd. (China), Siemens (Germany), General Electric (US), Schurter Electronics (Switzerland), and Sensus (US).
Market Segmentation
The global circuit breakers market segmentation is divided in terms of voltage, type, and end users.
By voltage, the market includes high voltage, low voltage, and medium voltage segments. The low voltage circuit breakers are the leading segment in this category. The segment is driven by the continuing drive of rural electrification as well as regulatory proximities towards the integration of distributed generation and renewable networks of stand-alone nature.
By end-user, the market comprises of residential, commercial, and industrial.
By type, the market divides into SF6, vacuum, and others.
Regional Analysis
The regional segmentation of the global circuit breaker market can segment the market into the regional markets known as Asia Pacific, Europe, North America, South America, and the Middle East & Africa (MEA).
The Asia Pacific region holds the largest market share due to increasing grid investments in this region, especially in developing countries like China and India. Another reason for market growth in this region involves various plans for electrification in remote areas in countries like Indonesia, the Philippines, and Vietnam. Other factors enabling the market growth in this region are upcoming smart city projects by governments and upgrades for aging power infrastructure. Many key market players are based in the Asia Pacific region.
North America can be an important (due to massive revenue) but stagnant market because due to technological advancement, the infrastructure is already available here, in developed countries like USA and Canada. As Mexico is not technologically as advanced as the USA and Canada, there can be scope for market growth here if new investments are made in this country.
In Europe, the market can grow due to the reasons that are same as in North America. The urgent country-specific markets in this region are France, Germany, Russia, and the UK, followed by the remaining countries of Europe. Some key market players are based in Europe too.
South America is a small regional market because the availability of advanced technology is limited in this region. Argentina and Brazil are two important economies that can rise as lucrative markets in the future. In the MEA region, the market is small due to developing countries, lack of education, lack of infrastructure, lack of power generation facilities, lack of skilled professionals, lack of awareness, and lack of technological advancement.
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