What Has Been the Growth of the Circuit Breaker Market So Far?
The circuit breaker market has seen considerable growth due to a variety of factors.
• The circuit breaker market has experienced strong growth in recent years. It will increase from $7.59 billion in 2024 to $8.12 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.0%.
This growth is driven by increased electrification across various industries, rising infrastructure investments, the integration of renewable energy, the expansion of industrial automation, and a growing demand for outdoor circuit breaker installations.
How Will the Circuit Breaker Market?
The circuit breaker market is expected to maintain its strong growth trajectory in upcoming years.
• The circuit breaker market is projected to grow to $10.53 billion by 2029 at a 6.7% CAGR. This growth is driven by the adoption of electric vehicles, investments in renewable energy, concerns over cybersecurity in electrical systems, and global population growth. Trends include smart grid integration, IoT-enabled devices, solid-state circuit breakers, and digital twin technology.
Which Factors Are Boosting Growth In The Circuit Breaker Market?
The growing demand for electricity is expected to accelerate the growth of the circuit breaker market. Increased use of electronic devices, rising household and commercial electricity consumption, adoption of smart technologies, and industrial growth are contributing to higher electricity demand. Circuit breakers are key safety components in electrical systems, protecting against overcurrents and short circuits. In 2022, Australia’s electricity generation reached 273 terawatt-hours, reflecting a 2% increase from the previous year, according to the Department of Climate Change.
What Key Areas Define The Segmentation Of The Global Circuit Breaker Market?
The circuit breaker market covered in this report is segmented –
1) By Type: Low voltage, Medium voltage, High voltage
2) By Insulation Type: Vacuum, Air, Gas, Oil
3) By Application: Indoor, Outdoor
4) By End User: Residential, Commercial, Industrial, Utilities
Subsegments:
1) By Low Voltage: Miniature Circuit Breakers (MCB), Molded Case Circuit Breakers (MCCB), Residual Current Circuit Breakers (RCCB)
2) By Medium Voltage: Vacuum Circuit Breakers (VCB), Air Circuit Breakers (ACB), SF6 Circuit Breakers
3) By High Voltage: BOil Circuit Breakers (OCB), Gas Insulated Circuit Breakers (GIS), Air-Blast Circuit Breakers (ABC)
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Which Emerging Market Trends Are Altering The Circuit Breaker Industry?
Leading companies in the circuit breakers market are creating eco-efficient alternatives to address environmental challenges and meet regulatory requirements. These solutions focus on reducing environmental impact while improving efficiency. For example, in August 2022, Hitachi Energy Ltd. introduced its first eco-efficient 420-kilovolt (kV) circuit breaker. This breaker uses a new gas mixture, replacing sulfur hexafluoride (SF6), which is known for its high global warming potential. The new gas mixture reduces environmental impact while ensuring top performance, with digital monitoring and diagnostics for reliable operation.
Who Are the Key Players In The Circuit Breaker Market?
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
What Is The Most Dominant Region In The Circuit Breaker Market?
Asia-Pacific was the largest region in the circuit breaker market in 2024. 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.
