The Circuit Breaker Market size is forecast to reach US$17.5 billion by 2027, growing at a CAGR of 6.2% from 2022 to 2027. Growing investment in power generation especially from a renewable energy source, rising demand for reliable and secure power supply and growing initiatives towards electrification is significantly boosting the Circuit Breaker industry during the forecast period. China's government has established the Renewable Energy Law, which calls for renewable energy to account for 20% of primary energy consumption by 2021. However, environmental regulations regarding the high emission of SF6 and high maintenance costs are hampering the market growth.

Moreover, widespread applications of circuit breakers in the industrial, commercial and residential sectors also boost the market size. Electrical switching devices have extensive applications in power transmission systems and power distribution systems in electricity distribution substations which in turn boost the adoption of circuit breakers. In January 2020, ABB launched Vmax ANSI, a medium voltage circuit breaker that is excellent for electrical distribution applications due to its compact size and greater flexibility.

North America generated approximately 26% of the global revenues in the Circuit Breaker industry in 2021. The modernization and automation of existing industries and increasing investments in developing infrastructure have helped the Circuit Breaker Market grow in this region. In August 2020, Ideal Power Inc signed a partnership worth US$ 1.2 million with Diversified Technologies to demonstrate B-Tran-enabled high-efficiency direct current electrical switching devices.

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Circuit Breaker Market Growth Drivers:

Growing demand for renewable energy is driving the Circuit Breaker Market forward

Rising consumer awareness of the harmful effects of fossil fuels on the environment, rising government initiatives to promote the adoption of clean and green energy, rising public and private efforts to reduce carbon emissions and rising consumer adoption of green energy are the major factors expected to fuel the demand for the global renewable energy. Renewable energy sources require dedicated protection systems. Hence, circuit breakers are required to connect the power generating stations to switchyards and the electrical grid. As a result, circuit breakers have become one of the most crucial components of any electric power system. It ensures power system protection and regulates the power supply. Published in July 2022, according to the U.S. Energy Information Administration report, in 2021, small-scale solar capacity installations increased by 5.4GW, a 23% increase over 2020 installations. According to EIA, battery storage capacity has tripled in 2021, rising from 1,438 MW in 2020 to 4,631 MW in 2021. This growing demand for renewable energy will positively influence the Circuit Breaker industry outlook during the forecast period.

The Major Players in this Market Include

Major players in Circuit Breaker Market include ABB Ltd, Siemens AG, Schneider Electric, Eaton Corp, Fuji Electric and Toshiba among others. In August 2022, Siemens launched new 3VA UL Large frame molded case circuit breakers, allowing users to implement robust, safe and smart systems while simplifying the work process.

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