Circuit Breaker Market Overview:
According to the latest findings by the International Energy Agency (IEA), 30% of the final worldwide energy consumption was due to the energy consumed in buildings in 2018. Evidently, the total energy consumption in these buildings is attributable to the electricity consumption for cooling systems, household appliances, and other plug loads in the buildings that use circuit breakers of high, medium, or low voltage levels. The global import of the circuit breakers for a voltage less than or equal to 1 volt alone was valued to be $7.2 billion in 2017, according to the International Trade Center (ITC). Similarly, the high and medium voltage circuit breakers had observed an augmented import. This resonates with the fact that the global circuit breaker market had a market size $7.12 billion as of 2018. Furthermore, the demand for circuit breakers is projected to grow with a modest compound annual growth rate (CAGR) of 4.07% during the forecast period of 2019 to 2025.
APAC has been witnessing a definite surge in the industrial sector with a gamut of industries manufacturing a myriad of products. This has a direct impact on the circuit breaker market because industries work on a high voltage, and it is imperative to use circuit breakers to protect the electrical circuits. Furthermore, countries such as China, India, Indonesia, and the Philippines are observing a consistent growth in the residential and commercial building construction. In addition to that, China is the leading producer of electrical appliances that use circuit breakers. The trade from the countries is largely supporting the automotive and non-automotive transportation equipment industry which is a substantial circuit breaker marketplace. 2018 saw enhanced manufacturing of various good along with a lot of construction projects in APAC with a subsequent augmented application of circuit breakers in the region. APAC had the greatest regional circuit breaker market share of 37.71% in 2018.
Circuit Breaker Market Outlook:
Circuit breakers, operated on a current sensing protective relay, are devices that save electric circuits by arc interruption and other ways. They are rated on the basis of ampere interrupting capacity (AIC) and are classified as common trip breakers, SF6 circuit breakers or others. Owing to their indispensable use in electrical applications, circuit breaker marketplace is diverse in industries such as automotive & non-automotive transportation, residential and commercial buildings, and any sector that uses electricity.
The market value of commercial properties in 2018 exceeded that in 2009 by 15%, according to the latest findings by the World Bank. With the increased construction of commercial offices and other buildings such as malls and shopping centers, the circuit breaker market is making strides in the sector. The key application of circuit breakers is found to be in the commercial buildings, which is estimated to grow with a moderate CAGR of 2.67% through to 2025.
Circuit Breaker Market Growth Drivers:
· The Increasing Demand for the Uninterruptible Power Supply –
The global uninterruptible power supply market was gauged to be $10.5 billion to $11 billion worth in 2018, and the estimated escalation in demand translates to a steady CAGR between 3% and 5% during the forecast period of 2019 to 2025. The uninterruptible power supply is well-equipped with all the electrical amenities in more than the adequate amount in order to ensure continuous power supply. Subsequently, the circuit breaker market will observe a disruption in terms of sales, particularly because the uninterruptible power supply, will create a huge marketplace for the products that many players will leverage.
· The Application in Automotive and Non-Automotive Transportation Equipment –
The automotive transport equipment such as car haulers, trailers, and others are incorporated with circuit breakers for the safety of the circuits. Furthermore, non-automotive transportation equipment such as aerospace products, railroad equipment & rolling stock, ships & boats among others also have circuit breakers, and they are replaced consistently. The growth in the automotive and non-automotive the transportation equipment industry is largely attributed to the soaring sales in the circuit breaker market.
· The Residential Sector Supporting the Circuit Breaker Market –
The Sustainable Development Goals (SDGs) of the United Nations (UN) document a dire need for affordable and safe housing for the overwhelming population outflow that is projected to substantially influence the residential real estate sector. The expansion of the real estate industry across the globe will give rise to a boosted demand for circuit breakers that are inculcated throughout the buildings. The growth of the real estate will also warrant more transformers for power supply which use high voltage circuit breakers. These factors are held as the determinants for the demand influx in the circuit breaker market.
Circuit Breaker Market Trends –
· Development of Green Corridor Projects – The electricity generated from the natural resources will need to be exported to national grids, which will create more opportunities in the circuit breaker market.
· The Emergence of New Low-Voltage Substations – There is a discernible demand for low-voltage substations in the non-urban remote areas, which is increasing the circuit breaker market revenues.
· Changes in Grid Infrastructure – The governments across the globe are bringing a seismic shift in the electricity the department by makings hefty investments in order to renovate the conventional grid infrastructure. This change is chiefly increasing the demand for circuit breakers.
Circuit Breaker Market Challenges –
The major challenge in the circuit breaker market is pertaining to the safety aspects that are stringently regulated by organizations such as OSHA and NIOSH. SF6, which is a predominant substance used in circuit breakers, is hazardous and adversely affects the human body and environment. With the world taking a leap towards ecofriendly products, the consumption of substances such as SF6 is going downhill. However, circuit breakers are going to be an integral part of the electrical systems and have sustainable market demand for the existing and new vendors that are venturing into the business.
Circuit Breaker Market Key Players Perspective –
The major players striving to capitalize on the demand for circuit breaker from various sectors are ABB, Powell, TE Connectivity, Mitsubishi, Toshiba, Fuji Electric, Siemens, Eaton, and Schneider Electric.
Circuit Breaker Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the circuit breaker market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The circuit breaker market research report also analyses the application of the product in the automotive transportation equipment, residential building construction, electronics & electrical equipment, and other sectors in end-user industries that include residential, commercial, industrial, and others.
Circuit Breaker Market Report: Industry Coverage
This report also documents the product demand on the basis of voltage high, medium, and low and type that includes SF6, vacuum circuit breaker, and others.
The circuit breaker market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
Key Questions Addressed in the Circuit Breaker Market Report
Is the market demand for circuit breaker growing? How long will it continue to grow and at what rate?
Which type of home security system presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for the circuit breaker market?
A Few Focus Points Of This Research Are Given Below: