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Report Overview
The global circuit breaker market attained a value of nearly USD 9.13 billion in 2023. The market is further expected to grow at a CAGR of 5.7% during the forecast period of 2024-2032 to reach a value of USD 15.04 billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Rising Demand for Vacuum Circuit Breakers to Aid the Market Growth
Based on insulation type, the demand for vacuum circuit breakers is witnessing a steady growth. Vacuum circuit breakers are increasingly used in medium voltage applications, owing to their multiple advantages like high dielectric power, reduced fire risk, no noise generation during the operation, and low power to control operations. Also, vacuum circuit breakers possess better reliability due to hard contact materials, compact size, and long life as compared to air circuit breakers. This is because they are enclosed in a vacuum bottle, which controls contact erosion, thereby reducing corrosion and offering easy maintenance.
The efforts taken by market players in developing advanced vacuum circuit breakers are likely to aid the market over the forecast period. Various leading companies are introducing innovative vacuum circuit breakers equipped with thermal monitoring sensors, digital connectivity, and IoT sensors, among others, to provide improved machine reliability, enhanced safety, a better consumer experience, additional safety, and high machine reliability.
Circuit Breaker Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of more than USD 9.13 billion.
The major market drivers include the availability of different types of circuit breakers, the development of eco-friendly circuit breakers, increasing production of electric vehicles, increasing demand for vacuum circuit breakers, and development of smart cities.
The key market trends guiding the growth of the market include the rising demand for electricity from various end use sectors, emerging need to protect electric power systems from damage, government initiative towards electrification of the economy, and initiatives taken by market players to develop digital circuit breakers.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The market is expected to grow at a CAGR of 5.7% between 2024 and 2032.
Circuit breakers are essential to interrupt the current flow and manually or automatically protect and control electrical power systems. In addition, circuit breakers are reliable, sensitive, and respond quickly, due to which they are preferred as alternatives to fuses.
The significant voltages of circuit breakers include medium voltage and high voltage.
The various insulation types of circuit breakers include vacuum circuit breakers, air circuit breakers, gas circuit breakers, and oil circuit breakers.
The different installations of circuit breakers include outdoor and indoor.
The major end-uses of circuit breakers include residential, commercial, industrial, and utility.
The major players in the market are Schneider Electric SE, Eaton Corporation plc, Mitsubishi Electric Corporation, Siemens AG, and CG Power and Industrial Solutions Limited, among others.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 15.04 billion by 2032.
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