Circuit Breaker Market size was valued at around 6.05 Billion in 2022 and is expected to rise from USD 6.36 Billion in 2023 to reach a value of USD 9.4 Billion by 2031, at a CAGR of 5.0 % during the forecast period (2024–2031).
Major factors such as surge in demand for access to effective grids and modern energy as well as an upsurge in safety demand against short circuits, and damage arising out of electricity fluctuation are expected to boost the growth of the circuit breaker market. More innovative equipment is required by the electronics, automotive, and telecommunications industry since they are worried about short circuits and damage arising out of power fluctuation. These will significantly increase the growth of circuit breakers market. Unexpected power fluctuation caused by factors such as excess voltage, excess current, short circuits, and overloading affects the equipment. This phenomenon takes a toll on equipment which ranges from industrial machinery, home appliances, IT tools, and electrical tools. Also, the device ensures that the electrical load on the equipment is decreased and subsequently controlled. The demand for power and electricity is increasing with the thriving economy and technological advancements across the globe. Power requirements are huge in order to supply to the myriad needs throughout the world. Infrastructure needs to upgraded with new installations and high capacity. However, there are power fallouts, and electronic devices are destroyed making it a double loss. Electricity equipment likehome appliances, IT products, industrial machinery, and electric tools are prone to damage owing to power fluctuations.A circuit breaker and fuse are used for minimizing and managing the electric load on equipment, securing the circuit from unexpected power fluctuations under conditions such as short circuits, overvoltage, and overload.
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Increasing Demand for Electricity to Drive the Requirement for Circuit Breaker
Electricity is used in energy to deliver power, but whenever there is excess power or overload, there needs to be a protection system in the form of a circuit breaker or fuse. The circuit breaker has many advantages over the fuse, as they are more rapid than fuses respond. They are more reliable, as they deliver better protection when the short circuit occurs. After use, a fuse is thrown away, but a circuit breaker can be used for next time, and it has the option to repair it, which is the chief advantage. This makes them the reliable delivery power, and possibilities of the short circuit are less. So, the increased demand for electricity all over the globe is driving the need for the circuit breaker.
Growing Access to Electricity to Increase Demand for Enhanced Electricity Infrastructure
The evolving rates of electricity access across the world have affected the demand for circuit breakers. The push for improved electricity infrastructure and expanding access to electricity from various regions and countries had an impact on the need for reliable and efficient circuit protection. The increase in electricity access contributes to more electrical systems and machines being deployed in residential, commercial, and industrial environments. Safeguarding these installations against overloads and short circuits ensures the safety of people and devices. In this context, circuit breakers perform the function of interrupting the electrical current when it exceeds the determined level, preventing such severe electricity-related hazards as fires, machines breaking, and shocks.
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This Market has the Following Segments
Type
Application
Insulation
End User
Key Players Operating in the Circuit Breaker Market
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Growing Government Initiatives to Reduce Greenhouse Gas to Increase Production of Renewable Energy
There is growing focus on renewable energy globally due to governments and regulations worldwide in efforts to reduce greenhouse gas emissions and make use of renewable sources. A substantial portion of the overall renewable energy is consumed for building smart cities to increase the electricity access rate. It implies that there is lucrative growth opportunities associated with growth in renewable energy generation. At times, renewable energy is generated as part of legislative activity in certain geographies. Hence, the renewable energy objectives have become one of the defining features of the world energy environment.
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