Circuit Breaker and Fuses Market

Global Circuit Breaker And Fuses Market Research Report: By Voltage (High Voltage, Medium Voltage, Low Voltage), By Type (Air, Vacuum, Oil, SF6), By Application (Transmission and Distribution, Construction, Industrial, Power Generation, Consumer electronics), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.

Electronics & Semiconductor | April 2022 | Report ID: EMR0045 | Pages: 215

The global circuit breaker and fuse market was valued at USD 16.02 billion in 2022 and is estimated to reach approximately USD 26.85 billion by 2031, at a CAGR of 5.9% from 2023 to 2031.

 

For many years, the market for circuit breakers and fuses has been essential to guaranteeing electrical safety and protection. Electrical systems underwent a revolution when they were introduced because they provided dependable protection against short circuits and overcurrents. Fuses were the first safety measures and date back to the late 1800s. They were made of a wire that, when overloaded, melted and broke the circuit. But early in the 20th century, technological advancements produced circuit breakers, a more advanced and reusable remedy. By automatically identifying and cutting off excessive current flow, these devices shield electrical systems from harm. Improvements in materials, designs, and functionalities over time have increased their effectiveness and versatility in a range of industries, including the commercial, industrial, and residential sectors. The desire for dependable energy, the expansion of infrastructure, and strict safety regulations have all contributed to the growth of the global market for circuit breakers and fuses.  With developments like smart circuit protection systems, which combine digital technologies for improved monitoring and management and guarantee a safer and more effective electrical environment, this industry is still evolving.

 

 

 

 

CIRCUIT BREAKER AND FUSE MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2022)

16.02 Bn

Projected Market Value (2031)

26.85 Bn

Base Year

2022

Forecast Years

2023 - 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Voltage, By Type, By Application, & Region

Segments Covered

By Voltage, By Type, By Application, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Circuit Breaker And Fuse Market Dynamics

The market dynamics for circuit breakers and fuses have undergone notable changes due to developments in technology, safety legislation, and changing customer demands. Global urbanization, industrialization, and infrastructure development are driving forces behind market expansion. The need for electrical systems to be safer and more efficient is a major factor driving the increase in the use of sophisticated circuit protection devices. Because they can reset after tripping and provide affordable protection, more advanced circuit breakers have replaced traditional fuses in the market. Furthermore, the need for cutting-edge circuit protection solutions that can work with these contemporary settings has been fueled by the growing trend toward smart homes and buildings as well as the increasing integration of renewable energy sources. Tight government rules and guidelines with a focus on electrical safety have had a big impact on market dynamics. Industry demands for compliance, especially in manufacturing, automotive, and construction, have driven up demand for dependable and high-quality circuit protection devices. Furthermore, the market landscape has changed as a result of technology breakthroughs including the creation of smart grids, IoT-enabled gadgets, and digitalized circuit protection systems. These developments address the changing demands of companies for more effective and responsive electrical protection solutions by providing real-time monitoring, remote control capabilities, and enhanced fault detection. In reaction to these dynamics, the market keeps changing, with sustainability, efficiency, and safety serving as its main motivators.

 

Global Circuit Breaker And Fuse Market Drivers

  • Urbanization and Infrastructure Development

Robust electrical systems are increasingly needed to power residential, commercial, and industrial sectors as cities grow and inhabitants congregate in metropolitan areas. New building construction, smart city initiatives, and infrastructure projects are all sparked by urbanization and necessitate the distribution and protection of reliable power. Due to the increase in building and urban growth, circuit breakers and fuses must be installed as essential parts to guarantee electrical safety and continuous power supply. A further common component of infrastructure modernization projects, particularly in older urban areas, is the upgrade of electrical systems to satisfy modern efficiency and safety standards. This includes swapping out old, antiquated fuses or circuit breakers for newer, higher-tech models. In order to ensure that electrical grids can support the rising loads brought on by urbanization and technological improvements, there is a growing demand for these components in tandem with grid upgrades and expansions.

  • Renewable Energy Integration

Renewable energy sources including solar, wind, and hydroelectric power are being used much more frequently as the world shifts to more environmentally friendly energy alternatives. Despite being ecologically benign, these sources provide particular difficulties for electrical systems because of how variable and sporadic they are. Because they offer protection against potential overloads, voltage fluctuations, and short circuits within these intricate energy networks, circuit breakers and fuses are essential for handling these issues. Decentralized power generation, in which energy is generated closer to consumption points, is a common component of renewable energy integration. This calls for complex circuit protection technologies that can manage grid interactions and dispersed energy sources.  Notwithstanding the inherent oscillations in renewable power output, smooth integration is made possible by circuit breakers and fuses made expressly for renewable energy systems. Additionally, the market is growing as a result of advancements in circuit protection technology designed for renewable energy applications. Smart circuit breakers with improved fault detection and real-time monitoring capabilities are among these innovations, which meet the changing requirements of integrating renewable energy.

 

Restraints:

  • Environmental Concerns

Conventional circuit protection devices frequently include insulating materials or specific metals that can be hazardous to the environment. Greener alternatives must be developed in order to comply with strict environmental standards and meet the growing consumer demand for environmentally friendly products. But switching to eco-friendly materials could increase production prices, which would affect how accessible and affordable the market is. Concerns with the management of electronic waste are also raised by the disposal of obsolete circuit protection devices. In order to reduce the negative effects on the environment, it becomes imperative to recycle or dispose of these gadgets properly, which complicates and increases the cost of the product lifespan. Furthermore, while creating more environmentally friendly circuit protection systems is essential, upholding or raising performance standards is just as difficult. For manufacturers, juggling environmental sustainability with the requisite standards of safety, durability, and efficiency poses a formidable challenge. It is still very difficult to meet these strict environmental standards without sacrificing utility, which could impede the rate of innovation and market uptake of greener technologies.

  • Global Supply Chain Disruptions

The industry is highly dependent on a sophisticated global network of manufacturers and suppliers. Natural disasters, geopolitical unrest, or unforeseen occurrences such as the COVID-19 epidemic can cause delays in raw material procurement, manufacturing halts, and logistical difficulties. There may be shortages and longer lead times as a result of these delays in the timely production and delivery of circuit protection devices. Furthermore, because of greater transportation costs, a shortage of raw materials, or rising component prices, these disruptions frequently result in higher costs. Under such circumstances, manufacturers may find it difficult to maintain competitive pricing, which could affect their profitability and market position. Disruptions to the global supply chain can also impair the performance and dependability of circuit breakers and fuses by hurriedly using alternate or substitute materials, which can undermine product quality and consistency. In addition, manufacturers can find it more difficult to implement long-term planning and investment strategies due to the uncertainty and unpredictability created by supply chain interruptions. In such unsettling times, they might be reluctant to grow or innovate, which would hinder the industry's capacity to quickly adapt to changing consumer demands or launch new technologies.

 

Opportunities:

  • Smart Grid Development

Smart grids, which incorporate cutting-edge digital communication and control technology with conventional power networks, mark a revolutionary change in the electrical infrastructure. A new generation of circuit protection devices that can satisfy the complex requirements of these intelligent grids is required by this progression. Smart grid-compatible circuit breakers and fuses provide features beyond simple overcurrent protection, such as remote control, self-healing, and real-time monitoring. The incorporation of intelligent technology into circuit protection devices enables improved fault identification, proactive maintenance, and prompt handling of possible grid problems. These developments help maximize energy management and distribution efficiency within the grid in addition to ensuring increased dependability and safety. The complexity of smart grid systems is driving up demand for more sophisticated and flexible circuit protection solutions. Additionally, as smart grids spread throughout the world, there is a growing demand for cutting-edge fuses and circuit breakers made specifically for these sophisticated systems. In order to satisfy the changing needs of contemporary power grids, manufacturers have the chance to create innovative products with IoT connectivity, data analytics capabilities, and self-diagnostic features.

  • Integration of IoT

Circuit protection devices with IoT integration offer previously unheard-of levels of connection and data-driven insights. IoT-enabled smart fuses and circuit breakers can provide remote control, real-time monitoring, and sophisticated analytics. With the help of these features, users can obtain vital information about electrical systems, facilitating prompt fault identification, proactive maintenance, and accurate reactions to possible threats. IoT-enabled circuit protection devices open up new possibilities for predictive maintenance approaches. With the use of data gathered from these devices, predictive analysis may be used to anticipate future problems or malfunctions before they arise. By doing this, downtime is reduced and electrical system performance and safety are guaranteed. Additionally, by interacting with other smart devices in an ecosystem, these connected gadgets can increase the automation and general efficiency of building or industrial activities. Furthermore, IoT integration encourages the creation of circuit protection systems that are more intelligent and flexible. With features like personalized alarms, energy usage tracking, and interaction with smart home or industrial automation systems, manufacturers may lead the way in innovation.

 

Segment Overview

By Voltage

Based on voltage, the global circuit breaker and fuse market is divided into high voltage, medium voltage, low voltage. The medium voltage category dominates the market with the largest revenue share in 2022.  This category involves electrical systems operating within the range of 1 kV (kilovolt) to 72.5 kV. Medium voltage circuit breakers and fuses find application in various settings, including industrial facilities, commercial buildings, distribution networks, and infrastructure projects. They offer protection against faults and overload situations within these systems while ensuring reliability and safety for medium-scale electrical operations. Circuit breakers and fuses categorized for high voltage applications typically handle electricity distribution systems with voltages above 72.5 kV (kilovolts). These are primarily used in transmission networks, substations, and industrial applications where extremely high voltages are managed. High voltage circuit breakers and fuses are engineered to interrupt large fault currents and ensure the protection and reliability of the power grid under high-stress conditions. Circuit breakers and fuses designed for low voltage applications cater to electrical systems operating at 1 kV or below. They are extensively used in residential, commercial, and some industrial settings, protecting against overcurrents, short circuits, and other electrical faults within smaller-scale systems. These devices are commonly found in electrical panels, consumer units, and distribution boards, providing essential protection for everyday electrical usage.

 

By Type

Based on the type, the global circuit breaker and fuse market is categorized into air, vacuum, oil, SF6. The vacuum category leads the global circuit breaker and fuse market with the largest revenue share in 2022. Vacuum technology is used in these breakers to extinguish the electrical arc generated during circuit interruption. Vacuum circuit breakers find applications in medium to high voltage systems due to their superior arc quenching abilities, high reliability, and low maintenance requirements. They are widely used in industrial, commercial, and utility applications. Air circuit breakers use compressed air as the arc quenching medium. They are commonly employed in low voltage applications and offer reliable and cost-effective solutions for interrupting the circuit during faults. Air circuit breakers are known for their simplicity, ease of maintenance, and environmental friendliness. Oil circuit breakers use insulating oil as the arc extinguishing medium. However, they are less commonly used today due to environmental concerns associated with oil-based technologies. They were historically used in high voltage applications but have largely been replaced by more environmentally friendly alternatives. SF6 gas is used as the insulating and arc extinguishing medium in these circuit breakers. They are prevalent in high voltage applications due to their excellent insulating properties, high dielectric strength, and efficient arc quenching capabilities. However, SF6 is a potent greenhouse gas, and efforts are being made to transition to more eco-friendly alternatives in the industry.

 

By Application

Based on application, the global circuit breaker and fuse market is segmented into transmission and distribution, construction, industrial, power generation, consumer electronics. The power generation segment dominates the circuit breaker and fuse market. Within power generation facilities, circuit breakers and fuses play a crucial role in protecting generators, transformers, and other electrical equipment. They help manage the flow of electricity within power plants, ensuring the safety of assets and personnel while maintaining operational efficiency. This segment focuses on circuit breakers and fuses used in electrical transmission and distribution networks. These systems carry high voltage electricity from power generation sources to substations and eventually to consumers. Circuit breakers and fuses in this sector are designed for high voltage applications and are crucial for ensuring grid stability, reliability, and safety. Circuit breakers and fuses in the construction sector are primarily utilized in residential, commercial, and infrastructure projects. They are incorporated into electrical panels, distribution boards, and wiring systems within buildings. These devices protect against electrical faults and overloads, ensuring the safety of occupants and the proper functioning of electrical systems in constructed spaces. The industrial sector employs circuit breakers and fuses in various manufacturing facilities, production lines, and heavy machinery operations. These devices safeguard equipment, control systems, and electrical networks from faults, enabling smooth and uninterrupted industrial processes. They cater to medium to high voltage applications, depending on the specific industrial requirements.

 

Global Circuit Breaker And Fuse Market Overview by Region

The global circuit breaker and fuse market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific emerged as the leading region, capturing the largest market share in 2022. Rapid urbanization, industry, and infrastructure growth in the area have increased demand for dependable and effective electrical systems across a range of industries. Advanced circuit protection devices are becoming more and more necessary as a result of large expenditures being made in power infrastructure, including transmission networks, smart grids, and the integration of renewable energy sources, in countries like China, India, Japan, South Korea, and Southeast Asian countries. Furthermore, the demand for fuses and circuit breakers is fueled by the growth of development projects in both the residential and commercial sectors. In order to guarantee electrical stability and safety in structures and infrastructure projects throughout the region, these devices are essential. Increased industrialization particularly in manufacturing centers raises the need for reliable electrical systems and safety equipment in industrial environments. The market's expansion is further aided by the rising use of consumer electronics and the developing automotive sector in Asia-Pacific. The need for smaller-scale circuit protection solutions is growing as more electronic gadgets are incorporated into homes and as cars become more electric. Asia-Pacific is at the forefront of the circuit breaker and fuse market due to the region's economic growth, government initiatives focusing on the development of energy infrastructure, and safety regulations. These factors also foster a robust demand for advanced electrical protection solutions and drive innovation.

 

 

 

 

Global Circuit Breaker And Fuse Market Competitive Landscape

In the global circuit breaker and fuse market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global circuit breaker and fuse market include Eaton, Maxwell Technologies Inc, Alstom, Mitsubishi Electric, ABB, Schneider Electric, General Electric, Siemens, Powell Electronics, Inc., TE Connectivity, cgglobal.com, Fuli Electric Co. Ltd, LARSEN & TOUBRO LIMITED, Efacec, HAWKER SIDDELEY SWITCHGEAR, Tavrida Electric, Legrand, Honeywell International Inc., and various other key players.

 

Circuit Breaker And Fuse Market Report Segmentation

ATTRIBUTE

DETAILS

By Voltage

  • High Voltage
  • Medium Voltage
  • Low Voltage

By Type

  • Air
  • Vacuum
  • Oil
  • SF6

 

By Application

  • Transmission and Distribution
  • Construction
  • Industrial
  • Power Generation
  • Consumer electronics

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Circuit Breaker And Fuse Market Size and Forecast:

To identify and estimate the market size for the global circuit breaker and fuse market segmented  by voltage, by type, by application, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of circuit breaker and fuse between 2019 and 2031.

  • Market Landscape and Trends:

To identify and infer the drivers, restraints, opportunities, and challenges for the global circuit breaker and fuse market

  • Market Influencing Factors:

To find out the factors which are affecting the sales of circuit breaker and fuse among consumers

  • Impact of COVID-19:

To identify and understand the various factors involved in the global circuit breaker and fuse market affected by the pandemic

  • Company Profiling:

To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Intended Audience

  • Manufacturers and Suppliers
  • Utilities and Energy Sector
  • Construction and Infrastructure
  • Industrial and Manufacturing
  • Retailers, Wholesalers, and Distributors
  • Governments, Associations, and Industrial Bodies
  • Investors and Trade Experts

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The global circuit breaker and fuse market forecast period is 2023 - 2031.
According to circuit breaker and fuse market research, the market is expected to grow at a CAGR of ~5.9% over the coming years.
Asia-Pacific is expected to register the highest CAGR during 2023 - 2031.
Asia-Pacific held the largest share in 2022.
The major players operating in the global circuit breaker and fuse market include Eaton, Maxwell Technologies Inc, Alstom, Mitsubishi Electric, ABB, Schneider Electric, General Electric, Siemens, Powell Electronics, Inc., TE Connectivity, cgglobal.com, Fuli Electric Co. Ltd, LARSEN & TOUBRO LIMITED, Efacec, HAWKER SIDDELEY SWITCHGEAR, Tavrida Electric, Legrand, Honeywell International Inc. ,and various others.