Circuit Breaker and Fuse Market Share, Size, Trends, Industry Analysis Report, By Component, By Voltage (High Voltage, Medium Voltage and Low Voltage); By Insulation; By Installation; By Fuse Type; By End-User; By Region; Segment Forecast, 2024-2032
- Published Date:Jan-2024
- Pages: 119
- Format: PDF
- Report ID: PM1461
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global circuit breaker and fuse market was valued at USD 16.54 billion in 2023 and is expected to grow at a CAGR of 5.22% during the forecast period. The market is expanding its reach in various industries, as fuses are an essential component of the electrical equipment industry, serving as a means of safeguarding electrical equipment from overcurrent, short circuits, and other electrical faults. The market is set to experience substantial growth due to various factors. One of the primary drivers is the rising demand for power, particularly in developing countries that are experiencing rapid industrialization and urbanization. Additionally, there is a critical need for reliable and safe power supply across various industries, which is expected to fuel the demand for circuit breakers and fuses soon.
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In October 2021, Schneider Electric SE launched its new iDPN miniature circuit breaker. The circuit breaker is designed for both residential and commercial applications and comes equipped with various features, including a trip indicator and a locking mechanism for improved safety.
The pandemic impacted the market by disrupting production and supply chains due to lockdowns and restrictions. Its demand initially declined as construction and manufacturing got slowed. However, the demand for electricity and power equipment increased as the world adopted digitalization, automation, and remote monitoring of power systems have also led to smart grids and intelligent circuit breakers. However, the market is expected to rebound as the region recovers. The pandemic accelerated the need for resilient and reliable power systems, highlighting the importance of circuit breakers and fuses in ensuring grid stability and security.
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Industry Dynamics
Growth Drivers
circuit breaker and fuse market are expected to grow significantly due to rising demand to access effective networks and renewable energy sources. Industries such as electronics, automotive, and telecommunications require more advanced equipment to protect against short circuits and power fluctuations, and circuit breakers and fuses, play a crucial role in safeguarding equipment. These devices protect against issues like overvoltage, overloads, and short circuits and minimize and control the equipment’s electric load, optimizing energy consumption.
Efficient power distribution & transmission is critical to meet the growing energy demands, and the installation of the new energy infrastructure in emerging countries is anticipated to drive market growth. The construction, automotive, consumer electronics, and power industries are the key users of circuit breakers and fuses, providing diverse applications for these devices. As the need for electricity continues to grow, the role of circuit breakers and fuses in ensuring safe and reliable power distribution will become more critical.
Report Segmentation
The market is primarily segmented based on component, voltage, insulation, installation, fuse type, end-user, and region.
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By Component |
By Voltage |
By Insulation |
By Installation |
By Fuse Type |
By End-User |
By Region |
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Circuit Breaker Segment Accounted for the Largest Market Share in 2022
The circuit breaker segment accounted for a major global market share due to its effectiveness in preventing overloads and short circuits, which is crucial in many industries. Increased demand for reliable protection devices and uninterrupted power supply in sectors including manufacturing, construction, and automotive has led to the widespread adoption of circuit breakers. As a result, manufacturers are actively investing in research and development to produce innovative solutions that offer remote control and real-time monitoring, which is expected to continue the segment's dominance in the market in the future.
Additionally, the fused segment has shown rapid growth over the anticipated period, largely due to its cost-effectiveness and reliable protection for electrical equipment. This has made it popular in industries such as automotive and telecommunications. The growth is also driven by the increasing demand for compact and reliable protection devices in renewable energy systems and electric vehicles. As these industries continue to expand, the demand for fuses is likely to increase, leading to further growth in this segment of the market.
Low Voltage Dominated the Market in 2022 & is Expected to Dominate the Market Share During the Forecast Period
Low voltage dominated the global market owing to the increasing demand for safe, cost-effective, and energy-efficient low-voltage systems in various industries. With the increasing trend of smart homes and renewable energy systems, the market for low-voltage systems is expected to grow significantly in the future. Furthermore, manufacturers are investing heavily in research and development to introduce innovative low-voltage systems that are more efficient, reliable, and environmentally friendly, further fueling the growth of the market.
Furthermore, Medium voltage is expected to grow significantly due to the benefits of medium voltage systems, such as higher efficiency and power handling capabilities, which make them ideal for large-scale applications. Furthermore, the segment is being driven by the growth of renewable energy and smart grids, which require robust and efficient power distribution systems. To keep up with this demand, manufacturers are investing in research and development to produce more innovative medium-voltage systems.
Gas Insulated Segment Held a Significant Market Revenue Share in 2022
Gas insulated segment held a significant revenue share and will grow fastest due to its numerous benefits, including high reliability, low maintenance, and improved safety. This segment uses a gas mixture for high-voltage insulation in equipment like transformers, circuit breakers, and switchgear. The future growth of the market is driven by the increasing demand for gas-insulated devices in various industries such as power transmission and distribution, oil and gas, and manufacturing.
Furthermore, the air-insulated segment is anticipated to exhibit the fastest growth during the forecast period. The segment is used in high-voltage equipment and is preferred for its low cost and easy maintenance, which makes it an ideal choice for various industries. The future growth of this segment is attributed to the increasing demand for electricity, the expansion of the power sector, and technological advancements that are expected to improve its performance even further and market growth at a rapid pace.
Outdoor Segment Accounted for a Noteworthy Market Revenue Share During the Forecast Period
Outdoor segment accounted for a significant revenue share. This is primarily due to their widespread use in residential, commercial, and industrial applications. The rising demand for smart outdoor lighting solutions with advanced features, the trend of smart cities, energy-efficient lighting solutions, and advancements in lighting technology is expected to drive the market's growth further.
Furthermore, the indoor segment is expected to maintain a significant market share during the forecast period which is mainly driven by the trend of smart homes and offices. Manufacturers are investing heavily in research and development to produce sustainable and energy-efficient lighting solutions that meet the demands of consumers. Additionally, the increasing focus on reducing energy consumption and improving lighting quality is expected to drive the growth of the indoor segment.
Power Fuse Segment Dominated the Market in 2022
Power fuse segment is anticipated to grow at the fastest rate over the study period. As power fuses are critical components in power systems, their demand is expected to increase with the growing need for electricity worldwide and is projected to be a major contributor to future market growth. Also expected to benefit from ongoing technological advancements in the field, which are improving the performance and efficiency of these devices.
Moreover, the plug-in fuse segment dominated the market and will boost it in the future owing to the attributes includes, a safety device that provides protection to circuits and electrical equipment and is widely used across residential, commercial, and industrial applications due to its ease of installation. The market's expansion is fueled by increasing electricity demand, power sector expansion, and the growing adoption of renewable energy and smart grid technologies
Transmission & Distribution Utilities Segment is Expected to Witness the Fastest Growth During the Projected Timeframe
Transmission & distribution utilities segment is projected to grow the fastest CAGR during the anticipated period as it provides power services to utilities and industries and the rapid increase in demand for electricity and renewable energy is driving growth. Competition is high and cost-effective, quality products are required. Challenges include aging infrastructure, grid instability, and cyber threats. Nevertheless, growth is expected to continue with smart grid adoption, creating new opportunities for manufacturers and service providers.
However, the railway industry is set to drive growth in the market with an increasing demand for innovative solutions, such as advanced sensors and analytics, leading to significant investments in R&D which result in new products and services that cater to the industry’s specific requirements, improving operational efficiency, safety, and cost-effectiveness. The demand for electric railway systems will increase as the industry seeks sustainable practices and reduces carbon emissions.
Asia Pacific Registered a Substantial Growth Rate in the past Few Years & Expected to Maintain Its Dominance over the Forecast Period
APAC registered a remarkable growth rate over the study period. The region's remarkable economic growth and continued infrastructure development are expected to sustain its dominant position in the market in the coming years. The rising demand for electricity, particularly in developing countries, is a key factor driving market growth in this region. Additionally, the growth of the industrial and commercial sectors in developed countries is also driving the demand for circuit breakers and fuses, as these sectors require reliable and safe power supply to operate efficiently.
Europe accounted for the largest revenue share. The region's automotive industry is gaining significant prominence, which is driving the demand for circuit breakers and fuses. Well-established players in the region are investing heavily in circuit breaker and fuse devices, further fueling the market's growth. While several countries of Europe, are contributing to this growth, it is the region that is projected to be the fastest-growing.
Competitive Insight
Some of the major players operating in the global circuit breaker and fuse market include ABB., Bel Fuse, Schneider Electric, Mitsubishi Electric, Eaton Corporation, General Electric, Siemens, Rockwell Automation, Larsen & Toubro, NXP Semiconductors, SCHURTER Holding, Sensata Technologies Holding, Texas Instruments.
Recent Developments
- In 2020, Siemens introduced its latest 3VA molded case circuit breaker. This circuit breaker is specifically intended for use in industrial and commercial applications and comes with numerous features, including a communication module that provides real-time information on power consumption and energy efficiency
- In 2020, Eaton Corporation launched its latest Power Defense molded case circuit breaker. This circuit breaker is designed to offer advanced protection against electrical faults and comes equipped with several features, including a trip unit and a monitoring system that can provide real-time information on power quality.
Circuit Breaker and Fuse Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 17.13 billion |
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Revenue Forecast in 2032 |
USD 25.75 billion |
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CAGR |
5.22% from 2024– 2032 |
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Base year |
2023 |
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Historical data |
2019– 2022 |
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Forecast period |
2024– 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Component Type, By Voltage, By Insulation, By Installation, By Fuse Type, By End-User, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
ABB Ltd., Bel Fuse Inc., Schneider Electric SE, Mitsubishi Electric Corporation, Eaton Corporation plc, General Electric Company, Siemens AG, Rockwell Automation Inc., Larsen & Toubro Limited, NXP Semiconductors N.V., SCHURTER Holding AG, Sensata Technologies Holding plc, Texas Instruments Incorporated. |
FAQ's
key companies in circuit breaker and fuse market ABB., Bel Fuse, Schneider Electric, Mitsubishi Electric, Eaton Corporation, General Electric, Siemens, Rockwell Automation, Larsen & Toubro.
The global circuit breaker and fuse market expected to grow at a CAGR of 5.04% during the forecast period.
The circuit breaker and fuse market report covering key segments are component, voltage, insulation, installation, fuse type, end-user, and region.
key driving factors in circuit breaker and fuse market are rising demand to access effective networks and renewable energy sources.
The global circuit breaker and fuse market size is expected to reach USD 25.75 billion by 2032
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