Circuit Breaker & Fuse Market: Global Industry Analysis and Forecast (2022-2029)

The Circuit Breaker & Fuse Market was worth US$ 16.375 Billion in 2022 and is expected to grow at a CAGR of 5.3% to an estimated revenue of US$ 23.51 Billion by 2029.

A Circuit Breaker is defined as a switching device that abruptly interrupts the flow of current into an electrical circuit, when an overflow of current is detected. It is basically an advanced and a better version of a Fuse. Since Fuse is a sacrificial device, and is meant for one time use. The Fuse consists of a metal wire or filament that is designed to melt and break the circuit when the current exceeds a certain level. So, if a Fuse blows it must be replaced with another working Fuse, to make the circuit operational or functional again.

The industrial growth in sectors like electronics, telecommunication, heavy electricals, automotives, and the increasing demand for renewable energy connectivity in the last few years, have led to a growth in the Circuit Breaker & Fuse Market to ensure the safety of multiple electrical appliances. Also, the governments around the globe have set up multiple policies to pre-install Circuit Breakers in multiple electrical and electronic devices to avoid any kind of power failures caused when any kind of device blows out of the system, due to the overvoltage or fluctuations.



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Several countries around the world have inadequate power infrastructure to meet the quality and bulk power movement standards required for various operations. Technologies from the early 1900s are now evident in ageing electric infrastructure. The United States Department of Energy states, 70% of transmission and transformer lines are more than 25 years old, and 60% of circuit breakers are more than 30 years old. Companies are concentrating on modernising or converting such infrastructure in order to support the new era of electric technologies alongside maintaining reliability.

As a result, the Circuit Breaker & Fuse Market is expected to benefit from inadequate electric power infrastructure. Also, surveys done by the World Gold Council shows, 7% of the total global demand for gold is utilized for technical applications. The rise in price for raw material such as gold and silver indirectly affect the demand as well as the supply in the Circuit Breaker & Fuse Market. The Asia Pacific Circuit Breaker & Fuse Market displays the highest market share as well as the highest growth in the future. In 2022, the Asia Pacific Market was known to hold the highest revenue share of around 41.4% and was declared to be the largest global market. Other regions like North America & Europe have their own key players in large numbers, which are mostly influenced by the Asia Pacific market.
Circuit Breaker & Fuse Market Dynamics
Since the demand for power is increasing along with the world population. Circuit Breakers & Fuses are in more demand because electrical gadgets are being used more often, particularly in developing nations. In the upcoming years, it is predicted that this tendency will persist. Regulations aimed at enhancing energy efficiency and safety are being implemented by governments all over the world, which is increasing demand for Circuit Breakers & Fuses that are both safer and more energy-efficient. For instance, the US National Electrical Code (NEC) requires that each and every electrical equipment, including Circuit Breakers and Fuses, satisfy specific safety criteria. The EU or the European Union has also implemented laws targeted at lowering energy use. The demand for circuit breakers and fuses is driven by the expansion of several industries, including manufacturing, mining and oil & gas. The increasing need to maintain the integrity of every industrial process and the safety of their employees, they need reliable electrical equipment.

The Circuit Breaker & Fuse Market that can tolerate high DC voltages is driven by the transition towards renewable energy sources like solar and wind power. As the globe transitions to an energy mix that is more sustainable, this trend is anticipated to continue. With the development of intelligent circuit breakers and fuses that can monitor and control the flow of power, digital technology is becoming more common in the circuit breaker and fuse business. These gadgets can help save energy and increase security. The innovations in the Circuit Breaker & Fuse sector are resulting in the creation of more effective and secure solutions. Circuit Breakers & Fuses are becoming more sensitive, precise, and trustworthy because of the introduction to digital technology. Also, the demand for Circuit Breakers & Fuses is rising by the growth of urbanisation, which is boosting an increase in the creation of new structures and infrastructure. In the residential and commercial sectors, where new structures must have electrical systems, the need for Circuit Breakers & Fuses is particularly significant.

The popularity of Circuit Breakers & Fuses that can protect against multiple electrical problems is increasing as the data centre industry expands. The need for sophisticated Circuit Breakers & Fuses is anticipated to rise as data centres grow more complicated and energy-intensive. The Circuit Breaker & Fuse Industry focusses majorly on safety, and it is becoming more and more important to develop solutions that can increase electrical safety. This includes creating circuit breakers and fuses that can detect electrical sparks and react to them in order to assist stop electrical fires. Circuit breakers and fuses are in high demand because of emerging economies, notably in Asia and Africa, which are rapidly urbanising and industrialising. The demand for dependable and secure electrical equipment is anticipated to rise as these markets continue to expand.

Circuit Breakers & Fuses are made from raw materials like copper and aluminium, the price of which is prone to change. The profitability of manufacturers in the sector may be impacted by this. Alternative technologies, such solid-state circuit breakers, which have various benefits over conventional Circuit Breakers & Fuses, are a threat to the Circuit Breaker & Fuse sector. The development of the conventional Circuit Breaker & Fuse sector might be constrained by these alternative technologies. The industrial non-standardization can cause compatibility problems and prevent the adoption of new devices. Circuit Breaker & Fuse manufacturers are expected to adhere to a number of criteria in order to sell their products in various markets, because of the variable international standards.

Circuit breaker and fuse technology is becoming increasingly sophisticated, making it more difficult for manufacturers to create, produce, and market their goods. Modern Circuit Breakers & Fuses have sophisticated software, digital technology, and communication systems, which necessitates a substantial investment in research and development. Economic downturns can affect the demand for the items in the Circuit Breaker & Fuse sector. Circuit Breakers & Fuses may see a decline in sales as a result of consumers and businesses delaying or reducing their expenditures on electrical equipment during uncertain economic times.
Circuit Breaker & Fuse Market Segment Analysis
By Type: The Circuit Breaker & Fuse Market is segmented by the types of products they offer, which are Air Circuit Breaker & Fuse, Vacuum Circuit Breaker & Fuse, Oil Circuit Breaker & Fuse, SF6 Circuit Breaker & Fuse and CO2 Circuit Breaker & Fuse. While, the Circuit Breaker Technology segment, which includes the Miniature Circuit Breaker (MCB), Moulded Case Circuit Breakers (MCCB), Single Pole & Double Pole Circuit Breakers, Ground Fault Interrupters (GFCI) and Arc Fault Circuit Interrupters (AFCI), is anticipated to grow at a CAGR of 4.8% by 2029. Although in 2022, the Vacuum Circuit Breaker & Fuse Technology segment was accounted for 31.73% of the market share.



By Voltage: The Circuit Breaker & Fuse Market is divided into three voltage segments which are Low, Medium and High Voltage Circuit Breakers & Fuses. In 2022, the high voltage market category held a 61.72% share of the overall market. While low voltage fuses enable the use of thinner filaments but are easily damaged by even a slight increase in current inflow, high voltage fuses are more effective at protecting against short circuits and power fluctuations. Due to this, the majority of industrial and commercial end users favour high voltage fuses, while low voltage fuses are preferred by residential customers. The plug-in fuse and the cartridge fuse are the two types of low voltage fuses. It is anticipated that the low-voltage fuse market would expand by 2.7% by 2029. At the commercial and industrial levels, cartridge fuses are primarily used in demanding applications. However, the plug-in fuse has a smaller market share than the cartridge fuse because it is used in residential and small-scale applications and is less effective. Additionally, circuit breakers are quickly replacing plug-in fuses, which is causing their market share to decrease over the forecast period.

By Application: The Circuit Breaker and Fuse Market is further segmented into a few common applications in multiple industries like Construction, Transport, Industrial, Consumer Electronics, Power generation. In 2022, the global market share for power generation was estimated to be at around US$ 3.67 Billion along with a CAGR of 5.2%.
Circuit Breaker & Fuse Market: Regional Insights
Asia-Pacific: The substantial share of 41.42% in 2022 as well as the forecasted expansion of the construction market at 7.3% CAGR by 2029, places Asia Pacific as the regional leader all across the globe during the period of 2022 to 2029. Opportunities in this industry are driven by the rising use of alternative energy generation technologies like wind and solar, which demand significant expenditures in distribution and transmission. Demand for Circuit Breakers & Fuses is expected to rise in the Asia Pacific due to significant expansion in end-user categories such the oil and gas industry, petrochemicals industry, steel industry, and cement industry. During the forecast period, the Asia Pacific Circuit Breaker & Fuse Market is anticipated to grow at a CAGR of 6.5%.

North America: The North American Circuit Breaker & Fuse Market is expected to grow at a CAGR of

4.5% during the forecast period. In terms of market share, North America is one of the largest regional markets for circuit breakers and fuses. The United States is the largest market in the region, accounting for a significant share of the market revenue. The Canadian and Mexican markets also contribute to the overall growth of the North America circuit breaker and fuse market.

Europe: In order to speed up the innovation and development of energy networks, the European government has launched a number of projects, including the European energy Grid Initiative (EEGI), which is expected to increase volume demand in this region.

The Circuit Breaker & Fuse Market in the other two regions i.e. South America and Middle-East & Africa are influenced by the market growth in the above three regions.
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Circuit Breaker & Fuse Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US$ 16.375 Bn.


Forecast Period 2023 to 2029 CAGR:
5.3 %
Market Size in 2029:
US$ 23.51 Bn.


 Segments Covered:
by Type
1.Air Circuit Breaker & Fuse
2.Vacuum Circuit Breaker & Fuse
3.Oil Circuit Breaker & Fuse
4.SF6 Circuit Breaker & Fuse
5.CO2 Circuit Breaker & Fuse


by Voltage
1.Low
2.Medium
3.High


by Application
1.Construction
2.Transport
3.Industrial
4.Consumer Electronics
5.Power generation
6.Automotive



Circuit Breaker & Fuse Market Regional Insights:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)

Competitive Landscape in Circuit Breaker & Fuse Industry

The circuit breaker and fuse industry is a highly competitive market with numerous players. The industry is driven by factors such as the increasing demand for power, the growth of the renewable energy sector, and the need for reliable and efficient power transmission. The competition in the industry is primarily based on the pricing, quality, reliability, and features of the products. To stay competitive, players in the industry are investing in research and development to develop innovative products that meet the changing needs of customers. Additionally, players are expanding their market reach by entering into strategic partnerships and collaborations, as well as acquiring other companies to expand their product portfolios and increase their market share.
Circuit Breaker & Fuse Industry Key Players:
1.Eaton Corporation
2. Schneider Electric
3. Siemens AG
4.ABB Ltd
5.General Electric Company
6. Mitsubishi Electric Corporation
7. Legrand SA
8.TE Connectivity Ltd
9. Littelfuse Inc.
10. Hubbell Inc.
11. C&S Electric Ltd.
12. Bel Fuse Inc.
13. SIBA GmbH
14. Eaton Bussmann
15. Carling Technologies
16.Fuji Electric Co. Ltd.
17.G&W Electric Company
18.Hager Group
19.Hella GmbH & Co. KGaA
20.Mersen SA
21.Powell Industries Inc.
22.Raychem RPG Pvt. Ltd.
23.Sensata Technologies Inc.
24.Socomec Group
25.Toshiba Corporation

FAQs:

1. What are the growth drivers for the Circuit Breaker & Fuse Market?
Ans. The growth drivers for the Circuit Breaker & Fuse Market include the increasing demand for electricity due to urbanization and industrialization, growing adoption of renewable energy sources and increasing investments in the power sector, the rise in awareness about energy efficiency and safety, leading to higher demand for advanced circuit breaker and fuse technology.

2. What is the major restraint for the Circuit Breaker & Fuse Market growth?
Ans. The major restraints in the Circuit Breaker & Fuse Market include volatility in raw material prices affecting the profitability of manufacturers, increasing competition from local and regional players affecting the market share of established players and regulatory challenges related to the compliance and certification of circuit breakers and fuses, which can increase the cost of production and affect market growth.

3. Which region is expected to lead the global Circuit Breaker & Fuse Market during the forecast period?
Ans. Asia Pacific is expected to lead the global Circuit Breaker & Fuse Market during the forecast period, with a CAGR of 7.3%.

4. What is the projected market size & growth rate of the Circuit Breaker & Fuse Market?
Ans. The Circuit Breaker & Fuse Market size was valued at US$ 16.375 Billion in 2022 and the total revenue is expected to grow at a CAGR of 5.3% from 2022 to 2029, reaching nearly US$ 23.51 Billion.

5. What segments are covered in the Circuit Breaker & Fuse Market report?
Ans. The segments covered in the Circuit Breaker & Fuse Market report are by Type, by Voltage, by End-user, and by Region.