PUBLISHER: The Business Research Company | PRODUCT CODE: 1428271
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428271
A medium-voltage circuit breaker is an automatic electrical device designed to protect an electrical circuit from damage caused by excessive current resulting from overload or short circuit conditions. Its primary purpose is to safeguard electrical circuits from harm due to overload or short circuit events.
The primary types of medium-voltage circuit breakers include air circuit breakers (ACB), vacuum circuit breakers (VCB), gas circuit breakers (GCB), and other variations. An air circuit breaker (ACB) is an electrical device specifically designed to protect electric circuits ranging from 800 Amps to 10K Amps against overcurrent and short-circuit conditions. These breakers are configured for both indoor and outdoor installations and find applications in power distribution and transmission. They are employed by a variety of end-users, including residential, commercial, industrial, and utility firms.
The medium-voltage circuit breakers market research report is one of a series of new reports from The Business Research Company that provides medium-voltage circuit breakers market statistics, including medium-voltage circuit breakers industry global market size, regional shares, competitors with a medium-voltage circuit breakers market share, detailed medium-voltage circuit breakers market segments, market trends, and opportunities, and any further data you may need to thrive in the medium-voltage circuit breakers industry. This medium-voltage circuit breakers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The medium voltage circuit breaker market size has grown rapidly in recent years. It will grow from $6.16 billion in 2023 to $6.89 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth observed in the historical period can be credited to the industrialization and expansion of manufacturing sectors, the development of electricity generation and distribution networks, the rise in urbanization and infrastructure projects, the incorporation of medium voltage circuit breakers in utility applications, and the adherence to stringent safety and regulatory standards.
The medium voltage circuit breaker market size is expected to see rapid growth in the next few years. It will grow to $10.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The anticipated growth in the forecast period can be associated with the growing demand for renewable energy sources, the rise in power consumption and electrical load, the integration of digital technologies in circuit breaker systems, the adoption of smart grid technologies, an increased focus on energy efficiency and conservation, the expansion of industrial automation and manufacturing, and the surge in demand for electric vehicles and associated charging infrastructure. Key trends expected in the forecast period include technological advancements in circuit breaker design, the development of eco-friendly and sustainable circuit breaker materials, the integration of machine learning, advancements in circuit breaker technologies, the incorporation of artificial intelligence, and the utilization of digital twin technologies for asset management.
The anticipated increase in demand for renewable energy is poised to drive the growth of the medium voltage circuit breaker market. Renewable energy, derived from continuously replenished natural sources, experiences continuous growth, with medium voltage circuit breakers playing a vital role in ensuring the secure and reliable operation of power grids. These circuit breakers are essential for protecting electrical equipment from overloads and short circuits, especially as renewable energy sources such as solar and wind often exhibit intermittent characteristics. In June 2023, the International Energy Agency (IEA) reported that global renewable capacity additions in 2022 reached 332.7 gigawatts (GW), and this figure is expected to surge to over 440 GW in 2023 and further to 462.5 GW in 2024, representing substantial growth. Hence, the rising demand for renewable energy is expected to be a key driver for the medium voltage circuit breaker market.
The growth in urbanization is anticipated to contribute to the expansion of the medium voltage circuit breaker market. Urbanization, characterized by the increasing growth and development of cities alongside population migration from rural to urban areas, places a significant demand on electrical distribution networks in urban settings. Medium voltage circuit breakers play a critical role in safeguarding and regulating these networks, ensuring a consistent and reliable power supply in urban environments. As reported by the World Economic Forum in April 2022, more than 4.3 billion people, constituting 55% of the global population, were residing in urban areas, and this percentage is projected to rise to 80% by 2050. Hence, the ongoing trend of urbanization is a driving force for the medium voltage circuit breaker market.
Product innovation stands out as a prominent trend gaining momentum in the medium voltage circuit breaker market. Leading companies in the medium voltage circuit breaker sector are actively engaged in introducing cutting-edge solutions to fortify their market standing. A case in point is Eaton Corporation plc, an Ireland-based power management company, which, in November 2022, unveiled new medium voltage products such as FMX single-busbar switchgear, W-VACi vacuum circuit breakers, and Unitole UX withdrawable switchgear. These additions enhance Eaton's medium voltage product line (up to 24kV) for applications in distribution networks, infrastructure, and industrial settings. The W-VACi vacuum circuit breakers, available separately for use in various devices, come in IEC 12kV, 17.5kV, and 24kV variants, featuring fixed and withdrawable forms. Notably, they leverage an industry-standard assembly for reliability, extended lifespan, and nearly maintenance-free operation.
Major players in the medium voltage circuit breaker market are concentrating on advanced solutions, such as maintenance-free vacuum technology, to augment reliability and reduce operational maintenance costs. The adoption of maintenance-free vacuum technology entails the integration of vacuum interrupters within circuit breakers to extinguish electrical arcs, eliminating the need for tasks such as refilling insulating gas. Siemens AG, a Germany-based technology company, exemplifies this approach by introducing a customizable generator circuit breaker in November 2022. The HB1-Compact (HB1-C), a new compact version in Siemens' generator circuit-breaker portfolio, employs maintenance-free vacuum switching technology. This highly adaptable solution addresses challenging constraints, offering versatility with both L-shape and I-shape designs. The HB1-C can be mounted vertically or horizontally and adjusted to align with existing busbar connection points. Additionally, its integrated main disconnector can be equipped with earthing switches on either the generator or transformer side, enhancing flexibility.
In December 2021, Investcorp, a Bahrain-based alternative investment management firm, acquired RESA Power LLC from Blue Sea Capital for an undisclosed amount. This strategic acquisition is poised to propel organic growth, foster geographical expansion across North America, and accelerate the strategic initiatives of RESA Power LLC, a US-based manufacturer and distributor specializing in various switches, including low and medium-voltage switches and used circuit breakers.
Major companies operating in the medium voltage circuit breaker market report are Hyundai Motor Company, Siemens AG, General Electric Company, Schneider Electric SE, Mitsubishi Electric Corporation, ABB Ltd., Toshiba Corporation, Eaton Corp., Larsen & Toubro Ltd., Alstom SA, Rockwell Automation Inc., Fuji Electric Co. Ltd., Weg Electric Corp., CHINT GROUP Ltd., Meidensha Corporation, Ormazabal Corporate Technology A.I.E., Powell Electrical Systems Inc., Fuji Electric Co. Ltd., Crompton Greaves Consumer Electricals Limited, Lucy Electric, LS Electric Co. Ltd., Actom Ltd., NOJA Power LLC, Tavrida Electric AG, Entec Electric & Electronic Co. Ltd., Hawker Siddeley Switchgear Ltd.
Asia-Pacific was the largest region in the medium voltage circuit breaker market in 2023. The regions covered in the medium voltage circuit breaker market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the medium voltage circuit breaker market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The medium voltage circuit breaker market consists of sales of sulfur hexafluoride circuit breakers (SF6), oil circuit breakers (OCB), and air blast circuit breakers (ABCB). Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medium Voltage Circuit Breaker Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medium voltage circuit breaker market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medium voltage circuit breaker ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medium voltage circuit breaker market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.