PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1362383
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1362383
The air circuit breaker market is poised for substantial expansion, with its market size projected to grow from approximately USD 3.2 billion in 2023 to around USD 4.1 billion by 2028, reflecting a compound annual growth rate (CAGR) of 5.0% during the forecast period spanning from 2023 to 2028. This growth is underpinned by several driving factors. Notably, there are increasing investments in power generation, with a particular focus on renewable energy sources. Additionally, there is a rising global demand for a reliable and secure power supply, prompting enhancements and expansions of transmission and distribution networks. Moreover, the railway sector is experiencing heightened investment activities, further bolstering the air circuit breaker market's growth.
Scope of the Report | |
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Years Considered for the Study | 2020-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD) |
Segments | Type, Voltage, Application, and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and South America. |
"The air blast circuit breaker segment is expected to hold the largest share of the air circuit breaker market, by type, during the forecast period."
During the projected timeframe, Air blast circuit breakers dominate the air circuit breaker market due to their aptness for ensuring the stability and dependability of electrical grids amid escalating demand, particularly in urban and industrial zones. Although they may entail higher initial expenses compared to some alternatives, their proven longevity and reliability often translate into lower overall ownership costs over extended periods. These circuit breakers adhere to industry standards and safety regulations in many regions, bolstering their standing as a trusted choice for electrical safeguarding. With a history of successful deployment in high voltage and mission-critical scenarios, air blast circuit breakers maintain their enduring preference in the market.
"Residential: The largest- growing segment of the air circuit breaker market"
The residential segment is expected to exhibit the highest growth rate in the air circuit breaker market from 2023 to 2028, based on its application. The residential segment's dominance in the air circuit breaker market can be attributed to several crucial factors. The robust growth of the construction industry in urban areas, driven by population expansion and urbanization, has led to a higher demand for electrical distribution and protection systems, including air circuit breakers, as more residential buildings are erected. The modernization of homes with a plethora of electrical appliances and home automation systems has increased energy consumption, necessitating reliable circuit breakers for protection against overcurrents and short circuits. Safety remains a paramount concern in residential environments, and air circuit breakers are well-suited to mitigate electrical faults, reduce the risk of electrical fires, and ensure residents' safety. Furthermore, the presence of building codes and regulations in many regions mandating the installation of circuit protection devices like air circuit breakers in residential buildings adds to the segment's growth by ensuring compliance with safety standards.
"Asia Pacific: The fastest-growing market for air circuit breaker."
The Asia Pacific region is experiencing rapid growth in the air circuit breaker market, followed by North America and Europe. The Asia Pacific region is witnessing significant urbanization and industrialization, resulting in a surging demand for electricity. This increased need for dependable electrical distribution and protection systems, including air circuit breakers, is driven by the migration of more people to urban centers and the expansion of industries. Both governments and private sector entities across the Asia Pacific are making substantial investments in infrastructure development, encompassing the expansion and modernization of electrical grids, power generation facilities, and industrial zones. Notably, these infrastructure initiatives often incorporate advanced circuit protection solutions like air circuit breakers. Moreover, stringent safety regulations prevalent in many Asia Pacific countries necessitate the use of air circuit breakers, valued for their high breaking capacity and reliability in interrupting fault currents, ensuring compliance with rigorous safety standards.
By Company Type: Tier 1- 65%, Tier 2- 24%, Tier 3- 11%
By Designation: C-Level- 30%, D-Level- 25%, Others- 45%
By Region: North America- 27%, Europe- 20%, Asia Pacific- 33%, Middle East & Africa- 8%, , and South America- 12%
Note: The tier of the companies has been defined based on their total revenue; as of 2022: Tier 1 USD 5 billion, Tier 2 USD 1 billion to USD 5 billion, and Tier 3 USD 1 billion.
The key players in the air circuit breaker market include companies such as ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), and Eaton (Ireland).
The report offers an extensive and in-depth assessment of the circuit breaker market, spanning multiple geographical regions. Its primary objectives are to estimate the market's size and evaluate its potential for future expansion, taking into account various segments such as type, voltage capacity, applications, and regional dynamics. Furthermore, the report includes a meticulous competitive analysis of key market participants, presenting their company profiles, recent advancements, and key strategic approaches. The market has been segmented based on type, voltage capacity, applications, and geographical regions, with a particular emphasis on dissecting prevalent industry trends. Additionally, the report delivers a market share analysis of leading players, delves into supply chain intricacies, and offers detailed company profiles, collectively furnishing insights into the competitive landscape and emerging high-growth sectors within the air circuit breaker market.
Key Benefits of Buying the Report
The report is meticulously crafted to aid both industry leaders and newcomers in the air circuit breaker market by furnishing them with dependable revenue projections for the entire market and its constituent sub-segments. This data serves as a valuable resource for stakeholders, empowering them to gain a comprehensive understanding of the competitive landscape and formulate effective go-to-market strategies for their businesses. Additionally, the report serves as a conduit for stakeholders to grasp the present conditions of the market, offering crucial insights into market drivers, constraints, challenges, and growth opportunities. By assimilating these insights, stakeholders can make informed decisions and remain attuned to the ever-evolving dynamics of the air circuit breaker industry.