PUBLISHER: Markets & Data | PRODUCT CODE: 1394211
PUBLISHER: Markets & Data | PRODUCT CODE: 1394211
Global circuit breaker and fuse market size was valued at USD 16.2 billion in 2022, which is expected to reach USD 25.3 billion in 2030, with a CAGR of 5.7% for the forecasted period between 2023 and 2030.
Circuit breakers and fuses provide crucial protection by preventing electrical overloads and faults and enhancing safety and safeguarding equipment. The market growth is driven by the rise in adoption rate, technological advancements, increasing construction activities, infrastructure development, rise in investments, and the surge in demand for electrical safety across industries. Additionally, advancements in smart and eco-friendly solutions contribute to market expansion as they meet evolving energy efficiency and environmental regulations.
The technological advancements in fuses, such as smart and self-resetting features, are propelling the market growth exponentially. These innovations enhance reliability, reduce downtime, and improve safety, thereby meeting the growing demand for efficient and sophisticated electrical protection solutions in various industries.
For example, in October 2022, LittleFuse Inc., introduced the eFuse Protection ICs of 4 distinct circuit protection devices. These ICs utilize a modern design which provides a power input range from (3.3 to 28) Volts as well as integrated protection. Additionally, these electronic fuses provide protection against short circuit, overcurrent, reverse current, etc.
The increased utilization of protective relays significantly boost the Circuit Breakers and Fuses Market. Protective relays are vital in monitoring and responding to electrical system abnormalities, such as overcurrent, short circuits, and voltage imbalances. They trigger circuit breakers and fuses to protect equipment and prevent electrical hazards. Moreover, the growing demand for reliable and automated protection solutions in various industries, including power generation, utilities, and industrial applications, is expanding the market.
In February 2022, ABB introduced the Relay Retrofit Program, which aimed to upgrade specific SPACOM protection relays to the latest protection and control technology, REX610. It is an all-inclusive protection relay engineered to adjust to the requirements of advancing power grids, offering a versatile, eco-friendly, and forward-looking solution.
The increased adoption of air circuit breakers drives growth in the circuit breaker and fuse market. These circuit breakers offer reliable and efficient protection against electrical overloads and short circuits, making them a preferred choice in various applications. Their adaptability, ease of maintenance, and ability to handle high currents contribute to market expansion, especially in industrial and commercial sectors, where maximum electrical safety and equipment protection are required.
For example, in May 2023, Schneider Electric unveiled EvoPacT, its latest medium voltage circuit breaker, tailored for the Canadian market. This enhanced solution has been carefully crafted to meet the requirements of infrastructure, sizeable industrial and commercial facilities, power-intensive operations, as well as cloud and service providers.
Increased investments in transmission grids are creating substantial opportunities within the Circuit Breaker and Fuse Market. These investments aim to enhance power distribution, ensuring reliability and efficiency. Moreover, the expansion of grid infrastructure, coupled with the need to accommodate renewable energy sources and smart grid technologies are driving the demand for circuit protection devices.
For example, in January 2023, China's State Grid Corporation announced its plans to invest USD 77 billion in transmission projects in 2023, as part of its broader commitment to allocate USD 329 billion during the entire 14th Five-Year Plan period from 2021 to 2025. In addition, China Southern Power Grid, a significant electric utility, had stated to contribute USD 99 billion to this undertaking. When combined with investments from regional companies, the total national investments in this sector are projected to reach USD 442 billion.