Circuit Breaker Market Expecting An Outstanding Growth Till 2030
The rising emphasis on grid stability and power supply security is asserting a positive influence on the global circuit breaker industry expansion, as per the report. The upgradation of the existing power networks is expected to increase, mainly due to the ongoing reforms associated with energy efficiency. The integration of smart networking technologies has been surging considerably over recent years, more prominently across developed nations.
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According to data from the U.S. Department of Energy, investments in smart grid tech rose from USD 3.4 billion in 2014 to USD 6.4 billion in 2018. Electric utilities also spend over USD 80 billion on capital improvements within the power transmission and distribution systems. The report cites that this enhancement of existing power networks will escalate the need for electrical circuit breakers to address short circuits and other defects in current flow.
Medium-voltage circuit breaker demand to witness an upsurge
Based on voltage, the report segregates the market into high, medium, and low segments. The medium segment among these is slated to amass considerable profits over the foreseeable future, given its wide application scope in industries including process, power, and infrastructure. Unlike other circuit breaker types, the medium voltage type can be also operated on a manual level. Such significant features will enable MV circuit breakers to emerge as a suitable component across the electric sector, the report says.
Manufacturing industry expansion to boost the demand for 300kV to 550kV circuit breakers
With regards to rated voltage, the report divides the industry into >800kV, 550kV to 800kV, 300kV to 550kV, 145kV to 300kV, 70kV to 145kV, 50kV to 70kV, 15kV to 50kV, 1kV to 15kV, 500V to 1kV, and <500V. Of these, the 300kV to 550kV segment is set to register significant revenue over the upcoming years. The expansion of this segment can be attributed to the increasing growth potential of manufacturing, power generation, and other industries. These sectors highly demand 300kV to 550kV circuit breakers to ensure that industrial power networks function properly.
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New product developments to expedite industry share
The strategic landscape of the circuit breaker market is inclusive of ABB, Eaton, Toshiba International Corporation, Schneider Electric, Mitsubishi Electric Corporation, and Siemens Energy. These companies are focusing on product development and collaboration initiatives to retain their footprint in the global market. For instance, in October 2021, Schneider Electric launched its PowerPacTTM MCCB (Molded Case Circuit Breaker) series with increased operational efficiency and unrivaled reliability for customers.