Circuit Breaker Market Booming Demand and Tremendous Growth Opportunities to 2025
The circuit breaker market growth can be attributed to factors such as growing investments in power generation, specifically from renewable energy sources; rising demand for reliable and secure power supply worldwide; increasing capacity additions and enhancements for T&D networks; and accelerating investments in railways sectors.
Increasing demand for electricity and replacement ofaging infrastructures is expected to drive the circuit breaker market. In addition, the increasing smart grid investments by T&D utilities is one of the key reasons behind the largest market shares of distribution utilities.
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Replacement of aging grid infrastructure and the need for reliable T&D networks
Growing energy demand has resulted in the need for a stable and reliable T&D network. According to the Department of Energy and the North American Electric Reliability Corp., uninterrupted power can only be ensured through a system capable of handling sudden power surges and drops. The US endures more blackouts than any other developed country. Power outages here last more than an hour and have increased steadily in the past few years, costing American businesses about USD 150 billion per year. The main reasons behind the increasing number of blackouts are aging infrastructure, lack of investments, and the lack of clear policies to modernize the grid. According to the Canadian Electricity Association, the Canadian electricity sector requires an investment of USD 350 billion for the next 20 years. The North American Energy Working Group initiative was formed by the US, Canada, and Mexico to know the full range of energy development, production, transport and transmission, distribution, and consumption in North America. It considers the full range of energy sources, as well as efficient and clean production and use of energy.
Recent regulations to reduce/limit the power blackouts and upgrade the aging power networks across the world (particularly in North America, Europe, and parts of APAC) are creating a market for the entire power sector equipment value chain. Power systems depend on long chains of transmission lines, substations with transformers and circuit breakers, and many other equipment such as feeder circuits, reclosers, sectionalizers, fuses, cutouts, service transformers, and service drops. All must function well if the utility is to deliver power to its customers. Circuit breakers are required in utilities for the safe operation of grids. Circuit breakers protect assets such as generators and transformers that are involved in power generation plants. The function of a circuit breaker is to detect the fault caused due to short circuit on the power transmission system and disconnect the equipment from the grid. Hence, replacing aging infrastructure will create an opportunity for the circuit breaker market to grow.
ABB, Schneider Electric Siemens, Mitsubishi Electric, Eaton, are the leading players in the circuit breaker market. CG Power and Industrial Solutions, XIGAO Group, LS ELECTRIC, Huayi Electric, Myers Power Products, Larsen & Toubro, TE Connectivity, Meidensha, Toshiba, Powell Industries and others are other players operating in the market are the leading players in the global circuit breaker.
Content Source: https://www.marketsandmarkets.com/Market-Reports/circuit-breaker-and-fuse-market-1237.html
