CHICAGO, Oct. 6, 2023 /PRNewswire/ -- Air Circuit Breaker Market is expected to reach USD 4.1 billion by 2028 from USD 3.2 billion in 2023 at a CAGR of 5.0% during the 2023-2028 period according to a new report by MarketsandMarkets. Key growth catalysts include rising investments in smart grid technologies aimed at safeguarding and managing power equipment, along with the replacement of aging infrastructure. Furthermore, the increasing demand for dependable transmission and distribution (T&D) networks offers lucrative growth prospects for the Air Circuit Breaker Market.
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230 - Tables
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208 - Pages
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Air Circuit Breaker Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $4 .1 billion |
Estimated Value by 2028 | $3.2 billion |
Growth Rate | Poised to Grow at a CAGR of 5.0% |
Largest Market | Asia Pacific |
Market Size Available for | 2020-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Voltage, Application, and Region |
Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and South America. |
Key Market Challenge | Environmental Regulations, Renewable Integration, Aging Infrastructure, Cybersecurity, Competitiveness, and Technological Advancements Shape the Air Circuit Breaker Market. |
Key Market Opportunities | Replacement of aging grid infrastructure and the need for reliable T&D networks |
Key Market Drivers | Safeguarding Power Systems Amid Renewable Energy Growth and Smart Technology Integration |
By application, the industrial segment is the largest contributor in the Air Circuit Breaker Market during the forecast period.
The industrial segment often leads the Air Circuit Breaker Market because industrial facilities have notably higher energy demands compared to residential or commercial sectors. This necessitates more robust electrical infrastructure capable of handling power distribution, making air circuit breakers the preferred choice due to their capacity to manage higher currents and provide essential short-circuit protection. Furthermore, air circuit breakers are versatile, effectively safeguarding critical assets from electrical faults and overloads, ensuring uninterrupted industrial operations. Moreover, stringent safety regulations in industrial settings mandate high breaking capacity and reliability in interrupting fault currents, qualities for which air circuit breakers are well-known, enabling industries to comply with safety standards effectively.
By type, the air blast circuit breaker segment is expected to grow at the fastest rate during the forecast period.
The air blast circuit breaker segment is witnessing robust growth within the Air Circuit Breaker Market due to its advanced technology, which efficiently handles high fault currents by employing compressed air to extinguish electrical arcs during faults, ensuring rapid and reliable interruption of high-power circuits. Particularly well-suited for high voltage applications like substations and transmission networks, air blast circuit breakers are in high demand as electricity needs continue to surge, especially in urban and industrial areas. Their integration into smart grid systems is increasingly crucial, as these circuit breakers can be enhanced with sensors and monitoring devices, enabling real-time data collection and remote control. This integration is pivotal for optimizing grid performance, enhancing reliability, and minimizing downtime.
By voltage, the low voltage segment is expected to be the largest contributor during the forecast period.
The dominance of the low-voltage segment in the Air Circuit Breaker Industry can be attributed to its extensive applicability across residential, commercial, and industrial sectors. Low-voltage air circuit breakers play a crucial role in safeguarding electrical systems from overloads and short circuits in buildings, especially as the construction industry experiences growth. Moreover, their usage in industrial machinery ensures the protection of vital equipment and aligns with the expanding industrial sector's automation needs. Additionally, these circuit breakers are integral to maintaining electrical safety and reliability in growing infrastructure development projects, including transportation systems, commercial complexes, and data centers, solidifying their position as a cornerstone of electrical protection across diverse settings.
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Asia Pacific is expected to be the largest and fastest-growing market during the forecast period.
Asia Pacific's status as the largest market for air circuit breakers is driven by a confluence of factors. The region is witnessing significant urbanization and industrialization, spurring a heightened demand for electricity. To meet this demand, robust electrical infrastructure is essential, and air circuit breakers are pivotal in ensuring reliable power distribution and protection. Additionally, the diverse industrial landscape in Asia Pacific relies heavily on electricity, particularly in sectors like manufacturing and heavy machinery, making air circuit breakers a preferred choice due to their capacity to handle high currents. Governments across the region are investing substantially in infrastructure development, including modernizing electrical grids with advanced circuit protection devices like air circuit breakers. Energy efficiency is also a focal point, with air circuit breakers offering high breaking capacity to reduce energy losses during faults. Furthermore, the rising adoption of smart grids in Asia Pacific underscores the importance of air circuit breakers, which can be equipped with sensors and remote monitoring capabilities to enhance grid reliability and efficiency, aligning with the region's progressive initiatives.
Key Market Players:
The key players in the Air Circuit Breaker Companies are ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), and Eaton (Ireland).
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Recent Developments
- In November 2021, Siemens Smart Infrastructure added the new 3WA series to its Sentron line of air circuit breakers. The 3WA series protects electrical installations in buildings, infrastructure, and industrial facilities from overload, short circuits, and ground faults. It is an essential component of low-voltage power distribution.
- In September 2020, Siemens introduced two new outdoor circuit breakers that are specifically designed for renewable energy applications, such as wind power generation. The SDV-R circuit breaker is not arc-resistant, while the SDV-R-AR circuit breaker is.
- In January 2020, Siemens bought C&S Electric, a company that makes electrical and electronic equipment. This was done to meet the rising demand for electrification products. The acquisition included C&S Electric's low voltage switchgear components and panels, low and medium voltage power busbars, protection and metering devices businesses, as well as low and medium voltage power busbar operations in India.
- Eaton Cummins Automated Transmission Technologies announced in September 2020 the expansion of its Endurant Automated Transmission lineup with the introduction of the Endurant XD series. The Endurant XD series is a line of high-performance automated transmissions designed for on-highway applications such as double- and triple-trailer trucks, as well as heavy-duty on/off-highway applications such as dump and logging trucks.
- In July 2019, Eaton bought Innovative Switchgear Solutions, a company that makes medium-voltage electrical equipment in North America. This acquisition helped Eaton to expand its product portfolio of medium-voltage electrical equipment and strengthen its Systems and Services business segment.
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