The global circuit breaker and fuse market size was valued at USD 13.58 billion in 2016. The market is expected to flourish owing to increasing need for upgradation to efficient networks along with renewable energy connectivity.
Increasing demand for advanced equipment in electronics, automotive and telecommunication segments owing to increasing safety concerns related to short circuits and damage due to power fluctuations, thus the market for circuit breakers and fuses is rising over the forecast period.
These devices reduce and manage the electric load on equipment such as home appliances, industrial machinery, IT products and electric tools, thus protecting them from unforeseen power fluctuations arising from situations such as short circuits, overvoltage and overload. Moreover, increasing usage of circuit breakers and fuses in the automotive industry and rising energy consumption are considered to further rise the demand for these devices over the forecast period.
Furthermore, Asian and African countries have made huge investments to improve electricity infrastructure and provide better power to rural areas thus the market is expected to witness high growth in these regions. Additionally, increasing urbanization and industrialization in emerging economies such as India, Indonesia, Malaysia and others, is anticipated to further boost the market growth.
Moreover, rising demand for replacing the conventional mechanical and electromechanical devices across manufacturing and industrial sector is anticipated to drive the demand for circuit breaker and fuses over the forecast period. Additionally, stringent environmental regulations delegating the need for advanced transmission and distribution equipment is projected to accentuate circuit breaker and fuse market growth over the next seven years.
The market can be classified based on product types into circuit breakers and fuses. The market for circuit breakers accounted for 69% of the overall share in 2014 and is anticipated to grow over the next seven years.
The circuit breakers offer certain advantages over fuses such as these are easy to reset, and safer than fuses as all of the electrical connections are inside the breaker box. The circuit breakers automatically discontinue the current flow when there is an increasing load or input current and can be switched on easily to reflow the current.
Electric fuses consist of metallic filament enclosed in a ceramic or plastic or glass coating, the filament allows normal flow of current through it but in case of overload, the filament gets heated and breaks to stop the current flow. The broken fuse needs to be replaced with new one, in order to normalize the current flow. The demand for fuses is declining over the forecast period owing to its vulnerable nature, and the need to replace it repetitively after each overload incident.
The circuit breaker market can be segmented based on installation type into low, medium and high voltage products. The demand for low voltage products was high in 2014; the segment is projected to grow at CAGR of over 7% from 2015 to 2022. Low voltage products have substantial demand in residential segment as it allows usage of smaller filament and are efficient for small scale applications.
The medium and high voltage segments are anticipated to grow at moderate growth rate, high voltage arc breakers are used in industrial applications, and are priced higher than low voltage circuit breakers.
The circuit breaker and fuses market can be segmented based on type of arc quenching media into air, vacuum, oil, SF6 and other types. All these media are used in circuit breakers for arc quenching or as an insulator to avoid circuit arcs from generating.
Vacuum is widely used media for this process. It covered over 26% market share in 2014, whereas SF6 gas is projected to emerge as fastest growing arc quenching medium growing at CAGR of 7% over the forecast period.
The high voltage segment accounted for 54% of the overall market in 2014 and is expected to grow at a CAGR of 3.6% from 2014 to 2022. High voltage fuses are more efficient in providing protection against short circuits and power fluctuations, whereas low voltage fuses allow usage of thinner filament, but are broken easily with minute increase of current inflow. Thus, most of industrial and commercial end users prefer high voltage fuse, whereas residential customers choose low voltage fuses.
The low voltage fuse segment is further classified into two types, plug in fuse and cartridge fuse. The cartridge fuse accounted for largest market share in 2014, valuing at USD 944.0 million in 2014. Cartridge fuses are mostly used in heavy application at commercial and industrial level. These are more reliable fuse types and offer better protection from current fluctuations. On the other hand, plug-in fuses are utilized for residential and small-scale application and are less efficient than cartridge fuses, thus they account for relatively smaller market share. Moreover, plug-in fuses are rapidly being replaced by circuit breakers thus their market share is declining over the forecast period.
Based on application, the circuit breaker and fuse industry can be classified into industrial, transport, consumer electronics, construction, power generation and other sectors. The other application segment comprises of applications such as healthcare, defense & military.
Power generation segment emerged as largest application segment for circuit breakers and fuses in 2016, accounting for over 20% share and is expected to grow at CAGR of 4.5% over the forecast period.
Owing to increase in adoption of IT technologies in various operations, the IT products need proper power management for improved performance, thus escalating the demand for circuit breakers and fuses in power generation segment. There is also need for efficient power generation for handling future demand of electricity, thus proliferating the demand for all such protection devices.
The construction segment includes residential and commercial buildings; growing construction market is anticipated to spur the demand for circuit breakers and fuses. There is increasing investments on construction projects such as rail transport, roads, water supply in developing countries such as India, Indonesia, and others which further grows the demand for these devices. The construction segment is projected to grow at a CAGR of 7% over the next seven years.
The demand for circuit breaker was highest in North America region, owing to its fast growth in construction market. The increasing adoption of alternative energy generation sources such as wind and solar which require huge investments its distribution and transmission is growing the opportunities for this market.
Extensive growth in end user segment such as oil & gas sector, petrochemicals sector, steel and cement sector are anticipated to increase demand for circuit breakers and fuses in Asia Pacific region. The Asia Pacific regional market is expected to grow at CAGR of 6.5% over the forecast period. Also, European government has taken various initiatives such as the European Electricity Grid Initiative (EEGI), for accelerating innovation and development of electricity networks, which is anticipated to boost volume demand in this region.
The Circuit breaker and fuse market was led by Eaton Corporation, Alstom SA, ABB Ltd, Schneider Electric, General Electric, Maxwell Technologies, Pennsylvania Breaker LLC, Mitsubishi Electric, and G&W Electric Company. The industry is expected to remain innovation-led, with frequent acquisitions and strategic alliances adopted as the key strategies by the players to increase their industry presence.
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Attribute |
Details |
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Base year for estimation |
2016 |
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Actual estimates/Historical data |
2012 - 2015 |
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Forecast period |
2017 - 2022 |
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Market representation |
Revenue in USD Million and CAGR from 2015 to 2022 |
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Regional scope |
North America, Europe, Asia Pacific, Rest of The World |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors and trends |
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15% free customization scope (equivalent to 5 analyst working days) |
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
This report forecasts revenue growth at global and regional levels and provides an analysis on the industry trends in each of the sub-segments from 2011 to 2022. For the purpose of this study, Grand View Research has segmented the global circuit breaker and fuse market report on the basis of product, voltage, arc quenching media, fuse type, application and region:
Product Outlook (Revenue, USD Million, 2012 - 2022)
by voltage level of installation
Low Voltage
Medium Voltage
High Voltage
by arc quenching media type
Air
Vacuum
Oil
SF6
Others
by voltage level of installation
Low voltage
High voltage
Application Outlook (Revenue, USD Million, 2012 - 2022)
Construction
Transport
Industrial
Consumer Electronics
Power Generation
Others
Regional Outlook (Revenue, USD Million, 2012 - 2022)
North America
Europe
Asia Pacific
Rest of The World
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