Circuit Breaker And Fuse Market Size, Share & Trends Analysis Report By Voltage (High Voltage, Medium Voltage, Low Voltage), By Type (Air, Vacuum, Oil, SF6), By Application, And Segment Forecasts, 2017 - 2022

Report Overview

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 the 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 is considered to further raise 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 the manufacturing and industrial sector is anticipated to drive the demand for circuit breakers and fuses over the forecast period. Additionally, stringent environmental regulations delegating the need for advanced transmission and distribution equipment are projected to accentuate circuit breaker and fuse market growth over the next seven years.

Circuit Breaker And Fuse Market Trends

Increased demand for electricity and consistent power delivery are the primary factors driving the growth of the global circuit breaker and fuse market. With rapid economic growth & urbanization and technological advancements, the electricity demand has grown immensely. To cater to such a huge demand for power, infrastructure with new upgrades and high capacity are required. However, electronic devices are susceptible to power fluctuation further causing device failures. Hence, private agencies and governments across the globe have directed the addition of device protection components such as circuit breakers and fuses.

Electric equipment such as home appliances, IT products, industrial machinery, and electric tools are prone to damage due to power fluctuations. Circuit breakers and fuses are utilized to reduce and manage the electric load on equipment thereby protecting them from unexpected power fluctuations including situations like short circuits, overvoltage, and overload. Additionally, the increasing need for renewable energy connectivity, up-gradation of adept networks, and advanced equipment in telecommunication, electronics, and automotive are expected to boost the market.

Several countries worldwide have power infrastructures that are lacking to uphold the standards of quality and bulk power movement that are required for various operations. Technologies that were developed in the early 1940s are now reflected as aging electric infrastructure. As per the U.S. Department of Energy, 70% of transmission and transformer lines are over 25 years old and 60% of circuit breakers are over 30 years old. Companies are focusing on modernizing or transforming such infrastructure to aid the new era of electric technology as well as to maintain reliability. Thus, inadequate electric power infrastructure is certain to offer growth opportunities to the circuit breaker and fuse market.

Circuit breakers consist of various components such as diodes and switching mechanisms, and cost of raw materials. Some of these components make use of costly metals like silver and gold resulting in a high cost of raw material along with an increase in the cost of the overall component. As per the World Gold Council, 7% of the total world demand for gold is utilized for technical applications. The reason why prices of such raw materials (gold and silver) have been rising subsequently over the decade. Thus the high cost associated with the raw materials is expected to hamper the market.

Product Insights

The market can be classified into circuit breakers and fuses based on product types. 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 they 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 the 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 a new one, in order to normalize the current flow. The demand for fuses is declining over the forecast period owing to their vulnerable nature, and the need to replace them repetitively after each overload incident.

Voltage Installation Type Insights

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 a CAGR of over 7% from 2015 to 2022. Low voltage products have substantial demand in the residential segment as it allows usage of smaller filament and is efficient for small-scale applications.

The medium and high voltage segments are anticipated to grow at a moderate growth rate, high voltage arc breakers are used in industrial applications, and are priced higher than low voltage circuit breakers.

Arc Quenching Media Type Insights

The circuit breaker and fuses market can be segmented based on the 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 a widely used media for this process. It covered over 26% market share in 2014, whereas SF6 gas is projected to emerge as the fastest-growing arc quenching medium growing at a CAGR of 7% over the forecast period.

Fuse Installation Voltage Type Insights

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 a minute increase of current inflow. Thus, most industrial and commercial end-users prefer high voltage fuses, 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 the largest market share in 2014, valued at USD 944.0 million in 2014. Cartridge fuses are mostly used in heavy applications at the commercial and industrial levels. 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 applications and are less efficient than cartridge fuses, thus they account for a 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.

Application Insights

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 applications such as healthcare, defense & military. The power generation segment emerged as the largest application segment for circuit breakers and fuses in 2016, accounting for over 20% share and is expected to grow at a CAGR of 4.5% over the forecast period.

Owing to the increase in the 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 the power generation segment. There is also a need for efficient power generation for handling future demand for electricity, thus proliferating the demand for all such protection devices.

The construction segment includes residential and commercial buildings; the growing construction market is anticipated to spur the demand for circuit breakers and fuses. There are increasing investments in construction projects such as rail transport, roads, and 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.

Regional Insights

The demand for circuit breaker was highest in the North American region, owing to its fast growth in the construction market. The increasing adoption of alternative energy generation sources such as wind and solar which require huge investments in distribution and transmission is growing the opportunities for this market.

Extensive growth in the end-user segments such as the oil & gas sector, petrochemicals sector, steel, and cement sector is anticipated to increase demand for circuit breakers and fuses in the Asia Pacific region. The Asia Pacific regional market is expected to grow at a CAGR of 6.5% over the forecast period. Also, the European government has taken various initiatives such as the European Electricity Grid Initiative (EEGI), for accelerating the innovation and development of electricity networks, which is anticipated to boost volume demand in this region.

Key Companies & Market Share Insights

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.

Recent Developments

• In May 2022, Eaton announced its plan to purchase 50% share in Jiangsu Huineng Electric Co., Ltd.'s circuit breaker division.

• In July 2020, Hitachi and ABB have announced the foundation of Hitachi ABB Power Grids Ltd, an $11 billion joint venture that will focus on electric mobility, smart life, industry, and information technology (IT).

• In January 2021, ABB India has introduced Formula DIN-Rail, a comprehensive line of Residual Current Circuit Breakers (RCCBs), Miniature Circuit Breakers (MCBs), and Isolators for the Indian electrical retail sector, which is valued at $250 million.

• In February 2020, Eaton and Abunayyan Holding formed a joint venture as Eaton Arabia to produce and service medium voltage and low voltage switchgear in Middle East.

Circuit Breaker And Fuse Market Report Scope

Global Circuit Breaker And Fuse Market Segmentation

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