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Circuit breakers and fuses are electrical devices used to interrupt the flow of electricity, which further prevents electricity overload. A circuit breaker is used as a ground fault circuit interrupter in order to prevent electric shock. This is generally used where there is a risk of electrocution. Furthermore, fuses are low-cost devices and offer more protection to sensitive electronic equipment since they tend to react quickly to overloading. If a circuit is prone to surges, the quick reaction of the fuse would regularly cause it to blow.

Market Statistics:

The global circuit breaker and fuses market is expected to surpass US$ 25.2 Bn in terms of value by the end of 2028.

Market Drivers

Increasing access to electricity in emerging economies is expected to drive growth of the global circuit breaker and fuses market during the forecast period. Electricity generation and transmission in many emerging economies such as India, China, South Africa, and Brazil have increased significantly in the recent past. According to the Ministry of Power (India), the total generation of electricity in 2019-20 was 1389.1 billion units, increasing from 1110.4 billion units in 2014-15. Such high generation of electricity has increased the demand for circuit breakers and fuses across the country.

Market Opportunity

Growing adoption of HVDC transmission can provide major business opportunities. A high-voltage direct current electric transmission system uses direct current for bulk transmission of electric power. HVDC is far more useful for long-distance transmission and has lower electrical losses. Many countries have started adopting HVDC transmission systems over HVAC systems, which in turn, is expected to provide lucrative growth opportunities for market players.

Global Circuit Breaker and Fuses Market: Recent Developments

  1. Key companies are involved in product development, in order to gain a competitive edge in the market. For instance, in November 2019, Siemens AG introduced new generator circuit-breaker HB3-Compact (HB3-C) that offers high-level customization.
  2. In Oct 2019 - Alstom and the Madrid Asperger Association have signed a partnership agreement according to which persons with Asperger’s Syndrome will do pre-occupational professional internships at Alstom sites in Spain helping to improve their socio-occupational capacity and professional skills.
  3. In January 2021, ABB India launches a new range of circuit breakers for electrical retail market.

Market Restraint

Increasing competition from the unorganized sector is expected to hinder the global circuit breaker and fuses market growth over the forecast period. The global circuit breaker and fuses market is highly fragmented with the presence of both domestic and international players. Domestic players are offering products are competitive prices, which in turn, is hindering the revenue of international players.

Global Circuit Breaker and Fuses Market - Impact of Coronavirus (Covid-19) Pandemic

The outbreak of the COVID-19 pandemic has led to significant decline in growth of the global circuit breaker and fuses market. During 2020, circuit breakers witnessed sharp drop in demand as many countries implemented stringent regulations on physical distancing and adopted lockdown policies. Manufacturing industries across the globe were massively affected due to these regulations, rendering a slowdown in overall economic activities. Furthermore, international travel was temporarily suspended in the early part of 2020, which further impacted the market growth globally. Besides, China is the largest supplier of raw materials and epicenter of the pandemic, which led to slow growth of the market.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/circuit-breaker-and-fuses-market-4781

Key Takeaways:

  • The global circuit breaker and fuses market was valued at US$ 8 Bn in 2020 and is forecast to reach a value of US$ 25.2 Bn by 2028 at a CAGR of 5.2% between 2021 and 2028. This is owing to new technological requirements in circuit breaker and fuses market.
  • The Power Generation segment was valued US$ 3.67 Bn in 2020 and is expected to witness a CAGR of 5.2 % over the forecast period. This is owing to to improve high voltage networks.

 Market Trends

  1. A well-functioning transmission system helps supply electric power reliably. Countries across the world have taken efforts to improve high voltage networks. For example, many countries in Europe and the North America have increased the capacity of short circuit levels to up to 80kA. Such developments need high voltage circuit breakers of corresponding ratings. Moreover, countries in Europe and North America have installed circuit breakers that can be operative in extreme climatic conditions. New technological requirements would lead to further developments in circuit breakers. Furthermore, if high-power AC networks are not closely meshed, it causes stability problems and sensitivity to switching overvoltages. Thus, there is an increased requirement of short braking time and controlled switching.
  2. Electronic devices have increasingly become a part of our life. Today, multiple technologies are needed to protect electrical devices. Modern automobiles need modular fuse blocks indoor panel, fender wells, and quarter panels among the others. Thus, with the incorporation of advanced features in automation vehicles, the fuse count per vehicle is expected to grow. Recently, most manufacturers of electric motor controls such as Hitachi and AC Tech have replaced high speed fuses from low-to-medium power soft-starters in order to reduce the cost of electric motors. Manufacturers have justified this removal by stating that their system is self-protected.

Competitive Section

Key players operating in the global circuit breaker and fuses market are ABB Ltd, Toshiba Corporation, Alstom SA, Siemens AG, Eaton Corporation, Schneider Electric SA, G&W Electric Company, Pennsylvania Breaker, LLC, General Electric, Mitsubishi Electric, and Maxwell Technologies Ltd.

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