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