Overview and Scope
A medium voltage circuit breaker is an electrical device that operates automatically to safeguard an electrical circuit from harm caused by excess current induced by an overload or short circuit. They are used to safeguard electrical circuits from damage caused by an overload or a short circuit.
Sizing and Forecast
The medium voltage circuit breaker market size has grown rapidly in recent years. It will grow from $6.16 billion in 2023 to $6.89 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to industrialization and growth of manufacturing sectors, expansion of electricity generation and distribution networks, increase in urbanization and infrastructure development, adoption of medium voltage circuit breakers in utilities, stringent safety and regulatory standards.
The medium voltage circuit breaker market size is expected to see rapid growth in the next few years. It will grow to $10.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to rise in demand for renewable energy sources, increase in power consumption and electrical load, integration of digital technologies in circuit breaker systems, adoption of smart grid technologies, increasing focus on energy efficiency and conservation, expansion of industrial automation and manufacturing, rise in demand for electric vehicles and charging infrastructure. Major trends in the forecast period include technological advancements in circuit breaker design, development of eco-friendly and sustainable circuit breaker materials, integration of machine learning, development of circuit breaker technologies, integration of artificial intelligence, digital twin technologies for asset management.
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Segmentation & Regional Insights
The medium voltage circuit breaker market covered in this report is segmented –
1) By Product: Air Circuit Breaker (ACB), Vacuum Circuit Breaker (VCB), Gas Circuit Breaker (GCB), Other Products
2) By Installation: Indoor, Outdoor
3) By Application: Power Distribution, Power Transmission
4) By End-User: Residential, Commercial, Industrial, Utility
Asia-Pacific was the largest region in the medium voltage circuit breaker market in 2023. The regions covered in the medium voltage circuit breaker market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing demand for renewable energy is expected to propel the growth of the medium voltage circuit breaker market going forward. Renewable energy is energy generated from natural sources that are continuously replenished and do not run out. Medium voltage circuit breakers play an essential role in maintaining these grids’ safe and dependable functioning by protecting electrical equipment from overloads and short circuits. The usage of circuit breakers becomes even more crucial in regulating changes in power generation and distribution since renewable energy resources such as solar and wind are often intermittent. For instance, in June 2023, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, global renewable capacity additions in the year 2022 was 332.7 gigawatt (GW) of energy is set to soar to more than 440 GW in 2023, representing a growth of nearly by 107 gigawatts (GW). Furthermore, it is forecasted to grow to 462.5 gigawatts (GW) in 2024. Therefore, the Increasing demand for renewable energy will drive the medium voltage circuit breaker market.
Key Industry Players
Major companies operating in the medium voltage circuit breaker market report are Hyundai Motor Company, Siemens AG, General Electric Company, Schneider Electric SE, Mitsubishi Electric Corporation, ABB Ltd., Toshiba Corporation, Eaton Corp., Larsen & Toubro Ltd., Alstom SA, Rockwell Automation Inc., Fuji Electric Co. Ltd., Weg Electric Corp., CHINT GROUP Ltd., Meidensha Corporation, Ormazabal Corporate Technology A.I.E., Powell Electrical Systems Inc., Fuji Electric Co. Ltd., Crompton Greaves Consumer Electricals Limited, Lucy Electric, LS Electric Co. Ltd., Actom Ltd., NOJA Power LLC, Tavrida Electric AG, Entec Electric & Electronic Co. Ltd., Hawker Siddeley Switchgear Ltd.
The medium voltage circuit breaker market report table of contents includes:
1. Executive Summary
2. Medium Voltage Circuit Breaker Market Characteristics
3. Medium Voltage Circuit Breaker Market Trends And Strategies
4. Medium Voltage Circuit Breaker Market – Macro Economic Scenario
5. Global Medium Voltage Circuit Breaker Market Size and Growth
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31. Medium Voltage Circuit Breaker Market Other Major And Innovative Companies
32. Global Medium Voltage Circuit Breaker Market Competitive Benchmarking
33. Global Medium Voltage Circuit Breaker Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medium Voltage Circuit Breaker Market
35. Medium Voltage Circuit Breaker Market Future Outlook and Potential Analysis
36.Appendix
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