Circuit Breaker Market Trends

Growth Drivers

• Rising Use of Renewables for Electricity– The growing use of renewable energy sources. Circuit breakers are essential in controlling the supply and flow of electricity from renewable sources to the grid. Over the years 2022-2027, global renewable power capacity is predicted to increase by 2 400 gigatonnes (GW). Moreover, by 2025, around 35% of global power generation will be met by renewable sources
• Increasing Transmission & Distribution Networks– To distribute electricity to consumers, transmission and distribution networks must be expanded. This growth necessitates the construction of new substations, power lines, and distribution infrastructure, all of which necessitate the use of circuit breakers for protection and control. Electricity networks are the foundation of secure and dependable power systems, with about 80 million km of transmission and distribution lines in place worldwide today.
• Rising Importance of Smart Grid Technology– Circuit breakers are used in a variety of ways in smart grid network to improve grid performance, reliability, and efficiency. Circuit breakers outfitted with modern sensors and communication capabilities are enabled by the smart grid.  To achieve Net Zero Emissions, globally, by 2050, investment in smart grids must more than triple by 2030.

Challenges

• Pressure of Cost and Prices – Enormous rivalry in the circuit breaker industry has resulted in pricing constraints, with companies frequently faced with the difficulty of balancing quality and features while maintaining reasonable prices.
• Fast Expiry of Old Circuit Breaker
• Security Caused by Digital Integration