High Voltage Circuit Breaker Market Size is valued at USD 2.43 Billion in 2022 and is predicted to reach USD 4.76 Billion by the year 2031 at a 7.94% CAGR during the forecast period for 2023-2031.
High-voltage circuit breaker devices are employed in power systems operating at voltages over 1,000 volts to terminate or disrupt the passage of electric current. It is vital in guaranteeing the security and dependability of electricity transmission and distribution networks. High-voltage circuit breakers are available in several varieties, including air, gas, and vacuum circuit breakers, each equipped with distinct arc quenching processes. Protective relays are utilized to identify faults and are specifically engineered to efficiently interrupt excessive currents. Consistent upkeep and surveillance are crucial for ensuring their dependable functionality.
These circuit breakers are appropriate for use in any climate. From little devices meant to safeguard a single household item to enormous equipment that may safeguard the high-voltage circuits that supply electricity to a whole city, electrical circuit breakers come in a wide range of sizes. Furthermore, HVCBs are more dependable than other circuit breakers because they can quickly switch between open and closed courses without producing dangerous levels of voltage, and they work well in both open and closed circuits by insulating in the former and conducting in the latter. This feature of HVCB has caused it to be in high demand in many places.
However, the market growth is hampered by the high-cost criteria for the safety and health of the high voltage circuit breaker market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high voltage circuit breaker because it's very expensive initial expenditure needed to install high voltage circuit breakers. Also, the market might become stagnant during times of low demand. Inadequate and old machinery and improper renovation and integration with the present interface also contribute to the market's stagnation and lack of growth.
The market for high-voltage circuit breakers was significantly affected by the COVID-19 outbreak. During the initial phases of the pandemic, the production and delivery of high-voltage circuit breakers were hindered by supply chain interruptions, manufacturing slowdowns, and logistical issues. Demand was momentarily dampened due to decreased building activity and the postponement of projects in several industries and sectors.
Competitive Landscape
Some Major Key Players In The High Voltage Circuit Breaker Market:
- Hitachi Energy Ltd.
- Siemens Energy
- Pfiffner Group
- CG Power & Industrial Solutions Ltd.
- Mitsubishi Electric Corporation
- Toshiba International Corporation
- General Electric
- TE Connectivity
- Zhejiang Zhegui Electric Co., Ltd.
- Liyond
- ZHIYUE GROUP CO., LTD
- Zhejiang Tengen Electric Co., Ltd.
- Powell Industries
- Others
Market Segmentation:
The high-voltage circuit breaker market is segmented based on product and end-use. The product segment is divided into ACB, GCB, VCB, and OCB. By end use, the market is segmented into commercial, industrial, and utility.
Based On The Product, The VCB High Voltage Circuit Breaker Market Segment Is A Major Contributor To The High Voltage Circuit Breaker Market.
The VCB high voltage circuit breaker market is expected to lead with a major global market share in 2022. The vacuum circuit breakers' superior arc-quenching capabilities and environmentally friendly nature (they don't use SF6 gas) have made them the go-to for high-voltage applications. VCB (Vacuum circuit breakers) are the best option for the increasing need for renewable energy sources and grid modernization projects, which require dependable circuit protection. Substations and industrial settings often use them because of their small size and reduced maintenance needs.
Utility Segment To Witness Growth At A Rapid Rate.
The utility industry makes up the bulk of high-voltage circuit breaker usage because utilities also support using improved circuit breaker technology to make the system more resistant to cyber threats and severe weather. Utilities are incentivized to respond to changes in the energy landscape and improve power distribution reliability by government restrictions and the need for increased energy efficiency. This drives market expansion, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The Asia Pacific High Voltage Circuit Breaker Market Holds A Significant Revenue Share.
The Aisa Pacific high-voltage circuit breaker market is expected to record the maximum market revenue share in the near future. It can be attributed to the increasing number of people and the need for more efficient power transmission. The fast transition from old to new grids to HVCBs in Asia Pacific drives demand and accounts for a large portion of the worldwide market. In addition, Europe is estimated to grow rapidly in the global high-voltage circuit breaker market because developing nations are rapidly becoming more urbanized and industrialized, leading to a dramatic increase in the demand for energy and pushing the need to upgrade and expand power infrastructure.
Recent Developments:
- In July 2023, Siemens introduced two new variants of its advanced Sentron 3WA Power Circuit Breakers, also referred to as Air Circuit Breakers (ACBs). The Series 3WA3 complies with the UL 1066 and IEC 60947-2 standards, allowing users to utilize it globally.
- In Aug 2022, Hitachi Energy introduced the world's inaugural eco-efficient 420-kilovolt (kV) circuit-breaker in collaboration with CIGRE Session 2022. This innovative technology represents a major achievement in the rapid development of its advanced EconiQ™ high-voltage product lineup, as previously outlined during the CIGRE Session 2021.
High Voltage Circuit Breaker Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 2.43 Billion |
|
Revenue Forecast In 2031 |
USD 4.76 Billion |
|
Growth Rate CAGR |
CAGR of 7.94 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Product, End-Use |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Hitachi Energy Ltd., Siemens Energy, Pfiffner Group, CG Power & Industrial Solutions Ltd., Mitsubishi Electric Corporation, Toshiba International Corporation, General Electric, TE Connectivity, Zhejiang Zhegui Electric Co., Ltd., Liyond, ZHIYUE GROUP CO., LTD, Zhejiang Tengen Electric Co., Ltd., and Powell Industries. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
