Air Circuit Breaker Market Outlook
According to a new report by Expert Market Research titled “Air Circuit Breaker Market Size, Share, Analysis, Report, Demand, Forecast 2024-2032″, the air circuit breaker market size reached a value of USD 4.20 billion in 2023. Aided by increase in demand for energy, advancements in technology, and stringent regulatory and safety standards, the market is projected to further grow at a CAGR of 3.6% between 2024 and 2032 to reach a value of USD 5.78 billion by 2032.
Air circuit breakers operate using the air as their arc extinguishing medium, at atmospheric pressure. This type of breaker is extensively used for low-voltage applications and is known for its low maintenance compared to other types of circuit breakers like oil or gas models. Air circuit breakers are commonly installed in distribution panels, electrical substations, and commercial and industrial buildings to safeguard electrical equipment and systems.
Global urbanisation and industrialization have significantly increased the air circuit breaker market demand, especially for reliable power solutions and robust electrical protection systems. Moreover, technological improvements in air circuit breaker design and functionality, including integration with digital monitoring systems and IoT technologies, enhance their appeal by increasing system safety and operational efficiency. Furthermore, stricter safety regulations and standards worldwide necessitate advanced circuit protection technologies, thus boosting the market growth.
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As per the air circuit breaker market analysis, the Asia Pacific region is anticipated to experience a significant growth in the forecast period. This growth can be attributed to the increasing emphasis on protecting industrial equipment and electrical machines, including capacitors, generators, and transformers, by utilising air circuit breakers in production plants.
Furthermore, the air circuit breaker market growth is driven by the growing investment in expanding transmission and distribution networks. Additionally, the favorable government policies promoting the generation of renewable power are expected to further boost the growth of the market in the region.
Moreover, air blast circuit breakers, among other types, are expected to experience a substantial growth in the forecast period. This growth is primarily driven by notable technological advancements that have been incorporated into these circuit breakers, resulting in increased efficiency. Unlike the plain air circuit breaker, the air blast circuit breaker poses a lower risk of fire hazard. These factors are anticipated to propel the growth of this segment in the forecast period, consequently driving up the air circuit breaker market share.
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Air Circuit Breaker Market Segmentation
The market can be divided based on the voltage, type, application, and region.
Market Breakup by Voltage
- Low-Voltage
- Medium-Voltage
Market Breakup by Type
- Plain Air Circuit Breaker
- Air Blast Circuit Breaker
Market Breakup by Application
- Industrial
- Commercial
- Residential
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global air circuit breaker market. Some of the major players explored in the report by Expert Market Research are as follows:
- ABB Ltd.
- Eaton Corporation PLC
- Fuji Electric Co., Ltd.
- Mitsubishi Electric Corporation
- Siemens AG
- Hitachi Industrial Equipment Systems Co., Ltd.
- Others
Key Questions Addressed in the Detailed Report
What was the valuation of the global air circuit breaker market in the year 2023?
- In the year 2023, the global air circuit breaker market reached a significant valuation, approximately USD 4.20 billion.
At what compound annual growth rate is the market expected to expand?
- The market is anticipated to advance at a steady compound annual growth rate (CAGR) of 3.6% during the period from 2024 to 2032.
What does the future hold for the air circuit breaker market from 2024 to 2032?
- During the forecast period spanning 2024 to 2032, the market is predicted to experience robust growth, with projections suggesting a rise to around USD 5.78 billion by the year 2032.
What are the primary factors driving the growth of the industry?
- Key drivers propelling market growth include significant increases in investments across the industrial sector, ongoing trends of industrialization and urbanization, along with a heightened demand for energy storage solutions and decentralized power systems.
What trends are currently influencing the global air circuit breaker market?
- Prominent industry trends shaping the market include a growing need for a secure and reliable power supply, which is becoming increasingly important.
Which regions are leading in the air circuit breaker market, according to the EMR report?
- According to the report, the industry’s major geographical areas include North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
What are the key voltage-based segments identified in the market report?
- The report highlights two crucial segments based on voltage: low-voltage and medium-voltage air circuit breakers.
What types of air circuit breakers are prevalent in the market?
- The market features two primary types of air circuit breakers: plain air circuit breakers and air blast circuit breakers.
Where are air circuit breakers predominantly used?
- Significant applications of air circuit breakers span across industrial, commercial, and residential sectors.
Who are the prominent players in the air circuit breaker industry, as detailed in the report?
- Leading market participants include ABB Ltd., Eaton Corporation PLC, Fuji Electric Co., Ltd., Mitsubishi Electric Corporation, Siemens AG, and Hitachi Industrial Equipment Systems Co., Ltd., among others.
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