Medium Voltage Circuit Breaker Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Medium Voltage Circuit Breaker Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Medium Voltage Circuit Breaker Global Market Report 2024, 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.

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.

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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

Product innovation is a key trend gaining popularity in the medium voltage circuit breaker market. Major companies operating in the medium voltage circuit breaker market are focused on innovating advanced solutions to strengthen their position in the market. For instance, in November 2022, Eaton Corporation plc, an Ireland-based power management company, launched medium voltage products such as FMX single-busbar switchgear, W-VACi vacuum circuit breakers (shown), and Unitole UX withdrawable switchgear to strengthen its medium voltage (to 24kV) line of products for use in distribution networks, infrastructure, and industrial applications. The new W-VACi vacuum circuit breakers are available separately for use in other devices. They’re small and inexpensive and are available in IEC 12kV, 17.5kV, and 24kV varieties. The breakers are available in fixed and withdrawable forms, with all kinds employing an industry-standard assembly that combines dependability, long life, and almost maintenance-free operation.

The medium voltage circuit breaker market report table of contents includes: