The global circuit breaker market, which was valued at $6.36 billion last year, is expected to increase from $6.67 billion this year to $9.4 billion by 2031 at a combined annual growth rate (CAGR) of 5%, according to a recent report from SkyQuest Technology Group, a global market intelligence management and commercialization organization connecting innovation to new markets and networks to achieve sustainable development goals.

The United States and Canada are predicted to experience the fastest growth in this market, while China and India will experience the largest growth.

Growth is being driven by several factors, such as:

• An increasing demand for electricity and power generation infrastructure
• Concern about electrical safety and fire hazards
• Expansion of the construction and infrastructure sectors
• An increase in renewable energy installations
• The need for reliable and efficient circuit protection devices
• Advancements in smart grid technology and automation
• The need to replace aging infrastructure

 Trends that contribute to market growth, according to SkyQuest, include rising adoption of digital and smart circuit breakers, an increase in eco-friendly and recyclable materials in circuit breaker manufacturing, higher demand for miniature circuit breakers for residential applications, integration of internet of things (IoT) for remote monitoring and control, development of arc fault circuit interrupters (AFCIs) for improved safety and a move towards modular and compact designs for space-saving solutions.

The circuit breaker market includes low-voltage, medium-voltage, and high-voltage for both indoor and outdoor applications. The market size for outside breakers is about twice that of inside breakers and is forecast to grow as more solar and wind power plants are installed. In addition, as highly urbanized nations make infrastructure improvements, the demand for outdoor circuit breakers is expected to increase. For example, China, India, Japan, and South Korea have experienced rapid urbanization and industrialization, resulting in increased demand for electrical infrastructure and circuit protection.

Key developments in the circuit breaker market included the development of advanced SACE Tmax XT circuit breakers by ABB in December 2023. These circuit breakers have digital capabilities that allow for remote monitoring and control.

In April of this year, Schneider Electric unveiled a new line of smart circuit breakers, which integrates IoT technology for real-time monitoring and predictive maintenance. The EcoStruxure Power circuit breakers enhance energy efficiency and reduce downtime in industrial and commercial applications.  

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