Air Circuit Breaker Market to Reach $3.0 billion, Globally, by 2032 at 5.6% CAGR: Allied Market Research

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Jan 17, 2024, 02:10 ET

The global air circuit breaker market is experiencing growth due to several factors such as increasing demand for the air circuit breaker from petrochemical, manufacturing, construction, and automobile industries.

WILMINGTON, Del., Jan. 17, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Air Circuit Breaker Market by Type (Plain Air Circuit Breaker, Air Blast Circuit Breaker, Magnetic Blowout, and Air Chute Circuit Breaker), Voltage (Low Voltage and High Voltage), and Application (Industrial, Commercial, and Residential): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global air circuit breaker market attained $1.8 billion in 2022, and is projected to reach $3.0 billion by 2032, registering a CAGR of 5.6% from 2023 to 2032.

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Prime determinants of growth

ACBs are in high demand due to the increased emphasis on renewable energy on a global level and the increased funding of various infrastructure projects. The necessity of dependable circuit protection in the presence of intermittent renewable energy sources and the essential needs of modern commercial, residential, and industrial growth are the factors for the expansion of air circuit breaker market. However, competition from alternative technologies such as vacuum circuit breakers and other solid-state devices, limits the adoption of ACBs. Environmental concerns related to the use of air circuit hibreaker also restrain market growth. Nevertheless, the technological advancements in the manufacturing of ACBs and ageing electrical infrastructure offer lucrative opportunities for growth.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$1.8 billion
Market Size in 2032	$3.0 billion
CAGR	5.6 %
No. of Pages in Report	300
Segments covered	Type, Voltage, Application, and Region.
Drivers	• Increase in demand for renewable energy • Rise in investment in infrastructure • High demand from end-use industries
Opportunity	• Technological advancements • Aging electrical infrastructure
Restraints	• Environmental concerns • Competition from alternative technologies
Challenge	• Cost Sensitivity

Impact of the Russia-Ukraine War on the Air Circuit Breaker Market

Geopolitical tensions disrupt the supply chain for air circuit breakers, impacting manufacturing and distribution. If key suppliers or manufacturers are in a conflict zone or face trade restrictions, it leads to delays and shortages. Wars often lead to volatility in commodity prices, affecting materials such as copper and aluminum used in air circuit breakers. Price fluctuations result in increased manufacturing costs, potentially influencing the pricing of these components.
Geopolitical conflicts create uncertainty in global markets, affecting economic stability. Businesses become more cautious, leading to a slowdown in investments and spending on projects that involve the installation of air circuit breakers. Furthermore, major conflicts disrupt infrastructure projects that involve the installation of electrical systems, including air circuit breakers. Delays or cancellations of projects have a direct impact on the demand for these components.
In times of geopolitical unrest, there is a slowdown in technological advancements and innovations within the air circuit breaker industry. Companies might redirect resources away from research and development, impacting the introduction of new features or improvements.
Geopolitical events lead to fluctuations in currency exchange rates, affecting international trade. Changes in currency values impact on the cost of importing or exporting air circuit breakers, influencing pricing and market dynamics.

The plain air circuit breaker segment is expected to grow faster throughout the forecast period.

By type, the plain air circuit breaker segment accounted for the highest share in 2022, accounting for around two-fifths of the global air circuit breaker market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that the plain air circuit breaker offered efficient electrical circuit protection owing to its dependability and simplicity of use. It is widely used and considered an excellent alternative for various industrial and commercial applications due to its minimal maintenance requirements and cost.

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The low voltage segment is expected to lead the trial by 2032.

By voltage, the low voltage segment held the highest market share in 2022, accounting for more thantwo-thirds of the global air circuit breaker market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that low voltage air circuit breakers are widely used in commercial, industrial, and residential locations. It is a preferred option for a range of electrical distribution applications owing to its adaptability in handling lower voltage requirements. The cost, ease of installation, and compatibility with a broad variety of electrical systems are other factors that contribute to the low voltage segment's dominance.

The industrial segment is expected to grow faster throughout the forecast period.

By application, the industrial segment held the highest market share in 2022, accounting for more than two-thirds of the global air circuit breaker market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that air circuit breakers are essential to protect industrial gear and equipment. They are crucial for ensuring a continuous power supply in industrial settings owing to their robust design, high interrupting capacity, and dependability. Moreover, the dominance of the industrial segment is attributed to the increasing importance of industrial safety standards and the growing need for effective power distribution.

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Asia-Pacific to maintain its dominance by 2032.

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global air circuit breaker market revenue, and is expected to rule the roost in terms of revenue throughout the forecast timeframe. This is due to the region's fast industrialization and urbanization, especially in developing nations like China and India. The frequent use of air circuit breakers in various applications is driven by rise in energy demand in the region and increased investments in infrastructure projects. The Asia-Pacific region's dominance is also a result of supportive government initiatives and policies for the development of electrical infrastructure.

Players: -

ABB
ALFANAR GROUP
CNC ELECTRIC GROUP CO.,LTD.
EATON
HAVELLS INDIA LTD.
HITACHI, LTD.
MITSUBISHI ELECTRIC CORPORATION
SCHNEIDER ELECTRIC
SIEMENS
WEG.

The report provides a detailed analysis of these key players in the global air circuit breaker market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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