The global Air Circuit Breaker Market size is projected to reach USD 3.9 billion by 2024 from an estimated USD 3.0 billion in 2019, at a CAGR of 5.2% during the forecast period. Asia Pacific is estimated to be the largest market for air circuit breakers, followed closely by North America. The Middle East & Africa market is also projected to be the fastest-growing market during the forecast period. The growth of the air circuit breaker market is driven by rising need for reliable & secure power supply and increasing share of renewable power in electricity portfolio mix.
Air circuit breakers are used extensively in industrial, commercial, and residential applications. The industrial segment accounted for the largest share of the market in 2018. The industrial segment includes power plants, manufacturing, and processing industries, which are major consumers of air circuit breakers. Rapid industrialization, especially in emerging economies of the world, are driving the growth of this segment.
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The medium voltage segment is estimated to have the highest growth rate in the air circuit breaker market
Based on voltage, the market has been segmented into low voltage and high voltage. The application of air circuit breakers in medium voltage segment is estimated to lead the market during the forecast period. The high growth of medium voltage segment is mainly because of its rising demand from applications like power distribution utilities, manufacturing, and process industries, among others.
Asia Pacific is expected to be the largest air circuit breaker market
Asia Pacific was the largest market for air circuit breakers in 2018, driven mainly by activities in China. Increasing share of renewable power in electricity portfolio mix is one of the key drivers for growth in Asia Pacific, where each country has a supportive policy for generating renewable power. This further drives the demand for air circuit breakers and creates growth opportunities for all major circuit breaker manufacturers in the region. The US is the second-largest market, closely behind Europe, with a large number of power distribution projects commissioned each year.
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The major players in the air circuit breaker market are ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Mitsubishi Electric (Japan), and Schneider Electric (France), among others.