Global Circuit Breaker Market Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018–2024
With each day passing by, the need for electricity has been soaring to the next level, worldwide. In fact, according to the Stated Policies Scenario framed by IEA, the global electricity demand grows at 2.1% per year up to 2040. With such a spike in electricity demand and subsequent establishment of smart grid networks, the risks of current overload and short circuits have left the industry experts asking for a solution that can help cut down excess current and electricity flow in the circuit, ensuring a safe working environment. This is where circuit breaker plays a crucial role.
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Circuit breakers are automatically operated electrical switches that have been developed to safeguard an electrical network from the damage induced by overload or short circuits. This feature of the device has helped it gain a significant position in the overall electrical fraternity.
Globally, the circuit breaker market is set to surge to $21 billion annually by 2024, mainly due to the introduction of favorable regulations regarding the development of safe electrical infrastructure.
In 2019, OSHA had declared its plans of upgrading the standards for electric-power generation and distribution considering the increasing fatalities associated with inefficient and improper electrical infrastructure. Moreover, according to the EHS Report, the regulatory agency of the U.S. cited that it was revising the construction standard for electric-power line work to make it more secure.
More so, hefty investments in establishment of smart grid networks by various governmental agencies in the United States and associated regulatory frameworks are as well adding to the positive growth trajectory of global circuit breaker industry.
What smart grid means to the future of circuit breaker?
The smart grid is critical to the future of energy. As smart grids and electric networks pervade the industry peripherals, revamp and restructuring the current infrastructure demand for secure and safe operations, which is likely to spur the integration for circuit breakers.
It would also mean that higher the expansion rate of smart grid development, more will be the demand for these devices; thus, escalating the revenue graph almost every year. It won’t be surprising to note that various companies have now been looking toward expanding the smart grid network across their home countries or states for facilitating faster and seamless communication and connectivity.
Recently, one of Brazil’s leading electricity firms, Neoenergia was touted to be in talks for the plans for modernizing and revamping its communication networks with MLPS for smart grid expansion in the country.
Likewise, various authorities and utilities over the globe have been taking baby steps towards incorporating a smart grid system, with several nations establishing regulations towards smart and advanced metering. One of the largest deployments to date is perhaps in Italy.
According to numerous researches, Enel, Italy has over more than 27 million customers that have guaranteed access to bi-directional, controllable, and smart communication meters. With such advancements, it is quite evident that the demand for circuit breakers is expected to outgrow in the years to come.
Notably, circuit breakers are currently gaining grounds in various industrial spheres, right from small scale residential grid network to large scale utility-aided distribution networks. These devices enable enhanced safety in the overall business operations.
With burgeoning demand, industry conglomerates and electrical giants are inclined on achieving sustainable product development and distribution. Positive customer inclination towards safer operations and increased product flexibility and durability would bring up brighter prospects for the global circuit breaker industry in the ensuing years.