Study Period | 2019-2032 |
Base Year | 2023 |
Forcast Year | 2023-2032 |
CAGR | 6.56 |
The Gas Circuit Breakers Market size is estimated to grow at a CAGR of 5.78% between 2022 and 2032. The market size is forecast to increase by USD 2,567.89 million. The growth of the market depends on several factors, including the increasing demand for electricity, the need for reliable power transmission and distribution infrastructure, and the growing focus on renewable energy sources. A gas circuit breaker refers to a device used for interrupting or breaking the flow of electric current in a circuit using a gas as the medium for arc extinction. It is widely used in power generation, transmission, and distribution systems to protect electrical equipment from damage caused by short circuits or overloads.
Gas Circuit Breakers Market Overview:
Drivers:
One of the key factors driving the gas circuit breakers market growth is the increasing demand for electricity. With the rapid industrialization and urbanization, there is a significant rise in the demand for electricity across various sectors such as residential, commercial, and industrial. Gas circuit breakers play a crucial role in ensuring the reliable and efficient transmission and distribution of electricity by interrupting the flow of current in case of faults or abnormalities in the electrical system. As a result, the increasing demand for electricity is expected to drive the market growth during the forecast period.
Moreover, the need for reliable power transmission and distribution infrastructure is another driver for the gas circuit breakers market. As the demand for electricity continues to grow, there is a need to upgrade and expand the existing power infrastructure to ensure a stable and uninterrupted power supply. Gas circuit breakers offer several advantages over other types of circuit breakers, such as high interrupting capacity, fast operation, and low maintenance requirements. These factors make gas circuit breakers an ideal choice for power transmission and distribution applications, thereby driving the market growth.
Trends:
A key trend shaping the gas circuit breakers market growth is the increasing focus on renewable energy sources. With the growing concerns about climate change and the need to reduce greenhouse gas emissions, there is a global shift towards renewable energy sources such as solar and wind power. Gas circuit breakers are widely used in renewable energy systems to protect the electrical equipment and ensure the safe and reliable operation of the power generation facilities. As the adoption of renewable energy sources continues to increase, the demand for gas circuit breakers is expected to grow significantly.
Additionally, the integration of digital technologies in gas circuit breakers is another trend driving the market growth. The use of advanced sensors, communication systems, and data analytics in gas circuit breakers enables real-time monitoring, remote operation, and predictive maintenance. These digital technologies enhance the performance, reliability, and efficiency of gas circuit breakers, leading to their increased adoption in various applications. Hence, such trends are expected to drive market growth during the forecast period.
Restraints:
One of the key challenges hindering the gas circuit breakers market growth is the high installation and maintenance costs. Gas circuit breakers are relatively expensive compared to other types of circuit breakers, primarily due to the complex design and the use of specialized gases for arc extinction. The high initial investment required for installing gas circuit breakers can be a deterrent for some end-users, especially in developing economies with limited financial resources. Additionally, the maintenance and servicing of gas circuit breakers also involve significant costs, including the periodic replacement of gas and other components. These factors can limit the market growth, particularly in cost-sensitive markets.
Furthermore, the environmental concerns associated with the use of certain gases in gas circuit breakers can also pose a restraint to market growth. Some gases used in gas circuit breakers, such as sulfur hexafluoride (SF6), have a high global warming potential and contribute to climate change. As a result, there is a growing focus on finding alternative gases or technologies that have lower environmental impact. The development and adoption of eco-friendly gas circuit breakers can help address these concerns and drive market growth in the long term.
Gas Circuit Breakers Market Segmentation By Application:
The power generation segment is estimated to witness significant growth during the forecast period. Gas circuit breakers play a critical role in power generation facilities, including thermal power plants, hydroelectric power plants, and nuclear power plants. They are used to protect the electrical equipment, such as generators, transformers, and switchgear, from faults or abnormalities in the power generation process. Gas circuit breakers offer high interrupting capacity, fast operation, and reliable performance, making them suitable for the demanding requirements of power generation applications. Hence, the increasing demand for electricity and the need for reliable power generation infrastructure are expected to drive the growth of this segment, thereby contributing to the overall market growth.
Gas Circuit Breakers Market Segmentation By Type:
The sulfur hexafluoride (SF6) circuit breakers segment is expected to dominate the market during the forecast period. SF6 circuit breakers are widely used in various applications due to their excellent electrical and thermal properties. They offer high dielectric strength, good arc quenching capability, and low maintenance requirements, making them suitable for medium and high voltage applications. SF6 circuit breakers are extensively used in power transmission and distribution systems, as well as in industrial and commercial sectors. However, the environmental concerns associated with SF6 gas have led to the development of alternative technologies and gases. Hence, the market for SF6 circuit breakers is expected to face challenges from eco-friendly alternatives in the long term.
Regional Overview:
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. The region has a well-established power infrastructure and a high demand for electricity, driven by various industries and a growing population. The increasing focus on renewable energy sources, such as wind and solar power, is also driving the demand for gas circuit breakers in the region. Additionally, the presence of major market players, technological advancements, and government initiatives to modernize the power grid infrastructure further support the market growth in North America.
In 2020, during the COVID-19 pandemic, the growth of the global gas circuit breakers market witnessed a temporary slowdown due to the disruptions in the supply chain and the temporary closure of manufacturing facilities. However, with the gradual recovery of the global economy and the resumption of construction and infrastructure projects, the market is expected to regain momentum. The increasing investments in renewable energy projects and the need for reliable power infrastructure are expected to drive the market during the forecast period.
Gas Circuit Breakers Market Customer Landscape:
The gas circuit breakers market industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Who are the Major Gas Circuit Breakers Market Companies?
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers gas circuit breakers such as the ELK-04 gas-insulated switchgear, the HPL gas-insulated circuit breaker, and the HD4 medium voltage circuit breaker.
Eaton Corporation: The company offers gas circuit breakers such as the VCP-W vacuum circuit breaker, the Xiria air-insulated medium voltage switchgear, and the VCP-T vacuum circuit breaker.
General Electric Company: The company offers gas circuit breakers such as the B105 and B145 gas-insulated switchgear, the AKD-20 and AKD-10 air circuit breakers, and the EntelliGuard G circuit breaker.
The research report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Segment Overview:
The gas circuit breakers market report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2019 to 2032.
o North America
o Europe
o Asia Pacific
o Latin America
o Middle East & Africa
Key Benefits for Stakeholders
A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.
Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.
Now let’s take a closer look at the research methods here.
Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.
Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.
However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.
The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.
Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.
The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.
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