According to the latest data released by Markets and Markets, an international market research organization, the global circuit breaker market will reach US$8.7 billion by 2022, with a compound annual growth rate of 4.8%.

Growing electricity supply and building development activities in developing countries and increasing number of renewable energy generation projects are the key drivers for the growth of the circuit breaker market.

By end user, the renewable energy market is expected to grow at the highest CAGR during the forecast period. Increasing investment in renewable energy to curb CO2 emissions and growing demand for electricity supply are major factors driving the growth of the renewable energy segment of the circuit breaker market. Circuit breakers are used to detect fault currents and protect electrical equipment in the grid.

By application type, the outdoor circuit breakers market holds the largest market share during the forecast period and will dominate the market during the forecast period as they offer space optimization, low maintenance cost, and protection against extreme environmental conditions.

By regional size, Asia Pacific will account for the largest market size during the forecast period and grow at the highest CAGR during the forecast period.

By driver, continued construction and economic development activity (industrial and commercial) worldwide has led utilities to plan to upgrade and build new electrical infrastructure as the population continues to grow. Emerging economies in Asia Pacific, the Middle East and Africa have also seen an increase in demand for construction and development activities as their populations increase.

China is the largest construction market in the world, and the Chinese government’s “One Belt, One Road” initiative provides opportunities for Chinese construction and development activities. According to China's 13th Five-Year Plan (2016-2020), China plans to invest $538 billion in railway construction. The Asian Development Bank estimates that between 2010 and 2020, it will be necessary to invest $8.2 trillion in national infrastructure investment projects in Asia, equivalent to nearly 5 percent of the region's GDP. Due to the upcoming major planned events in the Middle East such as the Dubai Expo 2020, the UAE and Qatar FIFA World Cup 2022, new restaurants, hotels, shopping malls and other overall buildings are under construction to promote urban infrastructure development in the region. Growing construction and development activity in emerging Asia-Pacific economies and the Middle East and Africa will require more investment in transmission and distribution infrastructure development, leading to more demand for circuit breakers.

However, the report also mentioned that strict environmental and safety regulations for SF6 circuit breakers may have a certain impact on the market. Imperfect joints in the manufacture of SF6 circuit breakers can lead to leakage of SF6 gas, which is a sort of suffocating gas. When the crusher leaks, the SF6 gas is heavier than air and therefore settles in the surrounding environment, where this gas precipitation can cause suffocation for the operator. The U.S. Environmental Protection Agency (EPA) has taken steps to find a solution to detect SF6 gas leaks in breaker boxes of SF6 circuit breakers, which can cause damage when an arc is formed.

Additionally, remote monitoring of equipment increases the risk of cybercrime in the industry. The installation of modern circuit breakers faces multiple challenges, posing a threat to the national economy. Smart devices contribute to the optimal functioning of the system, but smart devices may bring security threats from anti-social factors. Data theft or security breaches can be prevented by bypassing security measures on remote access, which can lead to power outages and power outages. These interruptions are the result of settings in relays or circuit breakers that determine the response (or lack of response) of the device.

According to the 2015 Global State of Information Security Survey, cyberattacks in the power and utilities industry increased from 1,179 in 2013 to 7,391 in 2014. In December 2015, the Ukrainian power grid cyberattack was the first successful cyberattack. Hackers successfully shut down 30 electrical substations in Ukraine and left 230,000 people without electricity within 1 to 6 hours. The attack was caused by malware that was introduced to the utility network through phishing a few months ago. As a result, cyberattacks can wreak havoc on a utility's electrical infrastructure.

By market players, ABB, Siemens, Eaton, Mitsubishi, Toshiba, Fuji Electric, TE Connectivity, L&T, Powell and Tavrida, among others, will be the world's leading manufacturers of circuit breakers.