High Voltage Circuit Breaker Market
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global High Voltage Circuit Breaker Market – (By Product (ACB, GCB, VCB, OCB), By End Use (Commercial, Industrial, Utility)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global High Voltage Circuit Breaker Market is valued at US$ 2.43 Billion in 2022, and it is expected to reach US$ 4.76 Billion by 2031, with a CAGR of 7.94% during the forecast period of 2023-2031.
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High voltage breakers are mechanical switches that allow current to be made, carried, and interrupted. It can also detect and stop power flow in response to certain aberrant circuit circumstances, such as a short circuit, and build and store currents for a defined time. Instead of using solenoid controls used by traditional high-voltage breaker controls, current transformers run safety relays that sense current. Under typical circuit-related conditions, high-voltage circuit breakers (HVCBs) help public and private utility providers control power demands. In addition, in the event of a short circuit or other abnormality involving the circuit, the high-voltage circuit breaker will produce and shield electric currents. HVCBs are more dependable than other circuit breakers because they can quickly switch between open and closed courses without producing dangerous levels of voltage, and they work well in both open and closed circuits by insulating in the former and conducting in the latter. This feature of HVCB has caused it to be in high demand in many places.
List of Prominent Players in the High Voltage Circuit Breaker Market:
• Hitachi Energy Ltd.
• Siemens Energy
• Pfiffner Group
• CG Power & Industrial Solutions Ltd.
• Mitsubishi Electric Corporation
• Toshiba International Corporation
• General Electric
• TE Connectivity
• Zhejiang Zhegui Electric Co., Ltd.
• Liyond
• ZHIYUE GROUP CO., LTD
• Zhejiang Tengen Electric Co., Ltd.
• Powell Industries
• Others
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Market Dynamics:
Drivers-
The growing demand for the high-voltage circuit breaker market is fueled by the power-generating stations connected to switchyards and the electrical grid with circuit breakers, essential for protecting renewable energy sources like wind and photovoltaic producers. They regulate the power supply and guarantee the safety of the power system, making them essential parts of electrical systems. The worldwide circuit breaker market is being propelled by rising worries about the dependability of renewable power, which has boosted the market for renewable generation and distribution.
Challenges:
The prime challenge is strict regulations, a shortage of competent individuals and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the high-voltage circuit breaker market. Circuit breakers utilizing SF6 gas, which possesses a substantial capacity to contribute to climate change, encounter challenges as a result of increasingly rigorous environmental regulations aimed at reducing greenhouse gas emissions. Given the increasing utilization of intermittent and unpredictable renewable energy sources, it is imperative to possess circuit breakers capable of effectively handling power fluctuations and ensuring grid stability. Cost, logistics, and ensuring a steady power supply are all obstacles to overcome when upgrading outdated electrical systems and power grids to meet the demands of new technologies and increasing electricity use. Concerns about cybersecurity dangers are growing as power systems become more digitalized and connected, calling for strong safeguards to protect control systems and circuit breakers.
Regional Trends:
The Asia Pacific high-voltage circuit breaker market is anticipated to record a major market share in terms of revenue. It is projected to grow at a high CAGR soon because most modern businesses here have been mechanized and automated. With more and more applications in framework enhancement, the market for this area has risen. Besides, Europe had a considerable market share due to technological advancements and affluence. Great voltage circuit breakers are in great demand due to the electrification of transportation, which includes electric vehicle charging infrastructure, as it is essential for safe and efficient power distribution.
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Recent Developments:
• In July 2023, Siemens introduced two new variants of its advanced Sentron 3WA Power Circuit Breakers, also referred to as Air Circuit Breakers (ACBs). The Series 3WA3 complies with the UL 1066 and IEC 60947-2 standards, allowing users to utilize it globally.
• In Aug 2022, Hitachi Energy introduced the world’s inaugural eco-efficient 420-kilovolt (kV) circuit-breaker in collaboration with CIGRE Session 2022. This innovative technology represents a major achievement in the rapid development of its advanced EconiQ™ high-voltage product lineup, as previously outlined during the CIGRE Session 2021.
Segmentation of High Voltage Circuit Breaker Market-
By Product-
• ACB
• GCB
• VCB
• OCB
By End Use-
• Commercial
• Industrial
• Utility
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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This release was published on openPR.
