India Circuit Breaker Market (2022-2028) | Size, Industry, Outlook, Share, Growth, Revenue, Forecast, Analysis, Trends, Value, Segmentation & COVID-19 IMPACT

Latest 2023 Development of the India Circuit Breaker Market

India Circuit Breaker Market has been experiencing steady growth in recent years. The growth is mainly attributed to the increasing demand for electricity in the country, the growing adoption of renewable energy sources, and the expansion of power generation. Also, the government is taking initiatives to support the growth of the circuit breaker market. In addition, the growing need to reduce carbon emissions has also contributed to the growth of the circuit breaker market in India. The growth of the Indian economy and the increasing population has led to a surge in demand for electricity which has resulted in the expansion of the power sector. This factor drives the overall growth of the circuit breaker industry in India.

Moreover, rapid urbanization in India has led to the development of smart cities, which require a robust power supply system. As a result, this has increased the demand for circuit breakers in the country. Furthermore, the industrialization and growing manufacturing sector in India has led to an increase in the demand for electricity. The adoption of advanced technologies such as smart grids and renewable energy sources is expected to drive the demand for circuit breakers in India. These technologies require a reliable and safe power distribution system. However, the cost of raw materials used in manufacturing circuit breakers is high, which could impact the final price of the product and could impede market expansion. 

India Circuit Breaker Market Synopsis

The India Circuit Breaker Market is projected to grow at a rapid pace during the forecast period. The market is driven by the increasing demand for resilient and reliable power networks, increased adoption of smart technologies in households, and rising industrialization in the country. The demand for electric vehicles (EVs) and other smart grids is expected to fuel the growth of the market. Increasing awareness about environmental concerns and government initiatives to promote green energy are also likely to boost the market growth.

According to 6Wresearch, the India Circuit Breaker Market size is expected to grow during 2022-2028. The growth of this market will be driven by increased demand for electrical equipment and systems in India, as well as increasing investments in infrastructure development. The India Circuit Breaker Market is witnessing significant growth owing to factors such as increase in electricity demand, rise in adoption of smart technologies, and increasing industrialization in the country. The market is also benefiting from government initiatives such as the Pradhan Mantri Sahaj Bima Yojana (PMSBY) and the National Electric Code (NEC).

COVID-19 impact on India Circuit Breaker Market

The COVID-19 pandemic adversely affected the growth of Circuit Breaker Market in India. Every non-essential business suffered a lot from the impacts of the coronavirus. Some of the end user industries of the market were completely shut down during the pandemic and this declined the growth of the India Circuit Breaker Industry. The market is now recovering from the impacts of the pandemic. 

Market Analysis by Insulation Type

On the basis of insulation type, the market is divided into Vacuum Circuit Breaker, Air Circuit Breaker, Gas Circuit Breaker, and Oil Circuit Breaker. Among these, the gas circuit breaker is dominating the market and will continue to do so. 

Market Analysis by Voltage

On the basis of voltage, the market is divided into Medium Voltage and High Voltage. Among these, the high voltage segment is expected to grow more in the years to come. Various utilities are investing in high voltage due to increasing demand for electricity in residential areas. 

Market Analysis by Installation

On the basis of installation, the market is divided into outdoor and indoor. Among these, the outdoor segment will dominate the market because of its increasing demand. 

Market Analysis by End User

On the basis of end user, the market is divided into T&D Utilities, Power Generation, Renewables and Railways. Among these, the T&D utilities is estimated to dominate the market in the years to come. 

Competitive Landscape

In the India circuit breaker market, there are a number of major competitors, including ABB Corporation, Eaton Corporation, Johnson Controls, MAECO S.A., Mitsubishi Electric Corporation, and Schneider Electric SA. These companies offer a wide range of circuit breakers and services to customers in India. The competition is very intense in this market and will become more intense in the upcoming years. 

Drivers and Restraints of the India Circuit Breaker Market

Over the past decade, the India Circuit Breaker Market has witnessed a considerable growth owing to the increasing demand for reliable and safe electrical systems. 

The factors that are fuelling the growth of the India circuit breaker market include increasing awareness about energy conservation and sustainable practices, increasing demand for industrial applications, and growing adoption of advanced technologies in various sectors. Moreover, there is an increase in the number of multinational companies operating in India, which is resultant in increased investment in infrastructure development across the country.

One of the key drivers of this market is the increasing demand for reliable electrical systems in industries such as manufacturing and transportation. In addition, there is an increase in investments by OEMs (original equipment manufacturers) into R&D initiatives to develop new and innovative products for their customers. Rising water shortages and pollution concerns are also contributing to increased demand for renewable energy solutions such as solar parks and wind farms, which drives up the demand for circuit breakers.

Restraints on this market include high costs associated with component procurement, lack of skilled manpower, and stringent quality norms that need to be met during product manufacture. Additionally, regulatory hurdles hamper timely deployment of circuit breakers across various sectors.

Opportunities and Challenges in the India Circuit Breaker Market

Increasing demand from the power and transmission sectors, as well as an increase in the number of industrial and commercial establishments. The market is also being helped by the government's initiatives to promote renewable energy sources and reduce dependence on traditional modes of energy generation. These factors will create more opportunities in this sector. 

However, there are also some challenges that the market faces such as lack of awareness among end users about the benefits of using circuit breakers, as well as a high level of corruption in the sector. This has led to widespread installation of substandard equipment, which is hurting the competitiveness of companies operating in this segment. 

In addition, the enforcement of safety regulations is a major challenge for the circuit breaker market in India. This is because the regulators are often insufficiently equipped to deal with the complex issues that arise from the use of circuit breakers. This leaves end users at risk of accidents and injuries, which limits the market's potential growth.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2018 to 2021.
• Base Year: 2021.
• Forecast Data until 2028.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Circuit Breaker Market Overview
• India Circuit Breaker Market Outlook
• India Circuit Breaker Market Forecast
• India Circuit Breaker Market Size and India Circuit Breaker Market Forecast, until 2028
• Historical Data of India Circuit Breaker Market Revenues, By Voltage, 2018-2021
• Market Size & Forecast of India Circuit Breaker Market Revenues, By Voltage until 2028
• Historical Data of India Circuit Breaker Market Revenues, By Type, 2018-2021
• Market Size & Forecast of India Circuit Breaker Market Revenues, By Type until 2028
• Historical Data of India Circuit Breaker Market Revenues, By Application, 2018-2021
• Market Size & Forecast of India Circuit Breaker Market Revenues, By Application until 2028
• Market Size & Forecast of India Circuit Breaker Market Revenues, By Regions until 2028
• India Circuit Breaker Market Trends
• Market Drivers and Restraints
• Porter's Five Force Analysis and Market Opportunity Assessment
• India Circuit Breaker Market Share, By Players
• India Circuit Breaker Market Overview on Competitive Benchmarking
• Company Profiles
• Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Voltage

• Low Voltage Circuit Breaker (< 1.1 kV)

• Medium Voltage Circuit Breaker (1.1 kV - 36 kV)

• High Voltage Circuit Breaker (> 36 kV)

By Type

• Low Voltage Circuit Breaker

  • MCB

  • MCCB

  • ACB

  • Others (RCB, ELCB)

• Medium Voltage Circuit Breaker

  • Gas Circuit-Breaker

  • Vacuum Circuit-Breaker

• High Voltage Circuit Breaker

  • Gas Circuit-Breaker

  • Others (Oil, Hybrid)

By Applications

• Commercial
• Residential
• Industrial
• Power Utilities
• Others (Transport, Government, etc.)