Circuit Breaker Market

The global market for automatic circuit breakers is projected to see continued growth over the next eight years, with both consumption volume and market value expected to increase significantly. Key countries such as China, the UK, and the United States are driving this growth, with notable increases in both production and imports. The market trends suggest a positive outlook for the industry, with strong demand expected to fuel further expansion in the coming years.

Market Forecast

Driven by increasing demand for automatic circuit breakers worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 4B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.0% for the period from 2022 to 2030, which is projected to bring the market value to $43.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Automatic Circuit Breakers

In 2022, consumption of automatic circuit breakers decreased by less than 0.1% to 3.2B units, falling for the third consecutive year after two years of growth. Over the period under review, the total consumption indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.8% against 2019 indices. Over the period under review, global consumption hit record highs at 3.4B units in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global circuit breaker market size declined slightly to $29.5B in 2022, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, the global market attained the maximum level at $32.6B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (533M units), the UK (430M units) and the United States (399M units), together comprising 43% of global consumption. Russia, Brazil, Hungary, Mexico, India, Turkey, Japan, Germany, Thailand and Democratic Republic of the Congo lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +16.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest circuit breaker markets worldwide were the United States ($3.9B), China ($3.4B) and Russia ($2.5B), together accounting for 33% of the global market. Japan, Mexico, India, Germany, Democratic Republic of the Congo, Turkey, Thailand, Brazil, Hungary and the UK lagged somewhat behind, together comprising a further 26%.

Hungary, with a CAGR of +12.4%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of circuit breaker per capita consumption in 2022 were Hungary (10 units per person), the UK (6.3 units per person) and the United States (1.2 units per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Hungary (with a CAGR of +16.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Automatic Circuit Breakers

In 2022, production of automatic circuit breakers decreased by -0.7% to 3.4B units, falling for the second year in a row after three years of growth. Overall, the total production indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.9% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 13% against the previous year. Over the period under review, global production hit record highs at 3.5B units in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, circuit breaker production rose modestly to $29.6B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 13%. Global production peaked at $30.7B in 2020; however, from 2021 to 2022, production remained at a lower figure.

Production By Country

China (1.1B units) remains the largest circuit breaker producing country worldwide, comprising approx. 32% of total volume. Moreover, circuit breaker production in China exceeded the figures recorded by the second-largest producer, the UK (413M units), threefold. The third position in this ranking was held by the United States (198M units), with a 5.9% share.

In China, circuit breaker production expanded at an average annual rate of +8.4% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the UK (+9.6% per year) and the United States (+8.8% per year).

Imports

World Imports of Automatic Circuit Breakers

Global circuit breaker imports rose rapidly to 1.2B units in 2022, with an increase of 5.9% on 2021. In general, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +64.5% against 2015 indices. The pace of growth appeared the most rapid in 2021 with an increase of 30%. Global imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, circuit breaker imports amounted to $12.1B in 2022. The total import value increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 20% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are likely to see steady growth in the near future.

Imports By Country

In 2022, the United States (245M units), distantly followed by Hungary (81M units) and Germany (56M units) represented the largest importers of automatic circuit breakers, together mixing up 33% of total imports. Russia (45M units), the Czech Republic (43M units), France (38M units), Brazil (35M units), the United Arab Emirates (33M units), China (32M units), Turkey (31M units), Spain (29M units), the Netherlands (29M units) and Mexico (24M units) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to circuit breaker imports into the United States stood at +14.5%. At the same time, the Czech Republic (+18.6%), Hungary (+12.7%), China (+11.1%), the Netherlands (+10.1%), Spain (+7.6%), Turkey (+6.9%), Brazil (+5.9%), the United Arab Emirates (+5.5%), Germany (+5.3%), Russia (+3.5%) and Mexico (+2.7%) displayed positive paces of growth. Moreover, the Czech Republic emerged as the fastest-growing importer imported in the world, with a CAGR of +18.6% from 2012-2022. By contrast, France (-3.1%) illustrated a downward trend over the same period. The United States (+11 p.p.), Hungary (+3.1 p.p.) and the Czech Republic (+2.5 p.p.) significantly strengthened its position in terms of the global imports, while France saw its share reduced by -4.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($2.1B) constitutes the largest market for imported automatic circuit breakers worldwide, comprising 17% of global imports. The second position in the ranking was held by Germany ($705M), with a 5.8% share of global imports. It was followed by the Czech Republic, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to +7.4%. In the other countries, the average annual rates were as follows: Germany (+3.6% per year) and the Czech Republic (+14.6% per year).

Imports By Type

The imports of the one major types of automatic circuit breakers, namely electrical apparatus; automatic circuit breakers, for a voltage not exceeding 1000 volts, represented more than two-thirds of total import.

Electrical apparatus; automatic circuit breakers, for a voltage not exceeding 1000 volts was also the fastest-growing in terms of imports, with a CAGR of +6.2% from 2012 to 2022. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, electrical apparatus; automatic circuit breakers, for a voltage not exceeding 1000 volts ($10.1B) constitutes the largest type of automatic circuit breakers imported worldwide, comprising 84% of global imports. The second position in the ranking was held by electrical apparatus; automatic circuit breakers, for a voltage exceeding 1000 volts but less than 72.5kV ($1.2B), with a 10% share of global imports.

For electrical apparatus; automatic circuit breakers, for a voltage not exceeding 1000 volts, imports increased at an average annual rate of +4.0% over the period from 2012-2022. With regard to the other imported products, the following average annual rates of growth were recorded: electrical apparatus; automatic circuit breakers, for a voltage exceeding 1000 volts but less than 72.5kV (+1.2% per year) and electrical apparatus; automatic circuit breakers, for a voltage of 72.5kV or more (-3.4% per year).

Import Prices By Type

The average circuit breaker import price stood at $10 per unit in 2022, approximately reflecting the previous year. Over the period under review, the import price recorded a perceptible contraction. The most prominent rate of growth was recorded in 2014 when the average import price increased by 3.5% against the previous year. As a result, import price attained the peak level of $14 per unit. From 2015 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was electrical apparatus; automatic circuit breakers, for a voltage exceeding 1000 volts but less than 72.5kV ($144 per unit), while the price for electrical apparatus; automatic circuit breakers, for a voltage not exceeding 1000 volts ($8.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by electrical apparatus; automatic circuit breakers, for a voltage exceeding 1000 volts but less than 72.5kV (-0.7%), while the other products experienced a decline in the import price figures.

Import Prices By Country

In 2022, the average circuit breaker import price amounted to $10 per unit, remaining stable against the previous year. Overall, the import price saw a pronounced downturn. The pace of growth appeared the most rapid in 2014 when the average import price increased by 3.5% against the previous year. As a result, import price attained the peak level of $14 per unit. From 2015 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mexico ($13 per unit), while Hungary ($2.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+0.0%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Automatic Circuit Breakers

For the fourth consecutive year, the global market recorded growth in shipments abroad of automatic circuit breakers, which increased by 3.3% to 1.4B units in 2022. Overall, total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +71.3% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of 45% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, circuit breaker exports expanded sharply to $12.5B in 2022. The total export value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 20%. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports By Country

China was the major exporter of automatic circuit breakers in the world, with the volume of exports finishing at 596M units, which was near 44% of total exports in 2022. Mexico (81M units) took the second position in the ranking, followed by France (77M units). All these countries together held near 12% share of total exports. The Dominican Republic (55M units), the Czech Republic (54M units), Germany (54M units), Italy (52M units), the United States (44M units), Poland (26M units), Hungary (26M units), Bulgaria (23M units), Singapore (22M units) and South Korea (22M units) held a minor share of total exports.

China was also the fastest-growing in terms of the automatic circuit breakers exports, with a CAGR of +13.8% from 2012 to 2022. At the same time, Singapore (+12.2%), the Czech Republic (+11.4%), Mexico (+7.9%), Bulgaria (+5.8%), the Dominican Republic (+3.1%), Italy (+1.8%), Poland (+1.6%) and Hungary (+1.3%) displayed positive paces of growth. Germany, South Korea and France experienced a relatively flat trend pattern. By contrast, the United States (-2.1%) illustrated a downward trend over the same period. China (+21 p.p.) significantly strengthened its position in terms of the global exports, while Italy, Germany, the United States and France saw its share reduced by -2.1%, -2.7%, -4.2% and -5.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest circuit breaker supplying countries worldwide were China ($1.7B), Germany ($1.1B) and the United States ($1B), together comprising 30% of global exports. France, the Czech Republic, Mexico, the Dominican Republic, Italy, South Korea, Singapore, Hungary, Poland and Bulgaria lagged somewhat behind, together accounting for a further 44%.

Among the main exporting countries, the Czech Republic, with a CAGR of +15.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

The products with the highest levels of circuit breaker exports in 2022 were electrical apparatus; automatic circuit breakers, for a voltage not exceeding 1000 volts (1.3B units), together resulting at 99% of total export.

Electrical apparatus; automatic circuit breakers, for a voltage not exceeding 1000 volts was also the fastest-growing in terms of exports, with a CAGR of +6.5% from 2012 to 2022. Electrical apparatus; automatic circuit breakers, for a voltage not exceeding 1000 volts (+1.6 p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other products remained relatively stable throughout the analyzed period.

In value terms, electrical apparatus; automatic circuit breakers, for a voltage not exceeding 1000 volts ($10.7B) remains the largest type of automatic circuit breakers supplied worldwide, comprising 86% of global exports. The second position in the ranking was held by electrical apparatus; automatic circuit breakers, for a voltage exceeding 1000 volts but less than 72.5kV ($1.1B), with an 8.5% share of global exports.

From 2012 to 2022, the average annual growth rate of the value of electrical apparatus; automatic circuit breakers, for a voltage not exceeding 1000 volts exports stood at +4.0%. For the other products, the average annual rates were as follows: electrical apparatus; automatic circuit breakers, for a voltage exceeding 1000 volts but less than 72.5kV (+2.2% per year) and electrical apparatus; automatic circuit breakers, for a voltage of 72.5kV or more (-5.9% per year).

Export Prices By Type

The average circuit breaker export price stood at $9.2 per unit in 2022, growing by 3.5% against the previous year. Overall, the export price, however, continues to indicate a noticeable contraction. The growth pace was the most rapid in 2018 when the average export price increased by 9.3%. The global export price peaked at $13 per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was electrical apparatus; automatic circuit breakers, for a voltage exceeding 1000 volts but less than 72.5kV ($141 per unit), while the average price for exports of electrical apparatus; automatic circuit breakers, for a voltage not exceeding 1000 volts ($7.9 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by electrical apparatus; automatic circuit breakers, for a voltage of 72.5kV or more (+0.9%), while the other products experienced mixed trends in the export price figures.

Export Prices By Country

The average circuit breaker export price stood at $9.2 per unit in 2022, growing by 3.5% against the previous year. Overall, the export price, however, showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2018 when the average export price increased by 9.3%. The global export price peaked at $13 per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($23 per unit), while China ($2.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+6.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform