Solid State Circuit Breaker Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.45 Billion |
| Market Size (2029) | USD 6.58 Billion |
| CAGR (2024 - 2029) | 8.15 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solid State Circuit Breaker Market Analysis
The Solid State Circuit Breaker Market size is estimated at USD 4.45 billion in 2024, and is expected to reach USD 6.58 billion by 2029, growing at a CAGR of 8.15% during the forecast period (2024-2029).
- Over the long term, the growing penetration of renewable sources in the energy mix is expected to drive the market during the forecast period.
- On the other hand, technical limitations of solid-state circuit breakers are likely to limit their uses, thus hindering market growth in the forecast period.
- Nevertheless, the demand for robust electric vehicle (EV) charging infrastructure is expected to create an opportunity for the market to expand in the upcoming years.
- Asia-Pacific is expected to dominate the market over the forecast period, with the majority of demand coming from countries such as China and India.
Solid State Circuit Breaker Market Trends
Direct Current Segment Expected to Register Significant Market Growth
- Solid-state circuit breakers are more suitable for medium-voltage DC systems than high-voltage DC (HVDC) systems due to the limitations of semiconductor devices. Moreover, DC solid-state circuit breakers are suitable for applications in ships, urban subways, electric trains, microgrids, distributed generation, and battery-based systems (data centers).
- The expansion of large-scale industries has brought economic growth worldwide, but it is simultaneously causing a critical environmental threat due to increasing carbon dioxide emissions. Renewable energy resources have been used more extensively for power production. According to the Statistical Review of World Energy, around 8,988.4 TWh of electricity was generated from renewable sources in 2023, an increase of around 5.4% compared to the previous year. In the upcoming years, clean electricity generation is expected to increase due to rising awareness of carbon emissions.
- Most renewable energy sites are located very far from load centers, making transmitting power over such long distances challenging. Considering all limitations, HVDC transmission becomes a suitable technology to connect remote renewable energy sites with load centers.
- An HVDC transmission system can be primarily divided into two major types, i.e., line-commutated converter (LCC-HVDC) and VSC-HVDC. However, along with the number of benefits of VSC-HVDC technology, it has the disadvantage of a fast-rising fault current when subjected to DC short circuit faults. VSC-HVDC transmission systems employ DC solid-state circuit breakers (CBs) at both sides of the DC line to protect it from short-circuit faults.
- Countries globally are focused on improving their HVDC transmission system with an increasing share of renewables. For instance, in January 2024, PFC Consulting Ltd (PFCCL) incorporated a wholly-owned subsidiary for the development of an interstate transmission system (ISTS) scheme in Gujarat, India, which is likely to witness the extensive deployment of HVDC technology and thereby support the deployment of DC solid-state circuit breakers.
- Globally, several upcoming HVDC transmission projects are in the works. According to a report by Grid Strategies for Americans for a Clean Energy Grid (ACEG), there are around 36 upcoming HVDC projects in North America, and their completion would connect 187 GW of renewable resources to the grid.
- Thus, such scenarios in the HVDC transmission industry are expected to generate ample demand for DC solid-state circuit breakers in the forecast period.
Asia-Pacific Likely to Dominate the Market
- The presence of countries like China and India is expected to create significant demand for solid-state circuit breaker products in the Asia-Pacific market. India is the third-largest power generator worldwide, after China and the United States.
- The electricity industry in India is growing at a rapid pace. According to the Central Electricity Authority statistics, the installed capacity was registered to be more than 416.05 GW as of April 2023, with the generation mix being fossil fuels (57.03%), hydro (11.26%), nuclear (1.63%), and renewables (28.9%).
- The Indian government has set exceptionally ambitious targets to double the installed capacity over the coming decade, primarily through accelerated deployment of renewable energy. By 2030, India aims to have 500 GW of power generation capacity from renewables.
- Solid-state circuit breakers safeguard electrical equipment from short circuits in renewable energy industries like solar and wind power. Hence, favorable targets will boost investments in renewable projects, which is expected to increase demand for such circuit breakers.
- Further, the development of power grid infrastructure will aid the market. For instance, according to the State Grid Corporation of China, investments in power grid infrastructure and related industries were expected to surpass CNY 6 trillion between 2021 and 2025, focusing on power transmission, electric vehicle chargers, and new digital infrastructure.
- Further, in May 2024, the State Grid Qinghai Provincial Electric Power Company announced that it would invest CNY 2.852 billion to continue consolidating the construction of the power grid in rural and pastoral areas in Qinghai Province in 2024.
- Hence, the growth in industries like renewable and power grid infrastructure is expected to propel Asia-Pacific as the dominant regional player of the market studied in the forecast period.
Solid State Circuit Breaker Industry Overview
The solid-state circuit breakers market is semi-consolidated. Some of the major players in the market (in no particular order) include ABB Ltd, Havells India Ltd, Eaton Corporation Ltd, Siemens AG, and Fuji Electric Co. Ltd.
Solid State Circuit Breaker Market Leaders
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ABB Ltd.
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Havells India Ltd
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Eaton Corporation PLC
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Siemens AG
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Fuji Electric Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Solid State Circuit Breaker Market News
- October 2023: RTX announced the successful demonstration of a solid-state circuit breaker designed to support hybrid-electric propulsion systems in future aircraft. This development is a crucial component of the aviation industry's goal to achieve net-zero carbon emissions by 2050.
- October 2023: ABB's SACE Infinitus solid-state circuit breaker debuted at the CEATEC 2023 sustainable technology exhibition in Makuhari, Chiba City, Japan. The SACE Infinitus, one of the world's first IEC60947-2 solid-state circuit breakers, was showcased as a key technology for the development of next-generation sustainable energy networks.
Solid State Circuit Breaker Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Growing Penetration of Renewable Energy Sources in the Energy Mix
4.5.1.2 Aging Power Grid and Growing Investments in Modern Electricity Infrastructure
4.5.2 Restraints
4.5.2.1 Limitations of Solid-state Circuit Breakers
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
4.8 Investment Analysis
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Alternating Current
5.1.2 Direct Current
5.2 Cooling System
5.2.1 Air-cooled
5.2.2 Water-cooled
5.3 End User
5.3.1 Transportation
5.3.2 Industrial
5.3.3 Commercial
5.3.4 Residential
5.3.5 Other End Users
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 France
5.4.2.3 United Kingdom
5.4.2.4 Spain
5.4.2.5 Nordic Countries
5.4.2.6 Turkey
5.4.2.7 Russia
5.4.2.8 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 India
5.4.3.2 China
5.4.3.3 Australia
5.4.3.4 Malaysia
5.4.3.5 Thailand
5.4.3.6 Indonesia
5.4.3.7 Vietnam
5.4.3.8 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Colombia
5.4.4.4 Rest of South America
5.4.5 Middle East and Africa
5.4.5.1 United Arab Emirates
5.4.5.2 Saudi Arabia
5.4.5.3 South Africa
5.4.5.4 Nigeria
5.4.5.5 Egypt
5.4.5.6 Qatar
5.4.5.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd
6.3.2 Havells India Ltd
6.3.3 Eaton Corporation PLC
6.3.4 Siemens AG
6.3.5 Fuji Electric Co. Ltd
6.3.6 Blixt Tech AB
6.3.7 Ideal Power Inc.
6.3.8 Infineon Technologies AG
6.3.9 Redler Technologies
6.3.10 RTX Corporation
- *List Not Exhaustive
6.4 List of Other Prominent Companies
6.5 Market Ranking Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Need for a Robust EV Charging Infrastructure
Solid State Circuit Breaker Industry Segmentation
A solid-state circuit breaker is an advanced type of circuit breaker that uses semiconductor components, such as transistors or thyristors, instead of traditional electromechanical components, like relays or bimetallic strips, to interrupt the flow of electrical current.
The solid-state circuit breakers market is segmented by type, cooling system, end user, and geography. By type, the market is segmented into alternating current (AC) and direct current (DC). By cooling system, the market is segmented into air-cooled and water-cooled. By end user, the market is segmented into transportation, industrial, commercial, residential, and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report offers the market sizes and forecasts in value terms (USD) for all the abovementioned segments.
| Type | |
| Alternating Current | |
| Direct Current |
| Cooling System | |
| Air-cooled | |
| Water-cooled |
| End User | |
| Transportation | |
| Industrial | |
| Commercial | |
| Residential | |
| Other End Users |
| Geography | ||||||||||
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Solid State Circuit Breaker Market Research FAQs
How big is the Solid State Circuit Breaker Market?
The Solid State Circuit Breaker Market size is expected to reach USD 4.45 billion in 2024 and grow at a CAGR of 8.15% to reach USD 6.58 billion by 2029.
What is the current Solid State Circuit Breaker Market size?
In 2024, the Solid State Circuit Breaker Market size is expected to reach USD 4.45 billion.
Who are the key players in Solid State Circuit Breaker Market?
ABB Ltd., Havells India Ltd, Eaton Corporation PLC, Siemens AG and Fuji Electric Co. Ltd are the major companies operating in the Solid State Circuit Breaker Market.
Which is the fastest growing region in Solid State Circuit Breaker Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Solid State Circuit Breaker Market?
In 2024, the Asia Pacific accounts for the largest market share in Solid State Circuit Breaker Market.
What years does this Solid State Circuit Breaker Market cover, and what was the market size in 2023?
In 2023, the Solid State Circuit Breaker Market size was estimated at USD 4.09 billion. The report covers the Solid State Circuit Breaker Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Solid State Circuit Breaker Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Solid State Circuit Breaker Industry Report
Statistics for the 2024 Solid State Circuit Breaker market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Solid State Circuit Breaker analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
