The generator circuit breaker market is expected to grow at a CAGR of more than 3% over the period of 2020-2025. Generator circuit breakers are a key component of power generation plants in order to improve the reliability and protection of power unit equipment such as generators and step-up transformers. Factors such as an increase in power consumption, rise of an influx of renewable sources in the energy mix, along with upgradation and modernization of aging infrastructure are expected to drive the market in the forecast period. On the other hand, environmental regulations regarding usage of SF6 is likely to restrain the growth of the generator circuit breaker market in the coming years.
- The gas-based power plants sector is expected to be the fastest-growing market during the forecast period, owing to factors like increasing shift of energy production from cleaner resources and a rise in investment in utility size gas-based power plants.
- Globally, the focus has increased on investments in clean energy projects and the development of cleaner energy resources. As a result, the extensive development of new clean energy projects, and rising electricity usage is likely to create an excellent opportunity for the generator circuit breaker market in the future.
- Asia-Pacific has dominated the generator circuit breaker market in 2019 and is expected to witness significant market growth in the forecast period, with the majority of the demand coming from China, Japan, and India.
Key Market Trends
Gas-fired Power Plant Sector to Dominate the Market Growth
- Gas-fired power plant sector is expected to witness significant growth in the forecast period, owing to factors like rising clean electricity demand and an increasing number of utility size gas-fired power projects.
- In recent years there has been an active shift of energy generation from conventional resources like coal and nuclear energy, towards relatively cleaner gas-based power generation. Although the share of electricity generation from gas saw a minor increase in the share of global electricity generation, the shift away from coal and nuclear is clearly visible.
- According to IEA, gas-fired power generation saw a growth of around 4% in 2018, mainly supported by the 17% growth in the United States. In the United States, gas-based power generation accounts for about 30% of the total generation, and in China, it accounts for around 30% of the total energy mix as of 2018.
- Increasing demand for clean energy is one of the primary drivers for the gas-based power plant sector and, in turn, for the generator circuit breakers in the sector. The electricity generation from gas registered a growth of around 39.4% in the decade from 2008 to 2018. Electricity generation from gas in 2008 was 4432.5 TWh, while in 2018 it was 6182.8 TWh.
- Therefore, with the increase in the demand for clean energy, the gas-based power plant sector is expected to rise, and in turn the market is expected to grow for generator circuit breakers in the sector.
Asia-Pacific to Dominate the Market Growth
- Asia-Pacific has dominated the generator circuit breaker market in 2019 and is expected to continue its dominance in the coming years as well.
- Asia-Pacific is one of the fastest-growing regions in the world because of the increasing population, urbanization, and industrialization. As a result, the demand for guaranteed power supply is high. For addressing these demands, many countries are investing in the clean energy sector and transmission and distribution infrastructure.
- The world’s most populated country China has seen a two-fold increase in its electricity consumption from 3495.8 TWh in 2008 to 7111.8 TWh in 2018. The country has over 259,000 MW of new coal plants in various stages of development and accounts for more than 1/3 of the global coal plant pipeline.
- On the other hand, the coal consumption rate of India registered a growth rate of 8.7% in 2018, which indicated that the country is still highly dependent on coal for energy generation. India is also thinking of reviving its 24 GW of stressed gas-based power plants which were running at just 23.27% of their capacity as of October 2019.
- This, in turn, is likely to propel the demand of the generator circuit breakers in the region during the forecast period.
The generator circuit breaker market is partially fragmented. Some of the key players in this market include ABB Ltd, Toshiba Corp, Mitsubishi Electric Corporation, General Electric Company, and Siemens AG.
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Table of Contents
1.2 Market Definition
1.3 Study Assumptions
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
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 Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5.1.1 Air Blast Circuit Breakers
5.1.2 SF6 Circuit Breakers
5.1.3 Vacuum Circuit Breakers
5.2.1 Coal Based Power Plants
5.2.2 Natural Gas Power Plants
5.2.3 Nuclear Power Plants
5.3.1 North America
5.3.4 South America
5.3.5 Middle-East and Africa
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Bharat Heavy Electricals Limited
6.3.2 Mitsubishi Electric Corporation
6.3.3 Larsen & Toubro Limited
6.3.4 General Electric Company
6.3.5 Schneider Electric SE
6.3.6 Hitachi, Ltd.
6.3.7 Eaton Corporation PLC
6.3.8 Siemens AG
6.3.9 Toshiba Corp
6.3.10 Alstom SA
A selection of companies mentioned in this report includes:
- Bharat Heavy Electricals Limited
- Mitsubishi Electric Corporation
- Larsen & Toubro Limited
- General Electric Company
- Schneider Electric SE
- Hitachi, Ltd.
- Eaton Corporation PLC
- Siemens AG
- Toshiba Corp
- Alstom SA