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Circuit Breaker Market: Opportunities and Challenges

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Circuit Breaker Market: Opportunities and Challenges

September 02
21:07 2020
Circuit Breaker Market: Opportunities and Challenges
The global circuit breaker market is projected to reach USD 8.7 billion by 2022 from an estimated USD 6.9 billion in 2017, at a CAGR of 4.9% from 2017 to 2022.

The global circuit breaker market is projected to reach USD 8.7 billion by 2022 from an estimated USD 6.9 billion in 2017, at a CAGR of 4.9% from 2017 to 2022. Growing access to electricity in developing countries, increasing construction and developmental activities, and the rising number of renewable power generation projects are the major drivers that would trigger growth in the circuit breaker market.

Upcoming smart cities offer opportunities

A smart city can be defined as an urban region that is highly advanced in terms of overall infrastructure, transportation, communications, and market viability. It integrates Information and Communication Technology (ICT) and the Internet of Things (IoT) solutions to manage the city’s assets. Some aspects of the smart city concept comprise increased energy efficiency, smart water management, robust transport system, smart grid adoption, proper healthcare and education facilities, and more. Many utilities already offer solutions for networked energy management that include the remote control of buildings. The municipal, regional, and national governments are launching smart-city initiatives, aimed to promote technical innovation and systematic applications of the Internet of Things (IoT) in urban landscapes. Utilities are partnering with cities and builders to implement the sensing technology, as a part of the integrated municipal energy and environmental planning. According to the Indian Ministry of Urban Development, 2016 a total investment of USD 22 billion had been proposed by 60 cities under their smart city plans. In 2016, the US Department of Transportation announced a USD 165 million investment in smart-city solutions. Smart cities are built with Geographic Information Systems (GIS)-based town planning with advanced technologies, such as SCADA, smart meters, smart circuit breakers, and smart grids. With upcoming smart cities, the demand for smart circuit breakers is expected to increase. Therefore, the upcoming smart cities offer opportunities for the circuit breaker market.

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Cyber security threats to the power infrastructure

Remote monitoring of devices increases the risk of cybercrimes in the industry. The installation of modernized circuit breakers faces multiple challenges which pose a threat to the economy of the nation. Smart devices aid the optimal functioning of the system but the same may pose a security threat from anti-social elements. Data theft or security breach can be done by bypassing securities on remote access, which can lead to blackouts and power outages. These outages are the result of the settings in a relay or a circuit breaker, which determines the response (or non-response) of the device. Incorrect settings may have serious effects on the power system operation. This can be avoided by developing dedicated secure networks for monitoring and controlling the devices/equipment. Developing such a network and assuring control on elements pose a challenge as well as provide opportunities for industry players to develop a secure and safe solution for data acquisition and monitoring along with the new-age devices.

 According to the 2015 Global State of Information Security Survey, the number of cyberattack incidents in power and utility industries increased from 1,179 in 2013 to 7,391 in 2014. The December 2015 Ukraine power grid cyber attack was the first successful cyber-attack on a power grid. The hackers had successfully switched off 30 substations and 230 thousand people were left without electricity from 1 to 6 hours in Ukraine. This attack was enabled by malware, introduced onto the utility’s network months earlier via phishing. Therefore, cyber-attacks create a massive damage to the power infrastructure of utilities.

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Some of the leading players in the Circuit Breaker Market are ABB, Siemens, Eaton, Mitsubishi, Toshiba, Fuji Electric, TE connectivity, L&T, Powell, and Tavrida, among others.

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