Market Research Future (MRFR) has announced a new release on the global low-voltage circuit breaker market. The global low-voltage circuit breakers market is expected to rise to a value of USD 1657.2 million by 2023, growing at a 4.54% CAGR over the forecast period. Dynamic analysis of the market is provided in the report to explain the role of the various factors working to create this movement in the global low-voltage circuit breakers market. Various economic factors affecting the market are profiled in the report, including a detailed elaboration on the market’s key growth drivers and restraints.
The rising demand for new electrical distribution infrastructure is likely to be a prime driver for the global low-voltage circuit breaker market. The reliability and efficiency of modern grid systems is of paramount importance, leading to a high need for security devices such as low-voltage circuit breakers.
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The growing demand for electricity and widespread grid connectivity in developing regions is likely to be a major driver for the global low-voltage circuit breakers market over the forecast period. Several key governments have taken up long-term projects to provide electricity to all of their citizens, resulting in a growing demand for electrical components and devices.
Leading players in the global low-voltage circuit breakers market include ABB, Schneider Electric, Mitsubishi Electric Corporation, Siemens AG, Eaton, Shanghai Liangxin Electrical Co. Ltd., Delixi, HangShen Electric, CHINT Group, Hyundai Electric and Energy Systems Co. Ltd., Fuji Electric FA Components and Systems Co. Ltd., Changshu Switchgear Mfg Co. ltd., Hager Group, Shanghai Electric Co. Ltd. (People’s Electric Appliance Factory).
The global low-voltage circuit breakers market is segmented by region into North America, Central and South America, Europe, the Middle East and Africa, and Asia Pacific.
Asia Pacific is likely to be the major regional segment of the global low-voltage circuit breakers market over the forecast period. The growing economic landscape in emerging APAC countries is likely to be a major driver for the global low-voltage circuit breaker market, as the number of urban users in Asia Pacific is increasing rapidly. This is likely to be a major driver for the low-voltage circuit breakers market in the region, as urban users demand more sophisticated electrical grid networking in residential as well as commercial applications. Countries such as India, China, Indonesia, Korea, Thailand, Japan, and Malaysia are likely to play a crucial role in the development of the low-voltage circuit breakers market in the region, as these countries are on the way to steady economic development. The region accounted for more than 44% of the global low-voltage circuit breakers market in 2017.
Europe and North America are also likely to remain key contributors to the global low-voltage circuit breakers market over the forecast period due to the growing demand for renovation of the electricity grid infrastructure, which is likely to lead to a rising demand for advanced devices such as low-voltage circuit breakers.
The global low-voltage circuit breakers market is segmented on the basis of type, application, and region.
By type, the global low-voltage circuit breakers market is segmented into molded-case circuit breaker (MCCB), miniature circuit breaker (MCB), and air circuit breaker (ACB). The MCCB segment accounted for 53.35% share in 2017, followed by MCB and ACB segments respectively. MCCB can exhibit 4.92% CAGR over the forecast period to generate close to USD 903.5 million by 2023.
By application, the global low-voltage circuit breakers market is segmented into energy allocation, automatic circuit shutoff, and others. The automatic circuit shutoff segment is predicted to generate USD 993 million by 2023. Its use in commercial and residential applications is likely to bolster its demand exponentially over the forecast period.
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