Global Low-Voltage
Circuit Breakers Market Scenario
Low-voltage circuit breakers are
used for preventing voltage fluctuations that damage electrical equipment.
Voltage circuit breakers are vital in situations of overload or interruptions
in power flow. The Global Low-Voltage Circuit Breakers Market is
expected to grow to USD 1,657.2 Mn by the year 2023. Market Research Future
(MRFR) forecasts that the market will exhibit a compound annual growth rate
(CAGR) of 4.54% between 2018 and 2023 to reach the figure.
Growth electricity grids and
development of new electricity supply infrastructure has propelled the market
forwards. In addition, increased global consumption of electricity resulted in
development of electricity generation grid. Use of safer techniques coupled
with the advances in grid systems is partly driving the adoption of low-voltage
circuit breakers. Low-voltage circuit breakers have become a must-have security
equipment in modern electricity infrastructure.
The global low-voltage circuit
breakers market is expected to be driven by the rising demand for electricity
worldwide. Development of new grid infrastructure in emerging economies is also
providing tailwinds to the market. Policy makers in developing countries are
increasing their efforts towards making electricity supply robust and efficient
by improving infrastructure. As a result, there is a sharp rise in demand for
electrical devices, components and equipment.
Global Low-Voltage Circuit Breakers Market: Segmental
Analysis
The global Low-Voltage
Circuit Breakers Market Analysis
has been conducted based on application, type and region.
On the basis of
application, the market has been segmented into automatic circuit shutoff,
energy allocation and other. Of these, the automatic circuit shutoff segment
accounts for a significant share of the market in terms of value. It is
projected that the segment will reach a valuation of USD 993 Mn by the end of
the forecast period. Over the years, commercial and residential application of
automatic circuit shutoff has increased significantly.
On the basis of type,
the market has been segmented into air circuit breaker (ACB), miniature circuit
breaker (MCB) and molded-case circuit breaker (MCCB). The MCCB segment is
expected to retain its leading position over the forecast period. In 2017, the
MCCB segment commanded more than 50% share of the market in terms of value.
During the forecast period, the segment is expected to exhibit a CAGR of 4.92%
and reach a market valuation of nearly USD 903.5 Mn.
Regional Analysis
The market has been covered across
Europe, Asia Pacific (APAC), North America, Central and South America and the
Middle East & Africa (MEA). Asia Pacific has emerged as a highly attractive
market for low-voltage circuit breakers. Tremendous economic growth in India
and China remains the primary driver of the market in Asia. Rapid urbanization
is these countries has led to an increased consumption of electricity.
Moreover, use of electricity in urban areas in Asia is expected to growth
further in the forthcoming years. The growing urban population in the region is
creating attractive market opportunities. Efforts are taken to modernize
infrastructure and boost supply capacity in various APAC countries. In 2017,
APAC commands more than 44% share of the global low-voltage circuit. Europe and
North America are the other regions that make significant contribution to the
global low-voltage circuit breakers. Investments is electricity grid
infrastructure upgradation in North America and Europe is in part driving the
demand for low-voltage circuit breakers in these regions.
Competition Analysis
ABB, Schneider Electric, Siemens AG,
Shanghai Liangxin Electrical Co. Ltd., HangShen Electric, Hyundai Electric and
Energy Systems Co. Ltd., Changshu Switchgear Mfg Co. ltd., Mitsubishi Electric
Corporation, Fuji Electric FA Components and Systems Co. Ltd., Hager Group,
Shanghai Electric Co. Ltd. (People’s Electric Appliance Factory), CHINT Group,
Delixi and Eaton are among the leading companies profiled in MRFR’s report.
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