The low-voltage circuit breakers market is likely to touch USD 1657.2 million at a 4.54% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. Low-voltage circuit breakers can protect electrical equipment from damage. This detects faults caused by overload and interrupts the power flow.
Various factors are fuelling the global low-voltage circuit breakers market share. As per the recent MRFR market estimates, such factors include the growing need for electrical distribution infrastructure, rising need for electricity, widespread grid connectivity in developing regions, increasing use of digital products like servers, mobile devices, and computers, rapid urbanization, increasing modernization, and growing need for renewable source of energy for curbing carbon emission. The additional factors adding market growth include upgradation of aging infrastructure for secure and safe electrical distribution systems, increasing urbanization and industrialization, expansion in transmission and distribution networks, and increased focus on renewable energy generation techniques like solar, and increased emphasis on battery systems for microgrids.
On the contrary, lack of existing government policies, impact of the COVID-19 pandemic, and risks related to device malfunction may limit the global low-voltage circuit breakers market growth over the forecast period.
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Regional Analysis
By region, the global low-voltage circuit breakers market covers the recent trends and growth opportunity across North America, Europe, the Asia Pacific (APAC), Central and South America, and the Middle East and Africa (MEA). Of these, the APAC region will lead the market over the forecast period. The growing economic landscape, demand for sophisticated electrical grid networking in commercial and residential applications, the presence of huge consumer base, existence of key players, and the presence of developing countries like India, Australia, Japan, and China, and increasing demand for low-voltage circuit breakers are adding to the global low-voltage circuit breakers market growth in the region.
In Europe and North America, the global low-voltage circuit breakers market is predicted to have healthy growth in the forecast period for the growing need for renovation of the electricity grid infrastructure that is likely to lead to a growing need for advanced devices like low-voltage circuit breakers.
In Central and South America and the MEA, the global low-voltage circuit breakers market is predicted to have steady growth in the forecast period.
Key Players
The notable players profiled in the global low-voltage circuit breakers market report include China People Electric Appliance Group Shanghai Co Ltd (China), Hager Group (Germany), Changshu Switchgear Mfg Co., Ltd. (China), Fuji Electric FA Components & Systems Co., Ltd. (Japan), Hyundai Electric & Energy Systems Co., Ltd. (South Korea), CHINT Group (China), HangShen Electric (China), DELIXI (China), Shanghai Liangxin Electrical Co., Ltd. (China), Eaton Corporation (Ireland), Siemens AG (Germany), Mitsubishi Electric Corporation (Japan), Schneider Electric (France), and ABB (Switzerland), among others.
The low-voltage circuit breakers market is fragmented and competitive with the presence of multiple domestic and international industry players. These players have used assorted strategies to stay at the forefront and also cater to the surging needs of the esteemed customers, such as collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global low-voltage circuit breakers market based on application and type.
By type, the low-voltage circuit breakers market is segmented into air circuit breaker (ACB), molded-case circuit breaker (MCCB), and miniature circuit breaker (MCB). Of these, the MCCB segment will lead the market over the forecast period.
By application, the low-voltage circuit breakers market is segmented into shut-off circuit, energy allocation, and others. Of these, the shutoff segment will dominate the market over the forecast period.
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