Report Ocean has recently published a research study on the global low-voltage circuit breaker market. The report, titled “Global Low-voltage Circuit Breaker Market Size study, by Type (Miniature Circuit Breaker, Molded Case Circuit Breaker, Air Circuit Breaker), by Application (Energy Allocation, Shut-off Circuit, Others), by End-Use Industry (Residential, Commercial, Others) and Regional Forecasts 2020-2027,” offers a detailed assessment of this market, including individual analyses of each of its segments.
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The global low-voltage circuit breaker market was valued approximately at US$3.4 bn in 2019 and it is anticipated to rise at a healthy CAGR of more than 5% over the forecast period of 2020-2027.
Low voltage circuit breakers have gained significant traction over the years, owing to the continuously rising need for electricity across developed and developing countries. The increase in the low voltage circuit breaker market is substantially driven by the fact that infrastructural projects for safe electrical distribution is expanding relentlessly. Furthermore, the increasing focus towards renewable energy generation, together with the rising investment in the smart grid, is likely to act as a driving force for this market in the years to come.
As per the Smart grid projects outlook 2017, published by the European Commission (EC), around 950 smart grid projects were present in the region, among which 324 smart grids are multinational and about 626 are national ones. These smart grids are spread across 800 sites in 36 countries, including the UK, Germany, Spain, and Denmark. The total investment in these projects is nearly US$5.46 billion at present. The global market is expected to be strengthened with such as huge investment. However, the safety regulation pertaining to the quality of circuit breakers and the intense competition from the unorganized sector may hamper the growth of this market in the near future.
The research report also offers a geographical assessment of the global market for low-voltage circuit breakers. As per the study, the global market reports its presence across North America, Europe, Latin America, Asia Pacific, and the Rest of the World. Asia Pacific is leading the worldwide market at present and is expected to continue doing so over the next few years. The rise in demand for renewable energy generation and the presence of a large pool of market vendors in the region are boosting the growth of Asia Pacific low-voltage circuit breaker market. Going forward, the rising number of smart grid projects and the increasing rate of urbanization and industrialization in Asian countries, such as China and India, are anticipated to support this regional market in the near future.
Impact of Covid 19 on Global Low-voltage Circuit Breaker Market
The global low-voltage circuit breaker market has also been impacted negatively by the spread of Coronavirus across the world. The downfall in the power industry, caused by the Covid-19 induced economic slowdown, reflected on the demand for low-voltage circuit breakers. However, with economies reopening, the market is likely to gain impetus soon.
Key Findings:
- Asia Pacific is leading the worldwide market at present and is expected to continue doing so over the next few years.
- The rise in demand for renewable energy generation and the presence of a large pool of market vendors in the Asia Pacific are boosting the growth of this regional market.
The global low-voltage circuit breaker market is segmented into:
By Type
- Miniature Circuit Breaker
- Molded Case Circuit Breaker
- Air Circuit Breaker
By Application
- Energy Allocation
- Shut-off Circuit
- Others
By End-use Industry
- Residential
- Commercial
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- ABB Ltd.
- Changshu Switchgear Manufacturing Co. Ltd.
- People Electric Appliance Group Co. Ltd.
- Shanghai Delixi Group Co. Ltd.
- Schneider Electric SE
- Eaton Corporation Plc.
- Hager Group
- Fuji Electric FA Components & Systems Co. Ltd.
- Hyundai Electric & Energy Systems Co. Ltd.
- Siemens AG
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