Low Voltage Circuit Breaker Market Growth, Share, Size 2024-2032
The new report by Expert Market Research titled, ‘Global Low Voltage Circuit Breaker Market Size, Share, Price, Trends, Growth, Report and Forecast 2024-2032’, gives an in-depth analysis of the global low voltage circuit breaker market assessing the market based on its segments like types, applications, end users, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2032)
• Forecast CAGR (2024-2032): 5%
The market has been propelled by the growing demand for miniature circuit breakers (MCB) owing to their electrical safety. This can be attributed to the ability of MCB to automatically switch off electric current, due to which it is increasingly preferred in the electronics and electric industry. As MCBs have high electrical sensitivity and reliability, and require low maintenance and replacement costs, their demand is significantly growing. Geographically, the Asia Pacific accounts for a significant market share due to the increasing production of renewable energy in the region. Furthermore, the rising investments in research and development (R&D) activities by the leading companies are expected to bolster the growth of the market in the forecast period.
Low Voltage Circuit Breaker Industry Definition and Major Segments
A low voltage circuit breaker is a protective device that ensures the flow of current in a circuit while protecting conductors from overheating. It also enables the isolation of electric distribution for maintenance and operations activities. The device is integral to minimise the risk of short circuits and technical faults in the residential, commercial, and industrial sectors.
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The major types of low voltage circuit breaker are:
• Miniature Circuit Breaker (MCB)
• Moulded Case Circuit Breaker (MCCB)
• Air Circuit Breaker
Based on application, the market is divided into:
• Energy Allocation
• Shut-off Circuit
• Others
The market, by end user, is classified into:
• Residential
• Commercial
• Others
The regional markets of low voltage circuit breaker are:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Low Voltage Circuit Breaker Market Trends
The growing demand for electricity from major end-use sectors like oil and gas, automotive, semiconductor, agriculture, and construction, among others, is propelling the market growth. As it is crucial to minimise short circuits, faulty operations, and cases of faults in motor-powered devices, the demand for low voltage circuit breakers is significantly growing. The market growth of low voltage circuit breaker can also be attributed to the growing residential construction due to rapid population growth and urbanisation. Moreover, the growing production of renewable energies in both developing and developed countries is anticipated to provide lucrative growth opportunities to the market for low voltage circuit in the forecast period.
Key Market Players
The major players in the market are ABB Ltd., Schneider Electric Company, Siemens AG, Eaton Corporation, and Panasonic Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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