Low-Voltage Circuit Breakers Market – Overview
The global low-voltage circuit breakers market is expected to grow to USD 1,657.2 Mn by the year 2023 and will exhibit a compound annual growth rate (CAGR) of 4.54% between 2018 and 2023. 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 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.
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The electrical equipment being used these days are prone to electricity surges, which are boosting the development of the low-voltage circuit breakers market in the coming years. Moreover, the accelerate pace of electrification of various areas is projected to motivate the low-voltage circuit breakers market in the upcoming period. Also, increasing investment by low-voltage circuit breakers is estimated to spur the market’s expansion in the forecast period. 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.
Competition Analysis:
- ABB,
- Schneider Electric,
- Siemens AG,
- Shanghai Liangxin Electrical Co. Ltd.,
- HangShen Electric,
- Hyundai Electric,
- 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.
- CHINT Group,
- Delixi and
- Eaton
Segmental Analysis
The segmental evaluation of the low-voltage circuit breakers market is conducted on the basis of type, application, and region.
On the basis of type, the low-voltage circuit breaker market is segmented into miniature circuit breaker, molded-case circuit breaker, and air circuit breaker.
On the basis of application, the low-voltage circuit breaker market is segmented into automatic circuit shutoff, energy allocation, and others.
Based on the regions, the low-voltage circuit breakers market has been segmented into North America, the Middle East, South America, Europe, Africa, and the Asia Pacific.
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.
Industry Updates:
Feb 2019 Schneider Electric has recently announced the introduction of Masterpact MTZ, the next generation high-power low voltage circuit-breakers built in the Indian market. Masterpact MTZ is a novel air circuit- breaker in the market that is expected to provide the customer with improved performance and reliability.
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