Pune, India, July 24, 2019 (GLOBE NEWSWIRE) -- The global low-voltage circuit breakers market is estimated to exhibit a 4.54% CAGR during the forecast period, as stated in the Market Research Future (MRFR) report. Low-voltage circuit breakers automatically trip a circuit when the voltage exceeds the predetermined limit. Low-voltage circuit breakers are used for 600 volts or lower rated circuits. They also act as safety devices to avoid high voltage overflow in the electronic circuitry and the resulting damage. A rise in the number of infrastructural projects is anticipated to contribute to market growth primarily. An immediate need for automatic switches to enable an uninterrupted power flow is likely to augment the market through the forecast period.
Moreover, burgeoning commercial and industrial zones due to continuous developments in cities have created an elevated need for low-voltage circuit breakers during the review period. Further, the electrification in rural areas is estimated to create new growth opportunities for many market players. Additionally, various initiatives undertaken by governments in different countries to proliferate electrification and enable higher power supply to remote locations is likely to spur growth in the low-voltage circuit breakers market.
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Industry Players
The MRFR report on global low-voltage circuit breakers market offers a profiling of many noticeable market players including ABB, Mitsubishi Electric Corporation, Schneider Electric, Siemens AG, Shanghai Liangxin Electrical Co. Ltd., Eaton, Delixi, CHINT Group, Hyundai Electric and Energy Systems Co. Ltd., HangShen Electric, Changshu Switchgear Mfg Co. ltd., Fuji Electric FA Components and Systems Co. Ltd., Hager Group, and Shanghai Electric Co. Ltd. (People’s Electric Appliance Factory).
Market Segmentation
The global low-voltage circuit breakers market is segmented on the basis of type, application, and region by Market Research Future (MRFR). Based on type, the global low-voltage circuit breakers market is segmented into molded-case circuit breaker (MCCB), air circuit breaker (ACB), and miniature circuit breaker (MCB). The miniature circuit breaker segment is likely to expand at a 4.92% CAGR, harnessing a revenue of USD 903.5 million by 2023.
Based on application, the global low-voltage circuit breakers market is segmented into automatic circuit shutoff and energy allocation. The automatic circuit shutoff segment is projected to garner a revenue of USD 993 million by 2023. The use of automatic circuit shutoff breakers is expected to bolster in commercial and residential application over the forecast period.
Asia Pacific to be Low-Voltage Circuit Breakers Market Frontrunner During Forecast Period
Regional segmentation of the global Low-Voltage Circuit Breakers Market has been done in the Middle East and Africa, the Americas, Europe, and Asia Pacific. Asia Pacific is estimated to garner the largest market share for low-voltage circuit breakers during the assessment period. One of the major drivers is the economic growth of the developing countries in the APAC leading to creation of higher demand. India, Indonesia, Korea, China, Japan, Thailand, India, and Malaysia are primary contributors to the development of low-voltage circuit breaker market in Asia Pacific.
Europe and North America are expected to pose as significant growth pockets in the global low-voltage circuit breakers owing to the proliferating demand for the renovation of electricity grid infrastructure. This is, in turn, leading to an increase in the demand for advanced devices such as low-voltage circuit breakers.
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Industry Update
April 2019: ABB has developed a solid-state circuit breaker concept which is designed to meet the high demands of next-generation power applications. The low-voltage circuit breaker is set to be introduced to the public at the Hannover Messe in Germany. It will be available for purchase from 2020.
February 2019: Scheider Electric announced the next generation high power low-voltage circuit breaker called the ‘Masterpact MTZ.’ It is an air circuit-breaker that has enhanced performance, higher reliability, and safety.
Related Reports
Circuit Breaker Market Research Report: Information by Voltage (High and Medium), Type (Outdoor circuit breaker and Indoor circuit breaker), End-Use (Transmission & Distribution, Power Generation, Renewables, Railways), and Region – Forecast till 2023.
https://www.marketresearchfuture.com/reports/circuit-breaker-market-921
Molded Case Circuit Breakers (MCCB) Market By Rated Current, End-User (Manufacturing & Process Industry, Residential & Commercial, Transmission & Distribution, Power Generation, and Others), and Region - Forecast Till 2024
https://www.marketresearchfuture.com/reports/molded-case-circuit-breakers-market-5902
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