NEWARK, Del, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The global residual current circuit breaker market is anticipated to reach a valuation of US$ 2,467.0 million in 2023, driven by surge in data centers. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 6.7% between 2023 and 2033, and reaching a total valuation of approximately US$ 4,718.6 million by 2033.
One of the major factors contributing to the growth of the residual current circuit breaker market is the adoption of green building standards and the focus on sustainability, which are driving the use of energy efficient electrical systems, where RCCBs play a role in improving energy management and safety.
The growth of eCommerce and last mile logistics centers has led to increased warehouse construction and a corresponding demand for electrical safety solutions like RCCBs. The rise of energy storage systems, such as batteries and capacitors, for renewable energy integration and grid stability, requires enhanced electrical protection, including RCCBs.
Request Sample Report: Empower Your Industry Understanding with Invaluable Insights
https://www.futuremarketinsights.com/reports/sample/rep-gb-5154
Awareness of environmental concerns and the need for sustainable practices are pushing the development of eco friendly and energy efficient RCCB solutions. RCCBs are crucial in ensuring electrical system resilience and disaster preparedness, as they can quickly detect faults and prevent electrical fires during emergencies.
RCCB manufacturers are increasingly looking to expand into international markets, leveraging the global demand for electrical safety devices. Providing customized RCCB solutions for specific industrial applications, such as marine, oil and gas, and mining, presents a niche opportunity.
Partnerships between RCCB manufacturers, technology companies, and electrical system integrators are creating opportunities to offer integrated safety solutions. There is an emerging need to integrate cybersecurity features into RCCBs to protect against cyber threats, with the increasing digitalization of electrical systems.
The incorporation of remote monitoring and predictive maintenance features in RCCBs allows for proactive maintenance, reducing downtime and ensuring safety. The rollout of 5G infrastructure and its reliance on reliable and safe electrical systems is creating a demand for advanced RCCB solutions in the telecommunications sector.
Key Takeaways from the Residual Current Circuit Breaker Market Report:
- The global residual current circuit breaker market was valued at US$ 2,305.9 million by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 6.0%.
- The market in China is expected to expand at a CAGR of 8.0% through 2033.
- By network type, the two pole segment will account for a share of 50.6% in 2023.
- From 2023 to 2033, the residual current circuit breaker market is expected to flourish at a CAGR of 6.7%.
- By 2033, the market value of the residual current circuit breaker is expected to reach US$ 4,718.6 million.
“The rapid adoption of electric vehicles and the need for EV charging infrastructure have increased the demand for RCCBs to ensure safe and efficient charging,” Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Scope of Report:
| Attribute | Details | |||
| Estimated Market Size in 2023 | US$ 2,467.0 million | |||
| Projected Market Valuation in 2033 | US$ 4,718.6 million | |||
| Value-based CAGR 2023 to 2033 | 6.7% | |||
| Forecast Period | 2023 to 2033 | |||
| Historical Data Available for | 2018 to 2022 | |||
| Market Analysis | Value in US$ million | |||
| Key Regions Covered |
| |||
| Key Market Segments Covered |
| |||
| Key Countries Profiled |
|
| ||
| Key Companies Profiled |
|
| ||
Competitive Landscape
Prominent players in the residual current circuit breaker market are ABB, Siemens AG, Schneider Electric, Honeywell International Inc., Eaton, Havells India Ltd., Hager Group, HPL Electric & Power Limited, Rockwell Automation, Inc., Gewiss S.p.A., and Legrand, among others.
Recent Developments
- In 2023, Eaton, an American multinational power management company, announced its partnership with a major Chinese RCCB manufacturer to offer its customers a wider range of RCCB products.
- In the same year, Legrand, a French multinational company that specializes in electrical and digital building infrastructure, announced the acquisition of a major Indian RCCB manufacturer, which will strengthen its market position in the Indian RCCB market.
- In 2022, Schneider Electric India, the Indian subsidiary of Schneider Electric, announced the launch of its new line of RCCBs specifically designed for the Indian market.
Explore In-Depth Market Analysis: Purchase Now to Access Segment-specific Details, Uncover Crucial Trends, Drivers, and Challenges
https://www.futuremarketinsights.com/checkout/5154
Residual Current Circuit Breaker Market Segmentation:
By Product Type:
- AC
- A
- F
- B
- B+
By Network Type:
- 2 Pole
- 3 Pole
- 4 Pole
By Power Input:
- Single Phase
- Three Phase
By End Use:
- Residential
- Commercial
- Industrial
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:
- Gas Circuit Breaker Market Size: The Market is anticipated at US$ 647 million in 2022. Demand is likely to remain high for the market during the assessment period. This is due to the rising demand for renewable energy and garnering US$ 1018.5 million in 2033
- Paper And Plastic Film Capacitors Market Growth: This Market is poised to surpass US$ 2.7 billion by 2023, surging at a remarkable CAGR of 5.4% through 2033 to reach US$ 4.5 billion.
- Printed Circuit Boards (PCB) Market Analysis: The Global Market is anticipated at US$ 60.2 billion in 2022. Demand is likely to remain high for printed circuit boards (PCBs) during the assessment period. this is due to the rapid technological advancement and rapidly growing consumer electronics garnering US$ 104.8 billion in 2033
- Micro Robots Market Review: The Market was projected to be worth US$ 27 billion in 2022. By the end of 2023, the market is likely to reach a valuation of US$ 31.73 billion. The global market for micro robots is likely to garner a 17.5% CAGR and reach a market worth US$ 159.17 billion by 2033.
- Street and Roadway Lighting Market Overview: This Market is valued at US$ 9.7 billion in 2023, reflecting its robust growth trajectory. Projections suggest that the market is poised to maintain a steady pace of expansion, with an estimated CAGR of 5.4% from 2023 to 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
