Low Voltage Circuit Breaker Market

Market Overview:

The global low voltage circuit breaker market size reached US$ 1.91 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.39 Billion by 2028, exhibiting a growth rate (CAGR) of 3.50% during 2023-2028. The growing need for reliable and efficient circuit protection devices in electrical distribution systems, the augmenting demand for electricity across residential, commercial, and industrial sectors, and implementation of favorable government initiatives to reduce energy consumption represent some of the key factors driving the market. 

A low voltage circuit breaker refers to an essential electrical switch that serves to protect electrical circuits from damage resulting from overloads, short circuits, or other faults. It is intended to function within voltage levels that do not exceed 1000V and has the capacity to interrupt a flow of electricity of up to several thousand amperes. By automatically interrupting electricity flow when faults occur, circuit breakers play an instrumental role in protecting equipment, preventing damage, and reducing the risks of fires or electrical shocks. Additionally, they enable safe maintenance by providing a secure method of disconnecting electrical equipment from power sources. Circuit breakers come in different mounting options, including panel and direct bus bar mounting, and utilize thermal, magnetic, or a combination of both tripping mechanisms to open circuits when faults occur. Some of the advantages of using low voltage circuit breakers include improved safety, high reliability, cost-effectiveness, and convenience.

Low Voltage Circuit Breaker Market Trends: 

The market is primarily driven by the growing need for reliable and efficient circuit protection devices in electrical distribution systems across the globe. This can be attributed to the augmenting demand for electricity across residential, commercial, and industrial sectors. In line with this, the implementation of favorable initiatives by government bodies across several countries to reduce energy consumption and minimize carbon emissions is providing an impetus to the market. Moreover, continual technological advancements, such as adjustable trip settings, selective coordination, and intelligent protection functions in circuit breakers, are creating lucrative growth opportunities in the market. Additionally, the escalating demand for uninterrupted electricity supply with efficient circuit protection devices, particularly in emerging economies, is resulting in a higher product uptake. The increasing adoption of renewable energy sources, such as solar and wind power, is propelling the demand for low voltage circuit breakers used in renewable energy systems, thereby contributing to the market growth. Furthermore, the incorporation of smart technologies in electrical systems, such as remote monitoring control, diagnostics capabilities, real-time information on electrical system health and predictive maintenance, is fueling the market. Some of the other factors contributing to the market include rapid urbanization and industrialization, an enhanced focus on sustainable development, and extensive research and development (R&D) activities conducted by key players.

Key Market Segmentation: 

IMARC Group provides an analysis of the key trends in each segment of the global low voltage circuit breaker market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type, application and end user. 

Type Insights: 

• Miniature Circuit Breaker (MCB)
• Moulded Case Circuit Breaker (MCCB)
• Air Circuit Breaker
   

The report has provided a detailed breakup and analysis of the low voltage circuit breaker market based on the type. This includes miniature circuit breaker (MCB), moulded case circuit breaker (MCCB), and air circuit breaker. According to the report, miniature circuit breaker (MCB) represented the largest segment.  

Application Insights: 

• Energy Allocation
• Shut-off Circuit
• Others
   

The report has provided a detailed breakup and analysis of the low voltage circuit breaker market based on the application. This includes energy allocation, shut-off circuit, and others. According to the report, shut-off circuit represented the largest segment.  

End User Insights: 

• Residential
• Commercial
• Others
   

A detailed breakup and analysis of the low voltage circuit breaker market based on the end user has also been provided in the report. This includes residential, commercial, and others.

Regional Insights: 

• North America 
  • United States 
  • Canada 
• Asia Pacific 
  • China 
  • Japan 
  • India 
  • South Korea 
  • Australia 
  • Indonesia 
  • Others 
• Europe 
  • Germany 
  • France 
  • United Kingdom 
  • Italy 
  • Spain
  • Russia
  • Others 
• Latin America 
  • Brazil 
  • Mexico 
  • Others 
• Middle East and Africa 
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for low voltage circuit breaker. Some of the factors driving the Asia Pacific low voltage circuit breaker market included continual technological advancements, rapid industrialization, the augmenting demand for uninterrupted power supply, etc.  

Competitive Landscape: 

The report has also provided a comprehensive analysis of the competitive landscape in the global low voltage circuit breaker market. Detailed profiles of all major companies have also been provided. Some of the companies covered include ABB Ltd., CHINT Group, Eaton Corporation plc, E-T-A Elektrotechnische Apparate GmbH (Ellenberger &poensgen Gesellschaft Mit Beschrankter Haftung), Fuji Electric FA Components & Systems Co., Ltd. (Fuji Electric Co. Ltd), Hager Group, Hyundai Electric & Energy Systems Co. Ltd., Mitsubishi Electric Corporation, Panasonic Corporation, Schneider Electric SE, Shanghai Delixi Group Co. Ltd., Siemens AG., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report. 

Report Coverage:

Key Questions Answered in This Report: 

• How has the global low voltage circuit breaker market performed so far, and how will it perform in the coming years? 
• What are the drivers, restraints, and opportunities in the global low voltage circuit breaker market? 
• What is the impact of each driver, restraint, and opportunity on the global low voltage circuit breaker market? 
• What are the key regional markets? 
• Which countries represent the most attractive low voltage circuit breaker market? 
• What is the breakup of the market based on the type? 
• Which is the most attractive type in the low voltage circuit breaker market? 
• What is the breakup of the market based on the application? 
• Which is the most attractive application in the low voltage circuit breaker market? 
• What is the breakup of the market based on the end user? 
• Which is the most attractive end user in the low voltage circuit breaker market? 
• What is the competitive structure of the global low voltage circuit breaker market? 
• Who are the key players/companies in the global low voltage circuit breaker market? 

Key Benefits for Stakeholders:  

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the low voltage circuit breaker market from 2017-2028.  
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global low voltage circuit breaker market.  
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region. 
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the low voltage circuit breaker industry and its attractiveness. 
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.