The global low-voltage circuit breakers market is expected to exhibit a 4.54% CAGR, on the basis of value, from 2018 to 2023 (forecast period), as per the latest report by Market Research Future (MRFR). It is predicted to touch a valuation of USD 1,657.2 million by the end of the forecast period. Low-voltage circuit breakers protect electrical equipment from damage. It detects faults caused by overload and interrupts the power flow.
The global low-voltage circuit breakers market is segmented on the basis of type, application, and region.
By type, the global low-voltage circuit breakers market is segmented into molded-case circuit breaker (MCCB), miniature circuit breaker (MCB), and air circuit breaker (ACB). The MCCB segment accounted for 53.35% share in 2017, followed by MCB and ACB segments respectively. MCCB can exhibit 4.92% CAGR over the forecast period to generate close to USD 903.5 million by 2023.
By application, the global low-voltage circuit breakers market is segmented into energy allocation, automatic circuit shutoff, and others. The automatic circuit shutoff segment is predicted to generate USD 993 million by 2023. Its use in commercial and residential applications is likely to bolster its demand exponentially over the forecast period.
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The recent rise of infrastructural projects is likely to drive the market demand exponentially over the forecast period. Urgent need for automatic switches to ensure the uninterrupted power flow is expected to augur the low-voltage circuit breakers market growth till 2023. Mushrooming of commercial and industrial zones thanks to continuous developments in cities has warranted the need for circuit breakers.
Electrification of rural areas is expected to be a prime opportunity for the market to expand till the end of the forecast period. Initiatives by nations to provide power to consumers in remote regions via renewable sources can bode well for the low-voltage circuit breakers market.
Noteworthy players in the low-voltage circuit breakers market include ABB (Switzerland), Schneider Electric (France), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany), Eaton Corporation (Ireland), Shanghai Liangxin Electrical Co., Ltd. (China), DELIXI (China), HangShen Electric (China), CHINT Group (China), Hyundai Electric & Energy Systems Co., Ltd. (South Korea), Fuji Electric FA Components & Systems Co., Ltd. (Japan), Changshu Switchgear Mfg Co., Ltd. (China), Hager Group (Germany), and China People Electric Appliance Group Shanghai Co Ltd (China). The efforts and strategies undertaken by these players are outlined to strengthen their core businesses.
Research analysts at MRFR use a combination of primary and secondary research to present readers with valuable insights. Primary research entails interviews with industry stalwarts of prominent companies coupled with a look at past and present trends. Keeping this in mind, future estimations are presented with valid proofs which are verified by using trusted sources. Secondary research comprises data gathered from journals, white papers, company websites, and paid databases.
The market size is predicted and segmented into various sub-segments for easy understanding. The final report is filled with accurate statistics and graphs. Trends and insights can assist current and new players in the market in making sound investments.