Low Voltage Circuit Breaker Market: Breaking Barriers for Electrical Safety | 4.9% Growth Rate
Low Voltage Circuit Breaker
Low Voltage Circuit Breaker Market is estimated to exceed US$ 4.4 billion by 2027
WILMINGTON, DELAWARE, UNITED STATES, October 9, 2023 /EINPresswire.com/ --
The global low voltage circuit breaker market size was valued at $3.4 billion in 2019, and is projected to reach $4.4 billion by 2027, growing at a CAGR of 4.9% from 2020 to 2027.
The key players operating and profiled in the report include ABB, Ltd., Changshu Switchgear Mfg. Co., Ltd., People Electric Appliance Group Co., Ltd, Shanghai Delixi Group Co., Ltd, Schneider Electric SE, Eaton Corporation plc, Hager Group, Fuji Electric FA Components & Systems Co., Ltd., Hyundai Electric & Energy Systems Co., Ltd., Shanghai Liangxin Electrical Co., Ltd. (Nader), Mitsubishi Electric Corporation, Siemens AG, Chint Group, Panasonic Corporation, Danfoss, Rockwell Automation, Inc., Circutor SA, Lovato Electric S.P.A., WEG Group, E-T-A GmbH, Carling Technologies, Inc., Schurter Holding AG, and Britec Electric.
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Growing building & construction and infrastructure activities across the globe is fueling the growth of the low voltage circuit breaker market. In addition, increase in demand for electricity and need for reliable power delivery further drives the growth of the market, globally.
A low voltage circuit breaker works by automatically interrupting the flow of electricity when the current exceeds a predetermined level. This prevents the wires and other components of the circuit from overheating and potentially causing a fire. When a fault occurs, such as a short circuit or an overload, the circuit breaker's internal mechanism trips and interrupts the current flow, thereby protecting the circuit.
A low voltage circuit breaker is an electrical device designed to protect low voltage electrical circuits from damage caused by excessive current flow. It is typically used in residential, commercial, and industrial settings to prevent electrical overloads and short circuits.
Low voltage circuit breakers are commonly used in distribution panels, switchboards, and control panels to provide protection to individual circuits. They come in various types and ratings, depending on the specific application and the level of protection required.
Some common types of low voltage circuit breakers include thermal-magnetic circuit breakers, which use a combination of thermal and magnetic elements to provide protection, and electronic circuit breakers, which use solid-state components to monitor the current and trip the breaker when necessary.
Overall, low voltage circuit breakers are essential components in electrical systems, providing critical protection to electrical circuits and ensuring the safety of people and property.
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Asia-Pacific garnered the dominant share in 2019, and is anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and the existence of key players in the region.
In residential and commercial settings, low voltage circuit breakers are typically used to protect the electrical systems in buildings, including lighting circuits, outlets, and appliances. They are installed in the electrical distribution panel, which is usually located in a utility room or basement.
Depending on the type, the miniature circuit breaker segment held the highest global low voltage circuit breaker market share of around 52.75% in 2019, and is expected to maintain its dominance during the forecast period. This is owing to increase in demand for miniature circuit breakers from cable protection, small motors protection, x-ray machines, UPS systems, and other residential & commercial applications.
On the basis of application, the shut-off segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to increase in faulty operations in the electrical circuits such as overloading, short circuit faults, motor powered devices faults, and others in the residential, commercial, and industrial applications.
On the basis of end users, the commercial segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 4.6%. This is attributed to increase in demand for low voltage circuit breakers from the commercial sites such as shops, complexes, malls, theatres, and other applications.
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COVID-19 Impact
The worldwide spread of coronavirus has huge impact on the various industries and countries across the globe. Owing to the lockdown in each and every economy analyzed in the report and others, there is decrease in the growth rate of the industries such as construction & building, transportation, oil & gas, energy, and others.
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