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The global low voltage circuit breaker market size attained a value of 2.0 billion in 2023. The market is expected to grow at a CAGR of 3.2% between 2024 and 2032, reaching almost 2.66 billion by 2032.
The miniature circuit breaker (MCB) segment based on type accounts for a significant share in the market owing to the electrical safety offered by MCBs. An MCB, in an overload or faulty condition, automatically switches off electric current, thereby preventing any harm.
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The electrical and electronics industry has witnessed a transition from fuse to miniature circuit breakers (MCB) as the product is more reliable and efficient. Furthermore, MCB can easily identify the faulty zone of an electric circuit, possesses high electrical sensitivity, and has a less maintenance and replacement cost. Hence, the MCB segment is likely to attain a steady growth in the forecast period.
The low voltage circuit breaker industry in the Asia Pacific is driven by the expanding consumer base and the heavy presence of manufacturers in the region. In addition to this, China and India come under the list of top renewable energy producing countries. Furthermore, the growing efforts and rising investments in research and development (R&D) activities by the manufacturers are likely to provide lucrative opportunities for the market expansion. Hence, the market in the region is likely to witness a significant growth in the forecast period.
A low voltage circuit breaker, an electrical switch, is designed to protect an electrical circuit from excess current and the subsequent damages caused by an overload or short circuit. It achieves so by interrupting current flow after a fault is detected. It is used in low-voltage power grid distribution equipment. A low voltage circuit breaker is suited for circuits rated at 600 volts or lower. These circuit breakers are commonly used in domestic, commercial, and industrial applications and are generally installed in draw-out enclosures to facilitate the removal and interchange without dismantling the switchgear. They provide benefits such as improved safety of personnel and property and are also made for direct-current (DC) applications like the DC required for subway lines.
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Based on type, the market can be segmented into:
The major applications of low voltage circuit breakers include:
The significant end users of the product include:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The global low voltage circuit breaker industry is driven by the rising demand for electricity from various end use industries, including oil and gas, agriculture, automotive, semiconductor, and construction, among others. In these industries, it is important to prevent abnormal conditions such as faulty operations, short circuits, cases of faults in motor-powered devices, and others. Hence, the demand for low voltage circuit breakers is anticipated to witness a surge in the forecast period. In addition to this, the growing residential construction in emerging economies, owing to the rising population and increasing disposable incomes, is likely to provide impetus to the market in the coming years.
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The report gives a detailed analysis of the following key players in the global low voltage circuit breaker market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Application |
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Breakup by End User |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global low voltage circuit breaker market attained a value of nearly USD 2.0 billion.
The market is estimated to grow at a CAGR of 3.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 2.66 billion by 2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, among which, the Asia Pacific accounts for the largest share in the market.
The major drivers of the industry, such as the rising utilisation of low voltage circuit breakers in the residential and commercial sectors, rising demand for electricity, and increasing focus to prevent short circuits in critical environments to provide improved safety, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the growing residential construction, thereby propelling the demand for low voltage circuit breakers.
Miniature circuit breaker (MCB), moulded case circuit breaker (MCCB), and air circuit breaker, are the major types of low voltage circuit breakers in the market.
Energy allocation, and shut-off circuit, among others are the different applications of the product.
Residential, and commercial, among others, are the major end users of low voltage circuit breakers.
The major players in the industry are ABB Ltd., Schneider Electric Company, Siemens AG, Eaton Corporation, and Panasonic Corporation, among others.
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