Residual Current Circuit Breaker Market Expected to Witness a CAGR of 6.7% through 2018-2028
Key Findings from the Competitive Landscape Analysis of Residual Current Circuit Breaker Market
Leading RCCB manufacturers are prioritizing the development of customer-specific product development, emphasizing superior performance, high operational efficiency, and regional expansion.
Partnerships and joint ventures through strategic collaborations with recognized research institutes is paving the way for product innovation.
Targeting expansion of existing product offerings, key players in residual current circuit breaker landscape are indulging in consistent new product innovation cycles, in addition to strategic mergers and acquisitions (The latest example in this category is of the acquisition of GE Industrial Solution by ABB).
Industry leaders are focusing on maintaining long-term contractual relationships with manufacturing giants for a reliable supply scenario of a wide range of residual current circuit breaker devices.
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“Towards the end of 2020, the global revenue of residual current circuit breaker landscape is likely to cross the US$ 2 billion mark, witnessing over 6% year on year growth each year post 2020,” explains a senior analyst at FMI. Elaborating further on the key impact factors shaping the revenue growth of residual current circuit breaker market, the analyst says, “Increasing adoption of smart grid, constant replacement of aging power infrastructure, rampant expansion of the residential construction sector, and growing digitization are primarily drawn as high-impact push factors associated with RCCB demand”.
Electrification Projects Are Receiving Funds from Governments, Boosting RCCB Demand
With considerably growing investments in effective and efficient electricity generation, the scope for transmission and distribution is also witnessing a steady increase worldwide. Several governments are encouraging funding for electrification projects that prominently support SEBs (state electric boards) and in turn foster the sales of electric components including residual current circuit breakers.
Mushrooming Residential Construction Realm Significantly Pushes RCCB Sales
The analysis of residual current circuit breaker landscape according to end use concludes dominance of the residential construction sector in the market. With an estimated 7+% year over year revenue growth over the next couple of years, residential infrastructure will continue to attract maximum opportunities over commercial and industrial sectors in the residential current circuit breaker market. This growth can be clearly correlated to heavy population growth, subsequently fueling the residential housing demand.
In the power input-wise analysis of residual current circuit breaker landscape, the report discusses solid incremental opportunity for three phase residual current circuit breaker that strongly attributes to an exceptionally high rate of solar PV and energy storage system sales over the recent past.
Power Investments Elevate in Asian Economies, Imposing Solid Growth Opportunities for Residual Current Circuit Breaker Manufacturers
FMI’s regional market analysis of residual current circuit breaker landscape reveals dominance of North America and Western Europe, the latter is however witnessing a major revenue decline in recent years. The criticality of the efficient eco-smart end use and an ever-growing concern of human safety from electrocution continues to boost the mature residual current circuit breaker landscape of developed regions.
Being among the most populous economies across the globe, China and India reinforce solid growth prospects for residual current circuit breaker sales growth. While China is projected for a heavy gain in terms of market value share, MEA is also poised to observe promising expansion at over 6.5% yearly growth post 2019 - owing to augmenting power investments.
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The breakthrough One Belt-One Road Project that connects China and all the other Central Asian economies, European countries, and Indo-Pacific littoral countries raises a substantial need for new roads, railway tracks, ports, and power grids. The onset of this project is expected to contribute substantially to the revenue growth of residual current circuit breaker landscape.
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