Low Voltage Circuit Breaker Market Scope, Product Estimates & Strategy Framework, Forecasts 2027

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. Surge in need of reliable power delivery and growing demand for electricity across the globe drive the growth of the global low voltage circuit breaker market.

A circuit breaker can operate automatically as well as manually for controlling and protecting an electrical power system. Low voltage circuit breaker helps protect electric appliances from short circuit and overburden of current, and works in the voltage rating of up to 1000 VAC.

Moreover, circuit breakers are cost-effective and offer reliable operation of the electric circuit. The requirement for low voltage circuit breakers has increased significantly with expanding concern for safety in residential, automotive, electrical, and electronic sectors.

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. However, safety regulation regarding the product quality of circuit breaker and resulting opportunity for unorganized sector and operational failures & harsh environments are the key factors hampering the growth of the global low voltage circuit breaker market in the upcoming years.

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Based on type, the miniature circuit breaker segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the air circuit breaker segment is estimated to portray the highest CAGR of 5.4% during the forecast period.

Based on application, the shut-off circuit segment accounted for the largest share in 2019, holding nearly three-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the energy allocation segment is expected to register the highest CAGR of 5.4% from 2020 to 2027.

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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. Previously, fuses were largely used in commercial applications due to their cost-effective nature. However, they have been replaced by circuit breakers in recent years, as they offer enhanced flexibility and superior sensitivity toward heavy electric loads, which in turn drives the growth of the market during the forecast period.

On the basis of the region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. 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. Moreover, presence of the developing countries such as China, Japan, Australia, and India is anticipated to contribute toward the growth of the low voltage circuit breaker market in Asia-Pacific. In addition, according to the International Renewable Energy Agency, China and India are in the top five renewable energy producing countries across the globe, which further increases the demand for low voltage circuit breakers in this region.

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The global low voltage circuit breaker market analysis covers in-depth information of the major industry participants. 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.

Covid-19 scenario:

• Frequent lockdown extension due to outbreak of Covid-19 across various nations has resulted in halting of industrial manufacturing activities, reducing the demand for low voltage circuit breakers
• In addition, delay in installation of renewable energy power plants across the globe is expected to hamper the demand for low voltage circuit breaker market.

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