Key Factors Propelling the Residual Current Circuit Breaker Market: 6.7% CAGR and US$ 3,411.6 Million Projected by 2028

In the dynamic and competitive Residual Current Circuit Breaker (RCCB) market, prominent manufacturers are increasingly focusing on customer-specific product development to meet diverse and evolving requirements.
Their unwavering commitment to delivering superior performance and high operational efficiency has become the cornerstone of their strategies. With a strong emphasis on regional expansion, these industry leaders are seeking to broaden their global footprint, catering to the unique needs of various markets.

At a CAGR of 6.7 percent, the market for residual current circuit breakers is anticipated to reach US$ 3,411.6 million by 2028. In 2022, the industry is anticipated to be worth US$ 2,305,9 million.
The global market for residual current circuit breakers expanded at a CAGR of 6.5 percent between 2017 and 2021, according to the most recent research from FMI. In 2017, the market had a value of US$ 1,683.1 million. The historical period's growth can be primarily attributed to an increase in building maintenance activities to replace deteriorating electrical infrastructure.

Since the implementation of COVID-19, the demand for residual current circuit breakers has significantly decreased, especially in the first two quarters. The implementation of strict lockdowns led to the suspension of a number of activities.

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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 inconsistent 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.
"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 ageing power infrastructure, the rampant expansion of the residential construction sector, and growing digitization are primarily drawn as high-impact push factors associated with RCCB demand".
Mushrooming Residential Construction Realm Significantly Pushes RCCB Sales
The analysis of the 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.

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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 continue 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.

The breakthrough One Belt-One Road Project that connects China and all the other Central Asian economies, European countries, and Indo-Pacific littoral countries raise 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 the residual current circuit breaker landscape.

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Key Segments:
Residual Current Circuit Breaker by Product Type:
• AC
• A
• F
• B
• B+
Residual Current Circuit Breaker by Network Type:
• 2 Pole
• 3 Pole
• 4 Pole
Residual Current Circuit Breaker by Power Input:
• Single Phase Residual Current Circuit Breaker
• Three Phase Residual Current Circuit Breaker
Residual Current Circuit Breaker End Use:
• Residual Current Circuit Breaker for Residential
• Residual Current Circuit Breaker for Commercial
• Residual Current Circuit Breaker for Industrial
Residual Current Circuit Breaker by Region:
• North America Residual Current Circuit Breaker Market
• Latin America Residual Current Circuit Breaker Market
• Western Europe Residual Current Circuit Breaker Market
• Eastern Europe Residual Current Circuit Breaker Market
• Southeast Asia & Pacific Residual Current Circuit Breaker Market
• China Residual Current Circuit Breaker Market
• Japan Residual Current Circuit Breaker Market
• India Residual Current Circuit Breaker Market
• Middle East & Africa Residual Current Circuit Breaker Market

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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.