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Residual Current Circuit Breaker (RCCB) Market Analysis 2024-2033
Residual Current Circuit Breaker (RCCB) Market
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According to The Business Research Company's, The residual current circuit breaker (rccb) market size has grown strongly in recent years. It will grow from $2.29 billion in 2023 to $2.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to electrical safety regulations, rising construction activities, increasing awareness of electrical safety, industrial growth, renewable energy integration.
The residual current circuit breaker (rccb) market size is expected to see strong growth in the next few years. It will grow to $3.24 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to urbanization and infrastructure expansion, focus on green building standards, renewable energy growth, smart cities initiatives, increasing electrification in emerging markets. Major trends in the forecast period include compact and modular design trends, rise of type a and type f rccbs, increased deployment in industrial and commercial sectors, efforts toward energy efficiency, globalization of rccb manufacturing and supply chains.
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Market Drivers and Trends:
The increase in building operations is expected to boost the growth of the residual current circuit breaker (RCCB) market going forward. Building operations refer to tasks to manage, maintain, and operate buildings. RCCBs are used in building electrical systems to ensure that the circuit trips quickly in the event of an earth fault, and the user is therefore protected from receiving an electric shock. For instance, according to a report published by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, US-based government agencies, in 2023, the number of privately-owned dwelling units approved by building permits in May 2023 was 1,491,000 annually. The number of privately-owned home completions in May was 1,518,000 on a seasonally adjusted yearly basis. This is 5.0% over the May 2022 rate of 1,446,000 and 9.5 % above the revised April estimate of 1,386,000. Therefore, the increase in building operations is driving the growth of the residual current circuit breaker (RCCB) market.
Product innovation is the key trend gaining popularity in the residual current circuit breaker (RCCB) market. Major companies operating in the residual current circuit breaker (RCCB) market are focusing on developing new products to sustain their position in the market. For instance, in January 2021, ABB Ltd, a Switzerland-based technology company, launched Formula DIN-Rail, a comprehensive selection of isolators, residual current circuit breakers (RCCBs), and miniature circuit breakers (MCBs) for the retail electrical sector in India. The unique feature of this product is its modern design, which offers electrical circuits the best protection against potential harm from overload, short circuits, and earth leakages in structures. The ABB Formula DIN-Rail portfolio is an advanced piece of engineering that allows for a fit with various pole configurations, contains B/C tripping characteristics (MCBs), variable leakage sensitivity (RCCBs), and isolation (Isolators) up to 63 A for domestic and similar applications.
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Major Key Players of the Market:
Siemens AG, GE Industrial Solutions, Schneider Electric SE, Honeywell International Inc., Mitsubishi Electric Corporation, ABB Group, Eaton Corporation, Shanghai Electric Group Company Limited, TE Connectivity Corporation, LeGrand SA, Rockwell Automation Inc., Fuji Electric Co. Ltd., CHINT Group, WEG S.A., Hager Group, Havells India Ltd., HD Hyundai Electric Co. Ltd., Noark Electric, Socomec Inc., Crompton Greaves Consumer Electrical Ltd., Meiji Electric Industries Co. Ltd., Gewiss SpA, Zhejiang Tengen Electric Co. Ltd., Terasaki Electric Co. Ltd., AEG Power Solutions, HPL Electric & Power Ltd., L&T Electrical & Automation, BCH Electric Limited, Hensel Electric India Pvt. Ltd., LS Electric Co. Ltd.
Residual Current Circuit Breaker (RCCB) Market 2024 Key Insights:
• The residual current circuit breaker (rccb) market size is expected to see strong growth in the next few years. It will grow to $3.24 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Fueling Growth In The Residual Current Circuit Breaker (RCCB) Market
• Key Trend In Rccb Market Product Innovation Gains Popularity
• North America was the largest region in the residual current circuit breaker (RCCB) market in 2023
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