Low-Voltage Circuit Breakers Market Size was valued at USD 1.14 Billion in 2023. The Low-Voltage Circuit Breakers Market industry is projected to grow from USD 1.19 Billion in 2024 to USD 1.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.75% during the forecast period (2024 - 2032). Rise in infrastructure projects, as well as increased residential and small-scale commercial construction are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The increased usage of alternative energy sources, particularly solar power, has had a substantial impact on the market CAGR for low-voltage circuit breakers. The market for low-voltage DC circuit breakers is expected to grow as solar power generation, one of the greenest types of energy generating, becomes more popular. Several governments have developed advantageous policies to assist the development of solar power infrastructure. Low voltage circuit breakers protect a solar system at every stage, from combiner boxes through AC and DC inverters and main panels. The solar panels will only generate electricity when it is sunny. Advances in solar panel technology have enabled power generation even in low-intensity sunlight. Solar panel manufacturers concurrently decreased solar panel prices.
Circuit breakers have become an essential component of electrical networks in homes and businesses, industries, and utility-scale grids. Because of the increased urbanisation and modernisation, electrical switching devices are installed in every home, workplace, and other building. As a result, ongoing efforts are made to promote a safer atmosphere. The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 went into force on June 1, 2020. The revised electrical laws entered into effect on July 1, 2020, for new tenancies, and on April 1, 2021, for existing tenants. Landlords must have their electrical installations inspected and tested by a "qualified and competent" person at least every five years, according to this rule. Infractions of the new electrical laws may result in fines of up to $34,000 USD. During the projection period, these regulatory norms will have a favourable impact on the Circuit Breaker industry outlook.
Furthermore, several developing countries have electrification programmes in place to connect rural areas to the power grid. Other countries are also attempting to integrate multiple grid zones to establish a mega-national grid. These electrical switching devices are widely used in transmission and distribution lines to protect the power system against electrical problems. For instance, in June 2021, the World Bank financed more than US$ 2.3 billion in infrastructure and reforms to support the West Africa Power Pool, which is viewed as vital to achieving universal access to power in the 15 countries of the Economic Community of West African States by 2030. Thus, driving the Low-Voltage Circuit Breakers Market revenue.
The Low-Voltage Circuit Breakers Market segmentation, based on type includes Miniature Circuit Breaker (MCB), Molded-case Circuit Breaker (MCCB), Air Circuit Breaker (ACB). The Molded-case Circuit Breaker (MCCB) category held the greatest market share in the low voltage de circuit breaker market in 2022. Because of its simple design and longevity, the Moulded Case Circuit Breaker (MCCCB) is more dependable and affordable than its competitors. One of the key reasons for this is that MCCBs are more commonly employed than Air Circuit Breakers (ACBs) and other low voltage DC circuit breakers. With the expansion of power generating and transmission networks, moulded case circuit breakers are becoming more popular. Furthermore, moulded case circuit breakers are in high demand in the commercial and industrial sectors. These circuit breakers are used to supply power to industrial machinery such as elevators, conveyors, and cranes.
In September 2020, Siemens debuted a new three-wire air circuit breaker series. The company's new 3WA circuit breakers suit all low-voltage power distribution standards in digital applications. These advancements improve the air circuit breaker segment, consequently increasing the size of the Circuit Breaker market.
The Low-Voltage Circuit Breakers Market segmentation, based on application, includes energy allocation, shut-off circuit and others. The shut-off circuit segment will lead the market share due to an increase in defective electrical circuit operations such as overloading, short circuit issues, motor-powered system failures, and others in residential, commercial, and manufacturing uses.
Figure 1: Low-Voltage Circuit Breakers Market, by Application, 2024 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Low-Voltage Circuit Breakers Market area will dominate this market, owing to its considerable share of 41.42% and an expected quick increase at 7.3% CAGR by 2032 in the construction market. The growing adoption of alternative energy generation sources such as wind and solar, which necessitate large expenditures in distribution and transmission, is creating market potential. Moreover, China’s Low-Voltage Circuit Breakers Market held the largest market share, and the Indian Low-Voltage Circuit Breakers Market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Low-Voltage Circuit Breakers Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Low-Voltage Circuit Breakers Market accounts for the second-largest market share due of the modernising and robotization of contemporary organisations here. Further, the German Low-Voltage Circuit Breakers Market held the largest market share, and the UK Low-Voltage Circuit Breakers Market was the fastest growing market in the European region
The North America Low-Voltage Circuit Breakers Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increased energy usage and high need for energy storage.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Low-Voltage Circuit Breakers Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Low-Voltage Circuit Breakers industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Low-Voltage Circuit Breakers industry to benefit clients and increase the market sector. In recent years, the Low-Voltage Circuit Breakers industry has offered some of the most significant advantages to medicine. Major players in the low voltage power circuit breaker Market, including HangShen Electric (China), CHINT Group (China), Hyundai Electric & Energy Systems Co., Ltd. (South Korea), Fuji Electric FA Components & Systems Co. Ltd. (Japan) and others, are attempting to increase market demand by investing in research and development operations.
Siemens is a German multinational conglomerate and Europe's largest industrial manufacturing firm. Its headquarters are in Munich, and it has a number of foreign branch offices. The company's primary divisions are Digital Industries, Smart Infrastructure, Mobility, Healthcare (named Siemens Healthineers), and Financial Services. The firm is a notable manufacturer of medical diagnostics equipment; its medical health-care segment, which accounts for around 12% of total revenues, is the corporation's second-most lucrative unit after the industrial automation division. It is considered as a pioneer in this field and the corporation with the largest revenue in the world. In January 2020, Siemens purchased C&S Electric in India, a company that specialises in low voltage equipment such as DC low voltage circuit breakers. Siemens Ltd paid roughly EUR 267 million (INR 21 billion) for approximately 99% of C&S Electric Limited's equity share capital.
ABB Ltd. is a Swedish-Swiss enterprise headquartered in Zürich, Switzerland. ASEA Brown Boveri was created in 1988 when Sweden's Allmänna Svenska Elektriska Aktiebolaget (ASEA) and Switzerland's Brown, Boveri & Cie amalgamated to form ASEA Brown Boveri, afterwards abbreviated to ABB. Both firms were founded in the late 1800s and were major makers of electrical equipment, a business in which ABB is still involved today. Since then, the company has grown into robotics and automation technology. In January 2021, ABB introduced Formula DIN-Rail, a comprehensive line of MCBs and RCCBs for the Indian electrical retail market. The product selection was created with modern design and superior electrical circuit protection in mind.
In September 2020, Siemens has introduced the 3 WA series of air circuit breakers. With the launch, Siemens Smart Infrastructure updated its Sentron portfolio of air circuit breakers. The new 3WA circuit breakers from the firm meet all low-voltage power distribution standards in digital applications.
In March 2020, Phoenix Contract debuted a thermomagnetic circuit breaker for big surge protection in electrical MCC panels and extensive cable lengths.
In September 2020, Eaton Cummins Automated Transmission Technologies said the Endurant XD series will be available, increasing the Endurant Automated Transmission offering. The series is a popular show modified gearbox intended for on-highway applications, for example, twofold and triple 18 wheelers, as well as solid on/off-road applications, for example, dump and officer-administration trucks.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 1.14 Billion |
| Market Size 2024 | USD 1.19 Billion |
| Market Size 2032 | USD 1.6 Billion |
| Compound Annual Growth Rate (CAGR) | 3.75% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | ABB (Switzerland), Schneider Electric (France), Mitsubishi Electric Corporation (Japan), Siemens AG (Germany), Eaton Corporation (Ireland), Shanghai Liangxin Electrical Co., Ltd. (China), DELIXI (China), HangShen Electric (China), CHINT Group (China), Hyundai Electric & Energy Systems Co., Ltd. (South Korea), Fuji Electric FA Components & Systems Co. Ltd. (Japan). |
| Key Market Opportunities | Electricity in rural places |
| Key Market Dynamics | Increase in infrastructure projects Residential and small-scale commercial building is expanding. |
Low Voltage Circuit Breakers Market Highlights:
Frequently Asked Questions (FAQ) :
The Low-Voltage Circuit Breakers Market size was valued at USD 1.14 Billion in 2023.
The market is projected to grow at a CAGR of 3.75% during the forecast period, 2024-2032.
Asia Pacific had the largest share in the market
The key players in the market are HangShen Electric (China), CHINT Group (China), Hyundai Electric & Energy Systems Co., Ltd. (South Korea), and Fuji Electric FA Components & Systems Co. Ltd. (Japan).
The shut-off circuit category dominated the market in 2022.
The moulded case circuit breaker had the largest share in the market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
