© Copyright Our Wall
Market Research Future Insights
According to MRFR analysis, the global Low-Voltage Circuit
Breakers marketis expected to register a CAGR of ~ 4.54% from 2023 to 2032 and hold a value of
over USD 1.6 billion by 2032.
Low-Voltage
Circuit Breakers (LVCBs) are electrical switches that are used to protect
electrical systems and equipment from damage caused by overloading, short circuits,
and ground faults. They are commonly used in residential, commercial, and
industrial applications and are designed to automatically interrupt the flow of
electrical current in the event of an electrical fault.
The
economic slowdown caused by the pandemic has led to a decrease in demand for
these products, as consumers and businesses reduce their spending. On the other
hand, the demand for low-voltage circuit breakers has been supported by the
need to modernize and upgrade electrical infrastructure, particularly in developing
countries where electrical grids are often outdated and in need of improvement.
Additionally,
supply chain disruptions have caused difficulties for manufacturers, resulting
in price hikes and reduced availability.
Key Players
·
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)
·
Changshu Switchgear Mfg
Co. Ltd. (China)
·
Hager Group (Germany)
·
China People Electric
Appliance Group Shanghai Co Ltd (China)
Regional Analysis
The
Asia-Pacific region is the fastest-growing market for low-voltage circuit
breakers and holds the largest market share globally. This is due to several
factors, including the rapidly growing economies in the region, the increasing
demand for energy, and government initiatives to modernize and upgrade
electrical infrastructure.
The
region is home to some of the largest and fastest-growing populations in the
world, which is driving the demand for energy and the need to upgrade
electrical infrastructure. Additionally, many countries in the region are
actively investing in the development of their renewable energy infrastructure,
which is further fueling the demand for low-voltage circuit breakers. The low
cost of labor and raw materials in the region has also made it attractive for
manufacturers to set up production facilities, further contributing to the
growth of the market.
Market Segmentation
The
Global LV
circuit breakers market size has been segmented into type, application.
Based
on the type, the market has been segmented into Miniature Circuit Breakers
(MCB), Molded-case Circuit breakers (MCCB), and Air Circuit breakers (ACB).
Based
on the application, the market has been segmented into Energy Allocation,
Shut-off Circuits, and Others.
Related Reports
Distributed Generation Market size
Global Brushless DC Motors Market
The Wall