Low-Voltage Circuit Breakers Market Outlook
The global low-voltage circuit breakers market is anticipated to grow at a CAGR of around 4.54% between 2023 and 2032, reaching a valuation of more than USD 1.6 billion, as per MRFR analysis.
Electrical switches called Low-Voltage Circuit Breakers (LVCBs) are used to guard against overloading, short circuits, and ground faults that can harm electrical systems and equipment.
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modernize and upgrade electrical infrastructure, particularly in developing countries where electrical grids are often outdated and in need of improvement.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.
More Trending Reports
VOC Concentrator Market Trends