Market Insight-Global Low Voltage Circuit Breaker Market Overview 2022
The Global Low Voltage Circuit Breaker Market Size was estimated at USD 16060 million in 2021 and is projected to reach USD 25566 million by 2028, exhibiting a CAGR of 6.70% during the forecast period– Bossonresearch.com
A low voltage circuit breaker is a type of electromechanical switch that breaks the circuit manually or automatically under abnormal conditions such as over current, over-voltage, and short circuit and works up to a 1,000 V voltage rating. Its basic function is to detect a fault function by interrupting continually and immediately discontinuing electric flow. As compared to a fuse, which operates once and needs to replace, a low voltage circuit breaker can be reset either manually or automatically to resume normal options.
According to Bosson Research, the Global Low Voltage Circuit Breaker Market Size was estimated at USD 16060 million in 2021 and is projected to reach USD 25566 million by 2028, exhibiting a CAGR of 6.70% during the forecast period. The expansion in the market of low voltage circuit breakers is significantly attributed to the fact that the demand for electricity is tenaciously increasing in developing nations. Besides, the expansion in infrastructural ventures for safe electrical dispersion is anticipated to guide the low voltage circuit breakers market in the coming years.
Figure Global Low Voltage Circuit Breaker Market Size
Source: Bossonresearch.com, 2022
COVID-19 Impact on the Market
The worldwide spread of coronavirus has a huge impact on the various industries and countries across the globe. Owing to the lockdown in every economy analyzed in the report and others, there is a decrease in the growth rate of the industries such as construction & building, transportation, oil & gas, energy, and others. In addition, there is a decrease in electricity demand from the COVID-19 affected regions over the past three months, which is expected to hamper the growth of the low voltage circuit breaker market in the next one or two years. In Europe, economies such as Germany, France, Spain, Italy, and others are following strict measures to break the spread of coronavirus in their respective regions.
Power demand falls across the globe, owing to the shutting off of the operations, manufacturing, and delay in renewable & other infrastructure installations is further expected to restrain the growth rate for the global low voltage circuit breaker market in the year 2020, and is expected to increase by the end of the first quarter of 2021.
Competitive Landscape of the Mobile Communications Market
The key players are adopting numerous strategies such as product launches and partnerships to stay competitive in the low voltage circuit breaker market.
For instance, Rockwell Automation, Inc. (an industrial automation products and controls company) launched new Allen-Bradley 140 MP motor protection circuit breakers. This new device is aimed at providing short circuit protection and overload protection up to 32 A and interrupting ratings up to 100 kA at 400V. This has enhanced the product portfolio of the company.
Key players in the Low Voltage Circuit Breaker Market include:
ABB
Mitsubishi Electric
Schneider Electric
Siemens
Shanghai Liangxin
Eaton
Delixi
CHINT
Hyundai Electric
HangShen Electric
Changshu Switchgear
Fuji Electric
Hager
Shanghai Renmin
Yueqing Feeo Electric
Recent Strategies Deployed in Low Voltage Circuit Breaker Market
Feb-2020: Eaton signed an agreement with Abunayyan Holding. Following the agreement, the companies established a joint venture to produce and service low- and medium-voltage switchgear in the Middle East. The joint venture will do business in Eaton Arabia and will have locations in Dammam, Saudi Arabia, and Dubai, United Arab Emirates.
Mar-2019: Siemens completed the acquisition of Russelectric, a leading U.S. manufacturer of power control systems including paralleling switchgear and automatic transfer switches. The acquisition brings together the companies’ complementary electrical power portfolios and service organizations.
Feb-2019: Schneider Electric launched Masterpact MTZ, the next generation high-power low voltage circuit-breakers assembled in the Indian market. Masterpact MTZ is a first-of-its-kind air circuit- breaker in the market that provides the customer with enhanced performance, reliability, and safety.
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