Low Voltage Circuit Breakers Market

Growing adoption of solar energy sources propels market growth

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 transition towards renewable energy sources is driving the Global Low-Voltage Circuit Breakers Market Industry. As countries invest in solar and wind energy, the need for reliable circuit protection increases. For instance, the integration of solar panels into residential and commercial buildings necessitates low-voltage circuit breakers to ensure safety and efficiency. This trend is expected to contribute to the market's growth, with projections indicating a market value of 1.19 USD Billion in 2024. The emphasis on sustainable energy solutions is likely to bolster the demand for advanced circuit protection technologies.

• Low-Voltage Circuit Breakers Regional Insights

Low-Voltage Circuit Breakers Regional Insights

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, Market Research Future 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.