Global Low-voltage Circuit Breaker Market is valued approximately at USD 3.4 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5% over the forecast period 2020-2027. Low voltage circuit breaker is gaining a lot of traction due to the fact that the need for electricity is continually growing across developed and developing countries. A low voltage circuit breaker is a sort of electromechanical switch that breaks down the circuit automatically or manually under unusual circumstances such as short circuit, over-voltage, over-current, and works equal to 1,000V voltage rating. Its essential purpose is to identify a fault event by intruding constantly and instantly discontinue electric flow. A low voltage circuit breaker can be rearranged either automatically or manually to continue conventional options. The increase in the low voltage circuit breaker market is significantly imputed to the fact that infrastructural projects for safe electrical distribution is relentlessly expanding across the globe.
Furthermore, the rise in focus towards renewable energy generation, along with the increase in investment in the smart grid are the few factors responsible for the impressive CAGR of the market during the forecast period. As per the Smart grid projects, outlook 2017 released by the European Commission (EC), roughly 950 smart grid projects are enduring in the region with a total investment of about USD 5.46 billion, of which 324 are multinational and 626 are national spread in 800 sites across 36 countries with Germany, U.K., Spain, and Denmark are being the major countries with the maximum number of smart grid projects. This, in turn, is expected to strengthen the market growth all over the world. However, the safety regulation pertaining to the product quality of the circuit breaker, coupled with intense competition from the unorganized sector are the few major factors inhibiting the market growth over the forecast period of 2020-2027.
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The regional analysis of the global Low-voltage Circuit Breaker market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Asia-pacific is the leading/significant region across the world in terms of market share owing to the rise in demand for renewable energy generation, and the presence of a significant number of market vendors in the region. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in smart grid projects along with the increasing rate of industrialization & urbanization in developing countries, such as China and India, would create lucrative growth prospects for the Low-voltage Circuit Breaker market across the Asia-Pacific region.
Major market player included in this report are:
ABB Ltd.
Changshu Switchgear Manufacturing Co. Ltd.
People Electric Appliance Group Co., Ltd.
Shanghai Delixi Group Co., Ltd
Schneider Electric SE
Eaton Corporation plc
Hager Group
Fuji Electric FA Components & Systems Co., Ltd.
Hyundai Electric & Energy Systems Co., Ltd.
Siemens AG
