Global Low Voltage Circuit Breaker Market Report and Forecast 2024-2032

Global Low Voltage Circuit Breaker Market Outlook

The global low voltage circuit breaker market size attained a value of 2.0 billion in 2023. The market is expected to grow at a CAGR of 3.2% between 2024 and 2032, reaching almost 2.66 billion  by 2032.

The Miniature Circuit Breaker (MCB) Segment Based on Type Holds a Significant Share in the Global Low Voltage Circuit Breaker Industry

The miniature circuit breaker (MCB) segment based on type accounts for a significant share in the market owing to the electrical safety offered by MCBs. An MCB, in an overload or faulty condition, automatically switches off electric current, thereby preventing any harm.

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The electrical and electronics industry has witnessed a transition from fuse to miniature circuit breakers (MCB) as the product is more reliable and efficient. Furthermore, MCB can easily identify the faulty zone of an electric circuit, possesses high electrical sensitivity, and has a less maintenance and replacement cost. Hence, the MCB segment is likely to attain a steady growth in the forecast period.

The Asia Pacific Accounts for the Largest Share in the Market

The low voltage circuit breaker industry in the Asia Pacific is driven by the expanding consumer base and the heavy presence of manufacturers in the region. In addition to this, China and India come under the list of top renewable energy producing countries. Furthermore, the growing efforts and rising investments in research and development (R&D) activities by the manufacturers are likely to provide lucrative opportunities for the market expansion. Hence, the market in the region is likely to witness a significant growth in the forecast period.

Low Voltage Circuit Breaker: Market Segmentation

A low voltage circuit breaker, an electrical switch, is designed to protect an electrical circuit from excess current and the subsequent damages caused by an overload or short circuit. It achieves so by interrupting current flow after a fault is detected.  It is used in low-voltage power grid distribution equipment. A low voltage circuit breaker is suited for circuits rated at 600 volts or lower. These circuit breakers are commonly used in domestic, commercial, and industrial applications and are generally installed in draw-out enclosures to facilitate the removal and interchange without dismantling the switchgear. They provide benefits such as improved safety of personnel and property and are also made for direct-current (DC) applications like the DC required for subway lines.

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Based on type, the market can be segmented into:

• Miniature Circuit Breaker (MCB)
• Moulded Case Circuit Breaker (MCCB)
• Air Circuit Breaker

The major applications of low voltage circuit breakers include:

• Energy Allocation
• Shut-off Circuit
• Others

The significant end users of the product include:

• Residential
• Commercial
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Demand for Electricity from Various End Use Sectors to Boost the Growth of Low Voltage Circuit Breaker Industry

The global low voltage circuit breaker industry is driven by the rising demand for electricity from various end use industries, including oil and gas, agriculture, automotive, semiconductor, and construction, among others. In these industries, it is important to prevent abnormal conditions such as faulty operations, short circuits, cases of faults in motor-powered devices, and others. Hence, the demand for low voltage circuit breakers is anticipated to witness a surge in the forecast period. In addition to this, the growing residential construction in emerging economies, owing to the rising population and increasing disposable incomes, is likely to provide impetus to the market in the coming years.

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Key Industry Players in the Global Low Voltage Circuit Breaker Market

The report gives a detailed analysis of the following key players in the global low voltage circuit breaker market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• ABB Ltd.
• Schneider Electric Company
• Siemens AG
• Eaton Corporation
• Panasonic Corporation
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report