Asia Pacific to Dominate Low-voltage Circuit Breakers Market due to Growing Construction Industry
The global low-voltage circuit breakers market is expected to exhibit a steady 4.54% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global low-voltage circuit breakers market is expected to reach a valuation of USD 1.6 billion by 2023, according to the report. The report presents a detailed evaluation of the global low-voltage circuit breakers market by analyzing the market’s historical and present growth trajectory to provide estimates as to the market’s likely growth trajectory over the forecast period. Accurate projections are made for the market’s growth over the forecast period based on a detailed analysis of the market’s historical growth trajectory. The report also examines the global low-voltage circuit breakers market’s competitive landscape. Major players in the global low-voltage circuit breakers market are profiled in the report. The impact of the COVID-19 pandemic on the global low-voltage circuit breakers market is also assessed in the report.
Low-voltage circuit breakers protect electrical equipment by shutting down the equipment in case of a power overload. By detecting faults caused by overload, low-voltage circuit breakers interrupt the power flow and thus protect the electrical equipment from damage. The increasing construction of infrastructure in emerging regions in Asia Pacific, the Middle East, and Latin America is likely to be a major driver for the global low-voltage circuit breakers market over the forecast period. New construction taking place around the world at the moment usually incorporates protection from overloads in the form of low-voltage circuit breakers or other protective devices. This is necessitated by supportive government regulations, which mandate the use of low-voltage circuit breakers or similar equipment to protect the electrical equipment in buildings from overloads. The growing government support to safety regulations is likely to be a major driver for the global low-voltage circuit breakers market over the forecast period. Growing urbanization in emerging regions has led to a growing need for infrastructure in the urban areas. Growing urbanization in countries such as China, India, South Korea, Brazil, and Mexico is thus likely to be a major driver for the low-voltage circuit breakers market over the forecast period.
The increasing incorporation of renewable energy sources into the power generation scenario in a number of countries is likely to be a major driver for the global low-voltage circuit breakers market over the forecast period. Due to the intermittent nature of power generation through renewable energy sources, protection against overloads is vital in renewable energy infrastructure. The growing use of solar and wind power in developing as well as developed economies across the world is likely to remain a major driver for the global low-voltage circuit breakers market over the forecast period.
Regional Analysis:
Asia Pacific is likely to be a major regional market for low-voltage circuit breakers over the forecast period. In 2017, Asia Pacific accounted for a massive 44.25% of the global low-voltage circuit breakers market. The growing residential, industrial, as well as commercial construction in Asia Pacific is likely to be a major driver for the low-voltage circuit breakers market over the forecast period. Growing infrastructure construction in China, India, and other Southeast Asian countries is also likely to be a major driver for the low-voltage circuit breakers market over the forecast period. Low-Voltage Circuit Breakers Market Report
Competitive Leaderboard:
Leading players in the global low-voltage circuit breakers market include China People Electric Appliance Group Shanghai Co. Ltd., Hager Group, Changshu Switchgear Mfg. Co. Ltd., Fuji Electric FA Components & Systems Co. Ltd., Hyundai Electric & Energy Systems Co. Ltd., CHINT Group, HangShen Electric, DELIXI, Shanghai Liangxin Electrical Co. Ltd., Eaton Corporation, Siemens AG, Mitsubishi Electric Corporation, Schneider Electric, and ABB Ltd.
Segmentation:
The global low-voltage circuit breakers market is segmented on the basis of type, application, and region.
By type, the global low-voltage circuit breakers market is segmented into miniature circuit breaker, molded case circuit breaker, and air circuit breaker.
By application, the global low-voltage circuit breakers market is segmented into energy allocation, shut-off circuit, and others.
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