Low Voltage Circuit Breaker Market Size, Share, Opportunities, And Trends By Type (Air Circuit Breaker, Miniature Circuit Breaker, Molded Case Circuit Breaker, Residential Current Circuit Breaker), By Application (Motor Control Centres, Lighting Circuits, Feeder Circuits, Others), By End-User (Residential, Commercial, Industrial), And By Geography - Forecasts From 2023 To 2028

The low voltage circuit breaker market is projected to show steady growth during the forecast period.

A low-voltage circuit breaker is an electrical switch that is used in residential, commercial, and industrial applications like lighting, HVAC systems, and others to protect an electrical circuit from overcurrents or short circuits. The common types of low-voltage circuit breakers are air circuit breakers, miniature circuit breakers, molded case circuit breakers, and residential current circuit breakers. The low voltage circuit breaker market growth is driven by the increasing demand for electricity across residential, commercial, and industrial sectors, and the need to ensure reliable and safe power distribution.

The surge in demand for electricity across various sectors will boost the low voltage circuit breaker market growth

The growth in power consumption is driven by population growth, urbanization, and economic development and it is expected to increase the demand for low-voltage circuit breakers to protect electrical systems and equipment from damage caused by overloads and short circuits. Additionally, the integration of renewable energy sources and the adoption of smart grid technologies are expected to create additional demand for low-voltage circuit breakers. According to the International Energy Agency (IEA), global electricity demand increased by 2.5% in 2020 and the IEA expected electricity demand to grow by 4% in 2021 and by 3.5% per year on average from 2022 to 2025. According to the United States Energy Information Administration (EIA), industrial electricity consumption worldwide increased from 5,896 billion kilowatt-hours (kWh) in 2005 to 8,013 billion kWh in 2019, showing a growth of 36%. According to the Ministry of New and Renewable Energy (MNRE), the installed renewable energy capacity in India reached 97.6 GW by February 2021 and India added 4.5 GW of solar power capacity in the first half of 2021, making it the second-largest solar market in the world after China. The increasing demand for reliable and efficient power distribution systems, growing industrialization, and urbanization are likely to drive the growth of the low voltage circuit breakers market.

During the forecast period, the Asia Pacific region is expected to hold a significant market share.

The Asia-Pacific region is expected to dominate the low-voltage circuit breaker market due to the growing demand for electricity and the increasing use of renewable energy sources in countries such as China, India, Japan, and South Korea. In 2021, the Japanese government announced plans to offer subsidies for households and businesses that install renewable energy systems, such as solar panels and wind turbines. In 2020, the Chinese government announced a target of achieving carbon neutrality by 2060, which is expected to drive the adoption of renewable energy sources and smart grid technologies. In 2020, the Indian government launched the Atal Distribution System Improvement Yojana (ADITYA) scheme to strengthen the power distribution system in the country, and the scheme includes measures to improve the quality and reliability of electricity supply, as well as the adoption of smart grid technologies. In 2020, the South Korean government announced a Smart Grid Master Plan, which includes plans to invest 61.7 trillion won (approximately $54 billion) in smart grid technologies by 2030. These factors all add to the market growth of low-voltage circuit breakers in the Asia-Pacific region.

Key Developments

June 2021: Schneider Electric, a global leader in energy management and automation solutions, launched a low-voltage circuit breaker - EasyPact EXE which is designed to offer enhanced safety, reliability, and ease of use, and is suitable for a variety of applications in commercial and industrial settings.

March 2021: Siemens introduced a low voltage circuit breaker - 3VA Molded Case Circuit Breakers which were designed to offer improved performance and energy efficiency, and are suitable for use in a variety of applications, including power distribution, buildings, and industry.

Segmentation

• By Type

• • Air Circuit Breaker
  • Miniature Circuit Breaker
  • Molded Case Circuit Breaker
  • Residential Current Circuit Breaker
• By Application

• • Motor Control Centres
  • Lighting Circuits
  • Feeder Circuits
  • Others
• By End Users

• • Residential
  • Commercial
  • Industrial
• By Geography

• North America

• • USA
  • Canada
  • Mexico

• South America

• • Brazil
  • Argentina
  • Others

• Europe

• • UK
  • Germany
  • France
  • Spain
  • Others

• Middle East and Africa

• • Saudi Arabia
  • UAE
  • Others

• Asia Pacific

• • China
  • Japan
  • India
  • South Korea
  • Australia
  • Other