Germany LV DC Circuit Breakers Market Overview
The growing adoption of circuit breakers over fuse, rising demand for electricity from renewable sources of energy such as wind, solar and biomass, along with increasing utilization of circuit breakers in end-user industries, especially chemical industry, are some of the factors believed to benefit the expansion of the Germany, Austria and Switzerland LV DC circuit breakers market. A circuit breaker is an electrical component which is designed to protect the circuit from abnormal current flows and overloads. The LV DC circuit breakers supports up to 1500V DC current flow and blocks current more than that by its basic function of interruption. The Germany, Austria and Switzerland LV DC circuit breakers market, which was valued at USD 63.97 million in the year 2018 is slated to grow at CAGR of 6.31% over the forecast period 2020-2024. There are several types of circuit breakers which are used in residential, commercial, industrial and utility. Growing concern for electrical accidents, which affects industries with huge operational costs due to the loss in operations, along with advancement in electrical components technology are some of the factors contributing towards the growth of the Germany, Austria and Switzerland LV DC circuit breakers market. Moreover, the LV DC circuit breakers market in Germany, Austria and Switzerland is anticipated to grow by 1.4x, 1.4x and 1.5x respectively and further attain an absolute $ opportunity of USD 78.67 million, USD 213.98 million and USD 123.29 million during the assessment period.
Market Segmentation Synopsis
By End-User
The Germany, Austria and Switzerland LV DC circuit breakers market is segmented on the basis of end-user into chemical and others. The chemical segment in Germany, which was valued at USD 8.93 million in the year 2018, is anticipated to hold a major market share and attain an absolute $ opportunity of USD 20.11 million during the assessment period on the back of huge demand for electricity in the chemical and pharmaceutical industries in the nation. The investment in these industries are massive which is leading to the growth of these industrial sectors, and thereby the impression on the increasing consumption of electricity by these sectors. Additionally, the other industries segment in Austria is anticipated to hold the largest market share and attain a CAGR of 4.19% over the forecast period on the back of consumption of electricity in the chemical manufacturing industry. Moreover, the other industries segment in Switzerland was valued at USD 4.51 million in the year 2018 and is anticipated to grow by 1.23 times during the assessment period.
By Voltage
The Germany, Austria and Switzerland LV DC circuit breakers market is segmented on the basis of voltage into 24V DC circuit breakers and other low voltage DC circuit breakers. The other low voltage DC circuit breakers segment in Germany held the largest market share in the year 2018 and is anticipated to gain the highest CAGR of 6.95% over the forecast period. The segment is also anticipated to grow by 1.5 times during the assessment period on the back of presence of numerous manufacturers of LV DC circuit breakers in the nation. On the other hand, the other low voltage DC circuit breakers segment in Austria held a market value of USD 5.52 million in the year 2018 and is anticipated to hold the largest market share by the end of 2024. Moreover, the other low voltage DC circuit breakers segment in Switzerland is anticipated to grow by 1.2 times and attain an absolute $ opportunity of USD 1.05 million during the assessment period.
Market Drivers and Challenges
Growth Indicators
According to the statistics by the European Commission, total renewable energy production in Germany, Austria and Switzerland in the year 2018 constituted to 188342 GWh, 50772 GWh and 37809 GWh respectively. Moreover, according to the statistics by the International Energy Agency (IEA), final electricity consumption in Austria, Germany and Switzerland in the year 2018 constituted to 78 TWh, 601 TWh and 68 TWh respectively.
The Germany, Austria and Switzerland LV DC circuit breakers market is thriving on the back of increase in the generation of electricity from renewable energy sources in these nations along with growing investments for infrastructure in power supply. Growing focus of the government of these nations on the generation of electricity through renewable energy sources, along with the increased emphasis on battery power systems and the need to eliminate the peaks or surges in grid power supply are some of the factors that are anticipated to drive the growth of the Germany, Austria and Switzerland LV DC circuit breakers market. Moreover, governments of these nations are increasingly investing to develop alternative sources of power supply infrastructure so as to meet the emission targets and electricity consumption demand. The alternative sources of electricity production have DC power supply which is anticipated to raise the demand for LV DC circuit breakers, and in turn the growth of the market.
Barriers
The major issue observed in LV DC circuit breakers are the inconsistencies in limiting current and protection of any circuit faults which is anticipated as a major restraint factor to the growth of the Germany, Austria and Switzerland LV DC circuit breakers market.
Top Featured Competitive Landscape
Some of the affluent industry leaders in the Germany, Austria and Switzerland LV DC circuit breakers market are Fuji Electric Co., Ltd., Hitachi, Ltd., Larsen & Toubro Limited, Mitsubishi Electric Corporation, Eaton, Rockwell Automation, Inc., Siemens AG, Schneider Electric, ABB, E-T-A Elektrotechnische Apparate GmbH and Phoenix Contact.
