Introduction to Low-Voltage DC Circuit Breaker
Low-voltage DC circuit breaker is a crucial component of the electrical power distribution. Its function is to isolate parts of an electrical distribution system in abnormal conditions, and, by interrupting continuity, to immediately discontinue electrical flow. Low-voltage dc circuit breaker reliably protect electrical installations against damage or fire as a result of short circuits, ground faults, or overload faults. They can be reset, either manually or automatically, to resume normal operation. In addition to providing system protection, they enable parts of the electrical distribution to be isolated for operation and maintenance.
Market Size and Forecast
Upgradation and modernization of obsolete energy infrastructure for safe electricity delivery systems and rising expansion in transmission & distribution networks as well as increased emphasis on renewable energy generation such as solar photovoltaic devices are some of the factors boosting the market growth. The low-voltage dc circuit breaker market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by type into air circuit breaker, molded case circuit breaker, miniature circuit breaker, and motor protection circuit breaker. Among these segments, the segment for molded case circuit breaker is anticipated to hold the leading share in the market on account of the simple and robust construction combined with the reliability and cost-effectiveness over other modules. Further, the compactness in its size saves a wide space in the panel design.
Rapid Urbanization and Increasing Investments in Electricity Generation to Boost the Market Growth
With the advent of advancement in energy infrastructure and increasing modernization, there is rising demand from various industries for delivering safe and secure transmission and distribution of electrical systems. This has made way for low-voltage dc circuit breaker to be widely used in digital equipments such as computers, stabilizers, and servers owing to its ability in improving the loads from such equipments. According to International Energy Agency (IEA), in 2017, total power sector investment globally was USD 750 billion. Furthermore, the low-voltage dc circuit breaker caters to continuous commercial demand for decentralized power distribution. This is anticipated to significantly expand the low-voltage dc circuit breaker market. CLICK TO DOWNLOAD SAMPLE REPORT
Rising Demand for Renewable Energy to Drive the Market Growth
The renewable energy sector is the fastest-growing industrial segment on account of factors such as increasing investment in utility size renewable power plants and green energy projects. As per the International Renewable Energy Agency (IRENA), by 2023, the share of renewables in meeting global energy demand is anticipated to reach 12.4%. Since the generation of renewable power and energy is not stable when compared to conventional power generation, the requirement of devices like low-voltage dc circuit breaker increases. These devices are used in the electrical installation to protect any energy system against damage. Additionally, photovoltaic solar panels and battery powered electric circuits work with direct current and use low-voltage dc circuit breaker for their electric protection. On the back of these factors, the global low voltage DC circuit breakers market is predicted to grow significantly over the forecast period.
Operational Failures and Load Variations to Hamper the Market Growth
Factors such as high maintenance and operational failures on account of inconsistencies in the low-voltage dc circuit breakers negatively affect the market growth. Also, the uninterrupted and continuous stability of electricity supply is estimated to hinder the growth of low-voltage dc circuit breaker market in the future.
Our in-depth analysis of the low-voltage dc circuit breaker market includes the following segments:
By End User
On the basis of regional analysis, the low-voltage dc circuit breaker market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for low-voltage dc circuit breaker in Asia Pacific is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market low-voltage dc circuit breakers. Moreover, the rapid economic development and upgradation in existing electricity distribution technologies as well as the growing requirement for electricity from several end-user industries further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of increasing investments in solar power generation and expansion of transmission line networks from source to distribution. Additionally, the large-scale manufacturing of low-voltage dc circuit breaker, especially in countries such as China, Japan, South Korea and India further raise the demand for low-voltage dc circuit breaker market.
On the other hand, the low-voltage dc circuit breaker market in Europe is anticipated to grow at a significant pace backed by the growing concern for electrical accidents in the nations, such as Germany, Austria and Switzerland, along with the advancements in the electrical components technology.
The low-voltage dc circuit breaker market is further classified on the basis of region as follows:
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