CHICAGO, May 15, 2019 /PRNewswire/ --According to the new market research report "Low Voltage DC Circuit Breaker Market by End User (Battery Systems, Transportation, and Others), Application (Industrial, Commercial, and Others), Type (Air Circuit Breaker, Molded Case Circuit Breaker, and Others) and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Low Voltage DC Circuit Breaker Market is projected to reach USD 1.5 billion by 2024 from an estimated USD 1.2 billion in 2019, at a CAGR of 5.68%. This growth can be attributed to factors such as continued growth of construction and development of infrastructure to support electric vehicles and other electric modes of transport, increasing access to electricity in developing countries by means of solar integration and increasing rate of industrialization & urbanization. However, risks associated with device malfunction and lack of existing government policies specific to low voltage DC circuit breakers are hindering the growth of the Low Voltage DC Circuit Breaker Market.
The others segment is expected to hold the largest share of the Low Voltage DC Circuit Breaker Market, by application, during the forecast period.
The others segment, by application, is estimated to be the largest and the fastest growing segment during the forecast period, as the reliance on electronic equipment in the residential sector is increasing at a very fast pace that requires low voltage Direct Current (DC) for their operation. Also, with most of the existing electrical infrastructure expected to undergo a massive revamp in the near future the circuit breaker installations are expected to go up ultimately boosting the Low Voltage DC Circuit Breaker Market during the forecast period.
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The battery systems segment is expected to be the fastest growing segment of the Low Voltage DC Circuit Breaker Market, by end user, during the forecast period.
The battery systems segment is expected to hold the largest market share during the forecast period. It is also the fastest growing segment during the same period because of large investments in the renewable and energy storage systems. This is happening because of the ever-increasing demand for electricity from the consumer end perhaps requiring increased generation from renewable energy sources so as to keep the emissions of greenhouse gases under guided limits. Increasing focus on renewable and storage systems is the prime factor that is expected to drive the market during the forecast period.
The molded case circuit breaker segment is expected to be the fastest growing segment of the Low Voltage DC Circuit Breaker Market, by type, during the forecast period.
Molded case circuit breaker (MCCB) has more market share than Air Circuit Breaker (ACB), Miniature Circuit Breaker (MCB) and Residual Current Circuit Breaker (RCCB). Molded Case Circuit Breaker (MCCB) use a simple and robust construction making them more reliable and cost effective. The market share for MCCB is expected to rise with a healthy pace during the forecast period and is projected to hold the largest share in the year 2024.
Asia Pacific: The leading market for low voltage DC circuit breakers.
The Asia Pacific region is expected to be the largest market for low voltage DC circuit breakers, by 2024. Countries such as China, India, japan, and South Korea are among the major countries which are hubs for utilizing low voltage DC circuit breakers because of growing energy demand along with increasing dependence on renewable energy generation like solar industry. Over the past few years, this region has witnessed rapid economic development and growth as well as revamping of the transmission and distribution sectors in this region resulting in an increase in the Low Voltage DC Circuit Breaker Market.
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The renewable power generation is not as stable as the conventional power generation. Hence, equipment like low voltage DC circuit breakers are installed with them, connecting the power generating stations to switchyards and the electrical grid. Growth in the renewable power generation is expected to be a long-term driving force for the Low Voltage DC Circuit Breaker Market. Subsequent stable grid development programs, microgrid, energy storage, and EV charging infrastructure is further expected to propel the growth of the market in the region.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Low Voltage DC Circuit Breaker Market. Some of the key players are ABB (Switzerland), Eaton (US), SIEMENS AG (Germany), Schneider Electric (France), Larsen and Toubro, and Hitachi (Japan). The leading players are adopting various strategies to increase their shares in the Low Voltage DC Circuit Breaker Market.
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