DUBLIN, May 24, 2019 /PRNewswire/ -- The "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), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global 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 expansion in transmission & distribution networks and upgradation & modernization of aging infrastructure for safe and secure electrical distribution systems along with the increased emphasis on the generation of electrical energy by means of renewables such as solar. 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 be the fastest growing market from 2019 to 2024.
The others segment, by application, is estimated to be the largest as well as the fastest growing segment during the forecast period, as the dependence on electronic equipment in the residential sector has been increasing very fast that require low voltage Direct Current (DC) for their operations. With most of the existing electrical infrastructure expected to undergo a massive revamp in the near future, for instance, electricity distribution infrastructure in the US is believed to be from the world war 2 era, thus needs to be revamped. Also, in the Asia Pacific in order to incorporate the electricity generated from renewable energy sources the infrastructure needs to be revamped. All this will ensure that the low voltage dc circuit breaker installations go up.
The battery systems segment, by end-user, is expected to be the largest market from 2019 to 2024.
The battery systems segment is expected to hold the largest market share and is expected to be the fastest growing segment during the forecast period because of large scale energy storage projects coming up in the future, globally. This is bound to be supported by the ever-increasing electricity generation from renewable energy sources because of the ever-rising demand for power throughout the world. All of this is ultimately expected to drive the market during the forecast period.
The molded case circuit breaker segment, by type, is expected to be the largest market from 2019 to 2024.
The molded case circuit breaker segment is expected to hold the largest market share during the forecast period as a vast majority of low voltage DC circuit breaker applications deploy this type of circuit breaker owing to the ease of installation, reliability of operation, and low price when compared with other options. Electricity distribution substations and industries like transportation, chemical, mining, and marine are in demand for equipment operating in the low to medium voltage segment. Hence maximum low voltage DC circuit breakers lie in this voltage rating segment.
Asia Pacific: The largest 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, Japan, and South Korea are among the major countries which are considered as the main manufacturing hubs for low voltage DC circuit breakers. Over the past few years, this region has witnessed a high rate of economic development due to a large number of manufacturing and industrial units coming up.
Also, the growth of the electricity generation from renewable energy sources in this region results in an increase in the low voltage DC circuit breaker market. The renewable energy generation in countries like China, South Korea, Japan, and India, is taking place at a rapid rate, this needs to be incorporated in the existing national grid which would need additional electrical infrastructure, thereby driving the low voltage DC circuit breaker market.
The leading players in the low voltage DC circuit breaker market are ABB (Switzerland), Eaton (US), SIEMENS AG (Germany), Shaanxi Baoguang Vacuum Electric Device Company Limited (China), and Meidensha Corporation (China).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increase in the Generation of Electricity From Renewable Energy Sources
5.2.1.2 Increasing Investments in Smart Grids to Ensure Grid Stability
5.2.1.3 Shift Toward Decentralized Power Generation & Energy Storage
5.2.2 Restraints
5.2.2.1 Inconsistencies Leading to Vulnerability Causing Operational Failures
5.2.2.2 Lack of Existing Government Policies Specific to Low Voltage DC Circuit Breakers
5.2.3 Opportunities
5.2.3.1 Development of Smart Cities & Electric Vehicles
5.2.3.2 Replacement of Old & Aging Electrical Infrastructure
5.2.3.3 Demand for Uninterrupted Power Supply From Utilities
5.2.4 Challenges
5.2.4.1 Expensive When Compared to Alternative Products
5.2.4.2 Concerns About the Cybersecurity of the Power Grid
6 Low Voltage DC Circuit Breaker Market, By Type
6.1 Introduction
6.2 By Type
6.2.1 Air Circuit Breaker
6.2.1.1 Finds Usage Mostly in Commercial Segments
6.2.2 Molded Case Circuit Breaker
6.2.2.1 Mostly Used in the Low Voltage Category
6.2.3 Others
7 Low Voltage DC Circuit Breaker Market, By Application
7.1 Introduction
7.2 By Application
7.2.1 Industrial
7.2.1.1 Increasing Automation is Likely to Drive the Market
7.2.2 Commercial
7.2.2.1 Growing Commercial Areas Globally Would Drive the Market
7.2.3 Others
8 Low Voltage DC Circuit Breaker Market, By End-User
8.1 Introduction
8.2 End-User
8.2.1 Battery System
8.2.1.1 Battery System Segment is Expected to Experience Huge Growth in Asia Pacific and North American Markets
8.2.2 Data Center
8.2.2.1 With Increasing Digitization, the Segment is Expected to Develop Massively
8.2.3 Solar
8.2.3.1 The Major Segment Driving the Renewables Market Ahead
8.2.4 Transportation
8.2.4.1 Charging Stations for Electric Vehicles are Expected to Have Massive Investments in North America and Europe
8.2.5 Others
9 Low Voltage DC Circuit Breaker Market, By Region
10 Competitive Landscape
10.1 Overview
10.2 Ranking of Players and Industry Concentration, 2017
10.3 Competitive Landscape Mapping, 2018
10.4 Competitive Scenario
10.4.1 Contracts & Agreements
10.4.2 Investments & Expansions
10.4.3 Mergers & Acquisitions
10.4.4 Others
11 Company Profiles
11.1 ABB
11.2 Eaton
11.3 Schneider Electric
11.4 Tavrida Electric
11.5 Hitachi
11.6 Fuji Electric
11.7 Powell Industries
11.8 Sensata Technologies
11.9 SIEMENS AG
11.10 C&S Electric
11.11 Hyundai Electric & Energy Systems Company
11.12 Mitsubishi Electric Corporation
11.13 Larsen & Toubro
11.14 Rockwell Automation
11.15 Entec Electric & Electronic
For more information about this report visit https://www.researchandmarkets.com/r/evncml
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