According to Stratistics MRC, the “Global Low Voltage DC Circuit Breaker Market” is accounted for $1.14 billion in 2018 and is expected to reach $2.03 billion by 2027 growing at a CAGR of 6.6% during the forecast period. Rise in the generation of electricity from renewable energy sources, growing investments in smart grids and shift toward decentralized power generation & energy storage are the major factors driving the market growth. However, the lack of existing government policies specific to low voltage dc circuit breakers may hinder the growth of the market.
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A circuit breaker is an electrical switch that is automatically operated and is intended to protect an electrical circuit from damage due to excess current from an overload or short circuit. Its primary function is to interrupt current flow after the detection of a fault. Unlike a fuse, must be replaced after a single operation, a circuit breaker can be reset (either manually or automatically) to resume normal operation.
By Type, the Molded Case Circuit Breaker segment is anticipated to hold considerable market share during the forecast period as it has a simple and robust structure making them more reliable and cost-effective over their counterparts. This is one of the major reasons behind the widespread use of MCCBs more than Air Circuit Breakers (ACB) and other types of low voltage DC circuit breakers. On the basis of Application, the Commercial segment is likely to have a huge demand during the forecast period. In the commercial segment, a DC circuit breaker is used for the emergency services in a power backup plant. The services are offered by hospitals, telecommunication, computer labs, and other emergency services can not suffer a power failure.
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Based on End User, the Data Center segment held significant market share during the forecast period as it is the main component utilized in the cloud storage applications which are an essential part of the digitalized operations of every task including smart grid and smart transport. By geography, Asia Pacific provides potential growth opportunities because of 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 rapid economic development. Also, the growth of the solar power generation and strengthening of the transmission and distribution sectors in this region resulting in an increase in the low voltage dc circuit breaker market.