Low Voltage DC Circuit Breaker Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.25 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Low Voltage DC Circuit Breaker Market Analysis
The global low voltage DC circuit breaker market is expected to record a CAGR of more than 3.25% over the period of 2022-2027, reaching a market size of USD 2.45 billion by 2027. The COVID-19 pandemic negatively affected the low voltage DC circuit breaker market. The number of new PV installations dropped 23% from Q1 to Q2 2020 in the United States. Since the DC circuit breaker is an essential component of the solar PV system, where it acts as a barrier between direct current and alternating current, the decrease in the number of solar installations halted the market's growth in line with the pandemic. Factors such as an increase in power consumption, the rise of an influx of renewable sources in the energy mix, and a rising number of data centers and electric vehicles are expected to drive the market over the forecast period. However, increased stability of electricity supply, which is reducing the need for circuit breakers, is likely to restrain the growth of the low voltage DC circuit breaker market over the coming years.
The solar energy sector is expected to be the fastest-growing market during the forecast period, owing to increasing investments in utility-size solar power plants.
Globally, the focus has increased on investments in clean energy projects and the development of renewable energy. As a result, the extensive development of new renewable projects and growing electricity usage are likely to create an excellent opportunity for the low voltage DC circuit breaker market in the future.
Asia-Pacific dominated the low voltage DC circuit breaker market in recent years and is expected to witness significant growth in the forecast period, with a majority of the demand coming from China, Japan, South Korea, and India.
Low Voltage DC Circuit Breaker Market Trends
This section covers the major market trends shaping the Low Voltage DC Circuit Breaker Market according to our research experts:
Solar Energy Sector to Dominate the Market
The solar energy sector is expected to be the fastest-growing market for low voltage DC circuit breakers over the forecast period. Low voltage circuit breakers are used in both small-scale and utility-size solar projects to isolate faulty solar PV panels.
A majority of installed capacity was added in the form of utility-scale solar farms, all of which use DC circuit breakers to address 'first-fault' conditions, which correspond to the first unintentional connection to the earth, which is when the DC circuit breaker safely disconnects the photovoltaic array from the inverter under load conditions.
As per the Solar Energy Industries Association, there was nearly 115 GW of under-construction and under-development solar projects in July 2020. The construction of these projects is expected to be a significant driver for the low voltage circuit breakers market. The developed countries of North America and Europe and developing countries of Asia-Pacific are the major hotspots for solar PV and, in turn, low voltage DC circuit breakers in the sector.
Moreover, solar project developers reported that they have planned to make 3,616 MW of large-scale battery storage operational in the United States between 2020 and 2023. Therefore, an increase in the country's total battery energy storage projects is expected to boost the demand for the low voltage DC circuit breaker systems market.
Increasing demand for clean energy is one of the primary drivers for the solar energy sector and, in turn, for the DC circuit breakers in the sector. Therefore, with an increase in the demand for clean energy, the solar energy sector is expected to grow and boost the low voltage DC circuit breakers market in the solar energy sector.
Asia-Pacific to Dominate the Market
Asia-Pacific is one of the fastest-growing markets owing to increasing population, urbanization, and industrialization. As a result, the demand for clean energy is expected to increase, subsequently leading to higher demand for low voltage DC circuit breakers in the near future.
In March 2020, the Solar Energy Corporation of India (SECI), a central public sector undertaking (CPSU) under the Ministry of New and Renewable Energy, announced that it was planning to enter into commercial operations and set up 5,000 MW of solar-wind-storage hybrid capacity over ten years. The plan of the corporation is to initially set up 500 MW of the 5,000 MW capacity at the cost of about INR 2,800 crore over the next two years, which will, in turn, support the growth of the low voltage DC circuit breaker market in the region.
Further, solar projects with battery energy storage systems (BEES) are gradually gaining traction in India. In the past, SECI announced a few tenders incorporating BESS with solar projects. In September 2020, SECI announced tenders for a 100 MW (AC) solar power project along with a 50 MW/150 MWh battery energy storage system (BESS) to be developed in Chhattisgarh. In January 2020, SECI issued a tender for setting up 4 MW of grid-connected floating solar projects with 2 MW of battery energy storage system in Andaman. Therefore, an increase in energy storage systems is likely to increase the demand for low voltage DC circuit breakers.
Moreover, the Chinese government had set 12% of New Energy Vehicles (NEV) share mandates for 2020. Non-Chinese brands account for approximately 50% of the total passenger car sales. Most of these cars are produced in China, in joint ventures (JVs) with Chinese companies.
These factors are likely to propel the demand for low voltage DC circuit breakers in the region during the forecast period.
Low Voltage DC Circuit Breaker Industry Overview
The low voltage DC circuit breaker market is fragmented. Some of the key players in this market include ABB Ltd, Larsen & Toubro Limited, Mitsubishi Electric Corporation, Fuji Electric Co. Ltd, and Siemens AG, among others.
Low Voltage DC Circuit Breaker Market Leaders
ABB Ltd
Larsen & Toubro Limited
Mitsubishi Electric Corporation
Fuji Electric Co Ltd
Siemens AG
*Disclaimer: Major Players sorted in no particular order
Low Voltage DC Circuit Breaker Market News
In January 2020, Siemens acquired C&S Electric in India, which specializes in low voltage products, including DC low voltage circuit breakers. Siemens Ltd acquired approximately 99% of the equity share capital of C&S Electric Limited for around EUR 267 million (INR 21 billion).
In September 2020, Siemens launched a new 3 WA series of air circuit breakers. Siemens Smart Infrastructure segment updated its Sentron portfolio of air circuit breakers with the launch. The company's new 3WA circuit breakers meet all low-voltage power distribution requirements in digital environments.
Low Voltage DC Circuit Breaker Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Market Dynamics
4.4.1 Drivers
4.4.2 Restraints
4.5 Supply Chain Analysis
4.6 Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products and Services
4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Air Circuit Breaker
5.1.2 Molded Case Circuit Breaker
5.2 End User
5.2.1 Battery System
5.2.2 Data Centers
5.2.3 Solar Energy
5.2.4 Transportation
5.2.5 Other End Users
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd
6.3.2 Hitachi Ltd
6.3.3 Mitsubishi Electric Corporation
6.3.4 Larsen & Toubro Limited
6.3.5 Entec Electric & Electronic Co. Ltd
6.3.6 CG Power and Industrial Solutions Ltd
6.3.7 Rockwell Automation Inc.
6.3.8 Eaton Corporation PLC
6.3.9 Siemens AG
6.3.10 Sensata Technologies Holding PLC
6.3.11 Fuji Electric Co. Ltd
6.3.12 Schneider Electric SE
6.3.13 Hyundai Electric & Energy Systems Company
6.3.14 Powell Industries Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Low Voltage DC Circuit Breaker Industry Segmentation
The low voltage DC circuit breaker market report includes:
| Type | |
| Air Circuit Breaker | |
| Molded Case Circuit Breaker |
| End User | |
| Battery System | |
| Data Centers | |
| Solar Energy | |
| Transportation | |
| Other End Users |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Low Voltage DC Circuit Breaker Market Research FAQs
What is the current Low Voltage DC Circuit Breaker Market size?
The Low Voltage DC Circuit Breaker Market is projected to register a CAGR of greater than 3.25% during the forecast period (2024-2029)
Who are the key players in Low Voltage DC Circuit Breaker Market?
ABB Ltd , Larsen & Toubro Limited , Mitsubishi Electric Corporation , Fuji Electric Co Ltd and Siemens AG are the major companies operating in the Low Voltage DC Circuit Breaker Market.
Which is the fastest growing region in Low Voltage DC Circuit Breaker Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Low Voltage DC Circuit Breaker Market?
In 2024, the Asia-Pacific accounts for the largest market share in Low Voltage DC Circuit Breaker Market.
What years does this Low Voltage DC Circuit Breaker Market cover?
The report covers the Low Voltage DC Circuit Breaker Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Low Voltage DC Circuit Breaker Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Low-Voltage DC Circuit Breaker Industry Report
Statistics for the 2024 Low-Voltage DC Circuit Breaker market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Low-Voltage DC Circuit Breaker analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
