Low Voltage DC Circuit Breaker Market Size

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.