Market Trends of Molded Case Circuit Breaker Industry
This section covers the major market trends shaping the Molded Case Circuit Breaker Market according to our research experts:
Industrial Sector to Dominate the Market
- The industrial sector is expected to dominate the molded case circuit breaker market in the forecast period, owing to factors like a rising share of distributed power generation in total electricity generation, increasing demand for clean energy, and a rise in usage of large and expensive electrical equipment in the sector.
- The industrial sector energy consumption grew by over 12% from around 214 quadrillion British thermal units in 2010 to around 240 quadrillion British thermal units in 2018. The energy consumption of the industrial sector is more than 50% of the total global energy consumption.
- The majority of the energy consumption in the industrial sector comes from energy-intensive manufacturing industries involved in the manufacturing of basic chemicals, iron, and steel, food, non-ferrous metals, non-metallic minerals, refining, and paper. Energy-intensive industries are expected to occupy half of the share of the industrial sector energy consumption during the forecast period.
- India and China maintain a major share in the energy-intensive manufacturing sector. Both the countries combined had an industrial energy consumption of 63 quadrillion British thermal units in 2018.
- Therefore, with the increase in electricity demand from the industrial sector and rise in the industrial sector, especially in countries like India and China, the market for molded case circuit breakers is expected to grow with it.
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Asia-Pacific to Dominate the Market Growth
- Asia-Pacific has dominated the molded case circuit breaker market in 2019 and is expected to continue its dominance in the coming years as well.
- Asia-Pacific is one of the fastest-growing regions in the world because of the increasing population, urbanization, and industrialization. As a result, the demand for guaranteed power supply is high. For addressing these demands, many countries are investing in the renewable energy sector and transmission and distribution infrastructure.
- As per the International Energy Agency (IEA), the world's most populated country China is likely to install 36% of total worldwide hydroelectricity generation capacity and 40% of all global wind energy between 2015-2021. Already, China has over 259,000 MW of new coal plants in various stages of development and accounts for more than 1/3 of the global coal plant pipeline.
- On the other hand, both China and India hold a major share of the world's industrial sector, mainly the energy-intensive manufacturing sector. While China's industrial energy consumption in the highest in the world at a 29% share of the global industrial energy consumption in 2018, India is rapidly catching up with a steady increase in its industrial sector.
- Moreover, India is investing heavily in the renewable sector heavily, with USD 11.1 billion invested in 2018 alone. The majority of these investments were directed towards the development of wind and solar farms, which are expected to help grow the distributed power generation market and, in turn, the molded case circuit breaker market.
- This, in turn, is likely to propel the demand of the molded case circuit breakers in the region during the forecast period.
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