The report covers comprehensive information about residual current circuit breakers market dynamics, volume (‘000 Units) and value (US$ Mn) projections, recent developments and competition landscape for the study period 2018 to 2028.
The global residual current circuit breakers market is expected to reach over US$ 3,411.6 Mn by the end of the forecast period, registering a CAGR of 6.7%. According to the analysis, the demand for residual current circuit breakers is expected to keep increasing over the years. Huge investments in large-scale renewables and solar will lead to capacity expansion for clean-energy or clean coal technology over the next few years, which is expected to reinforce the global residual current circuit breakers market during the forecast period.
By Product Type, Type AC and Type A are Expected to Dominate the Market
Aging electricity transmission infrastructure in developed regions will DEMAND new installations to enable better failure detection. Technological advancements and replacement of aging power infrastructure in developed regions is one of the key factors driving the residual current circuit breakers demand in the global market.
In terms of volume, Type AC segment is set to dominate the residual current circuit breakers market by the end of 2028. Type B and Type B+ segments are expected to lose 30 BPS and 90 BPS, respectively, over the forecast period. In terms of growth, Type A will remain one of the most attractive segments in the residual current circuit breakers market. This is due to the fact that Type A RCCBs provide additional protection to Type AC as they are sensitive to alternative comments.
Rising Residential Projects to Support the Growth of the Global Market
Housing recovery and new construction are cited to drive the commercial and residential construction sector. This in turn, is expected to drive the demand for residual current circuit breakers over the projected period.
The predominant use of residual current circuit breakers in residential sector is to guard a low voltage circuit from faults. Residential segment - one of the key end use areas of residual current circuit breakers -- represents nearly 45.3% of the total sales volume of residual current circuit breakers. The segment is expected to witness a market value growth rate of 7.5% over the study period. End uses, such as commercial and industrial, are set to experience robust CAGRs of 6.5% and 5.8%, respectively, during the forecast period.
In addition, residential and industrial segments are collectively expected to account for more than 83.4% share in the total incremental $ opportunity created in the global Residual Current Circuit Breakers market during the forecast period. Moderate product substitutability of residual current circuit breakers is one of the key features increasing the utilization of residual current circuit breakers across the globe.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
Western Europe and North America to Propel Future Demand
Relatively stable economic conditions, increasing industrial production and consistent growth in construction industry are the key factors expected to drive the growth in the demand for residual current circuit breakers in North America and Europe. North America is expected to dominate the global residual current circuit breakers market, in terms of value and volume, during the forecast period.
China and India are expected to gain traction over the forecast period as a consequence of the anticipated surge in the performance of manufacturing and commercial sectors, whereas all the other regions are expected to exhibit moderate growth during the same period.
Japan and Eastern Europe are expected to lose market value share, owing to the increase in the production of residual current circuit breakers in SEAP and India. Japan and Eastern Europe are projected to register 5.1% and 5.7% CAGRs, respectively, by value, which is lower than the collective growth of all the other regions. Additionally, the China market is anticipated to outpace the Western Europe market by the end of 2028.
Residual Current Circuit Breakers Market – Competitive Landscape
According to our analysis, the global residual current circuit breakers market is primarily consolidated, with a single market player holding a significant double digit market share as of 2017. In the global residual current circuit breakers market, the top 8 players collectively account for between 47% and 53% of the market share.
In the recent past, the Residual Current Circuit Breakers market has witnessed significant developments from a competition perspective. Acquisitions and expansion of manufacturing facilities are some of the key preferred strategies opted by key players to sustain and enter in the global Residual Current Circuit Breakers market.
- In July 2018, ABB completed the acquisition of GE industrial solutions. This development is expected to enhance the company's electrification business segment, thereby contributing towards the revenue generated by ABB’s residual current circuit breakers, which in turn, is anticipated to strengthen the company’s position in electrification market
Prominent players covered in this market include ABB, Siemens AG, Schneider Electric, Honeywell International Inc., Eaton, Havells India Ltd., Hager Group, HPL Electric & Power Limited, Rockwell Automation, Inc., Gewiss S.p.A. and Legrand, among others.
Key Questions Answered in the Report
- How has the Residual Current Circuit Breakers market evolved over the past five years?
- What shape will the Residual Current Circuit Breakers market take, in terms of volume and value, during the study period?
- What are some of the prevailing market dynamics in the Residual Current Circuit Breakers market?
- What are some of the important competition developments and trends in the Residual Current Circuit Breakers market?
- What are underlying macro-economic and industry factors impacting the growth of the Residual Current Circuit Breakers market?
- Which are the key challenges, opportunities and improvement factors for market players?
- What are the market positioning and key strategies of key manufacturers as per the market taxonomy?
- How is the competition structured in the Residual Current Circuit Breakers market and how has it evolved over the past few years?
Residual Current Circuit Breakers Market: Segmentation
- 2 Pole
- 3 Pole
- 4 Pole
- Single Phase
- Three Phase
- North America
- Latin America
- Western Europe
- Eastern Europe