Residual Current Circuit Breaker Market By Product Type (AC, A, F, B and B+), Network Type (2 Pole, 3 Pole and 4 Pole), Power Input (Single Phase and Three Phase), End Use (Residential, Commercial and Industrial) and Region- Forecast 2022-2028

Residual Current Circuit Breaker Market Outlook (2022-2028)

[336 Pages Report] The global Residual Current Circuit Breaker Market is anticipated to reach US$ 3,411.6 Mn as of 2028, registering a CAGR of 6.7%. As of 2022, the industry is projected to be valued at US$ 2,305.9 Mn.

Massive investments in large-scale renewables and solar will turn in to capacity expansion for clean-energy or clean coal technology in the upcoming future, which is likely to strengthen the global residual current circuit breaker market during the forecast period.

Consumption Analysis of Residual Current Circuit Breaker Market (2017 to 2021) Vs Market Estimates (2022 to 2028)

As per the latest analysis by FMI, the global residual current circuit breaker market expanded at a CAGR of 6.5% from 2017 to 2021. As of 2017, the market was valued at US$ 1,683.1 Mn. Growth in the historical period is primarily attributed to an increase in building maintenance operations in order to replace ageing electricity infrastructure.

Since the onset of COVID-19, demand for residual current circuit breakers experienced a substantial decline, especially in the first two quarters. Imposition of strict lockdowns led to a cessation of several activities, including infrastructure replacement and new construction projects. Eventually, however, sales prospects were restored, as the incidence rate began to plateau, permitting lifting of restrictions.

The global residual current circuit breaker market is expected to embark on a positive expansion trajectory, registering a CAGR of 6.7% from 2022 to 2028. Massive investments in large-scale renewables and solar will lead to capacity expansion for clean-energy, which is expected to strengthen the global residual current circuit breaker market during the forecast period.

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How are Frequent Building Maintenance Cycles Spurring Residual Current Circuit Breaker Demand?

Over the years, public and private infrastructure projects implementation has tremendously increased. As the years pass by, these structures require frequent maintenance cycles in order to ensure structural integrity. Besides overall material strength, it is important to ensure that safety mechanisms are also up to date, including fire and electrical safeguards.

Residual current circuit breakers are extremely important when it comes to protection of electrical circuits. Aimed at protecting individuals from risk of electric shocks, electrocution and fires, residual current circuit breakers are particularly helpful in instances of sudden earth fault. They ensure immediate tripping of circuits, preventing individuals from electric shocks.

Spawning Global Electricity Demand Encouraging Residual Current Circuit Breaker Uptake?

Global demand for electricity has been increasing consistently since the beginning of the 21^st century, on the back of an expanding global population and the consequent rise in public and private infrastructure projects. As per the International Energy Agency (IEA), in 2021, global electricity demand was likely to surge 3% to levels higher than 2019, after considering COVID-19 induced sluggishness.

While reliance on conventional power sources such as coal, nuclear and gas will remain prominent, there is extensive focus on electricity generation from renewable energy sources, including solar and hydropower. This is leading to an increase in the construction of renewable electricity generation power plants. Hence, sales of residual current circuit breakers during electricity generation operations will incline significantly.

Residual Current Circuit Breaker Market - Country-wise insights:

Why North America Remains at the Forefront of Residual Current Circuit Breaker Market?

North America is anticipated to lead the overall residual current circuit breaker market, accumulating a market share of 24% in 2022. Relatively stable economic conditions, expanding industrial production and steady growth in the construction industry are the prominent factors anticipated to drive the growth in the demand for residual current circuit breakers in the region.

Mounting energy demand has caused the need for a stable and reliable T&D network. As per reports of the Department of Energy and the North American Electric Reliability Corp., uninterrupted power can only be maintained through a system capable of handling abrupt power surges and drops.

The U.S endures more blackouts than any other developed country which is attributed to the ageing infrastructure, lack of investments and lack of clear policies to modernize the grid. Power outages here last more than an hour and has multiplied steadily in the past few years, costing American businesses about US$ 150 billion per year.

Hence, both commercial and residential infrastructure stakeholders are opting for residual current circuit breakers of various grades, likely to impel sales across the forecast period. As per FMI, sales of residual current circuit breakers in the U.S are likely to surge at a 7.3% CAGR until 2028.

What is the demand for the Residential Current Circuit Breaker Market in Asia?

Backed by a consistent surge in residential and commercial projects in emerging countries like China and India, the market for a residential current circuit breaker is expected to gain traction over the forecast period. Collectively, both countries are likely to register a CAGR worth 15.8% from 2022 to 2028.

Prominent manufacturers in the region are making investments to increase the protection of electrical equipment against overload and voltage tip-off. For instance, Nader circuit breaker has recently launched NDB1LE-63 Electronic residual current action circuit breaker which provides safe isolation function, compact contact system structure and more reliable operations.

Residual Current Circuit Breaker Market - Category-wise insights:

Which Product Type Influence the Revenue Generation of Residual Current Circuit Breaker Market?

Based on product type, Type AC and Type A are likely to govern the global RRCB Market throughout the forecast period. Electricity transmission infrastructure in developed regions will demand new fittings to permit improved failure detection. Scientific advancements and the replacement of ageing power infrastructure in North America and Europe is one of the prominent factors driving the residual current circuit breaker demand in the global market.

In terms of growth, Type A will remain one of the most attractive segments in the residual current circuit breaker market. This is due to the fact that Type A RCCBs provide additional protection to Type AC as they are sensitive to alternative comments.

How Residential Projects Stimulate the Sales of Residual Current Circuit Breaker Industry?

The market for residual current circuit breaker is experiencing promising demand opportunities in the residential segment, representing nearly 45% of the total sales volume of residual current circuit breaker. This growth is attributed to the ability of these products to protect a low voltage circuit from glitches. 

ABB India has recently launched Formula DIN-Rail, a complete range of miniature circuit breaker (MCBs), residual current circuit breaker (RCCBs) and isolators under the “Make in India” scheme for all types of residential and commercial buildings. The ABB Formula DIN-Rail portfolio with its contemporary design provides optimum protection to electrical circuits from possible damages caused by overload, short circuits, and earth leakages in buildings. 

Residual Current Circuit Breaker Market - Competitive Landscape

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions to expand their market ground

·In February 2021, Siemens Energy has signed an agreement with Canada-based TC Energy Corporation (TC Energy) to commission a novel waste heat-to-power pilot installation in Alberta. The facility will capture waste heat from a gas-fired turbine operating at a pipeline compression station and convert it into emissions-free power.

• In February 2020, Havells India Limited, a technology-led Fast-Moving Electrical Goods (FMEG) and Consumer Durable company launched a digital campaign #ShockKaVaccination, in a bid to promote electrical safety through its Residual Current Circuit Breaker (RCCB) product range, urging consumers to install circuit protection devices to protect themselves and their family from electrical shocks.

Residual Current Circuit Breaker Industry Report Scope

Key Segments Covered in Residual Current Circuit Breaker Industry Analysis

Residual Current Circuit Breaker by Product Type

• AC
• A
• F
• B
• B+    

Residual Current Circuit Breaker by Network Type

• 2 Pole
• 3 Pole
• 4 Pole

Residual Current Circuit Breaker by Power Input

• Single Phase Residual Current Circuit Breaker
• Three Phase Residual Current Circuit Breaker

Residual Current Circuit Breaker by End Use

• Residual Current Circuit Breaker for Residential
• Residual Current Circuit Breaker for Commercial
• Residual Current Circuit Breaker for Industrial

Residual Current Circuit Breaker by Region

• North America Residual Current Circuit Breaker Market
• Latin America Residual Current Circuit Breaker Market
• Western Europe Residual Current Circuit Breaker Market
• Eastern Europe Residual Current Circuit Breaker Market
• Southeast Asia & Pacific Residual Current Circuit Breaker Market
• China Residual Current Circuit Breaker Market
• Japan Residual Current Circuit Breaker Market
• India Residual Current Circuit Breaker Market
• Middle East & Africa Residual Current Circuit Breaker Market