Promising Survival of DC Circuit Breaker Market
The DC Circuit Breaker Market accounted for USD 2.6 billion in 2020 to USD 6 billion in 2028, at a CAGR of 4%. The DC circuit breaker is used to protect electrical equipment operating indirect power. DC Circuit Breakers are often used in systems such as electrical circuits run on batteries, such as those found in homes with solar panels, electric car parts from both gas cars and electric vehicles, electric vehicle charging stations, an Uninterruptible Power Supply (UPS).
The key drivers of the DC Circuit Breaker Market include their use in renewable energy technologies, high-precision industrial machinery, LED heating, and lighting. Part of renewable energy is gaining momentum and is expected to be widespread until the end of the century, which in turn contributes to the growth of DC circuit breakers to protect electricity. As the cost of LEDs continues to decline, estimates show more than 90% of sales of LED lights by 2030. However, there are many risks involved with the functioning of electrical devices as there is no law correlating this with the use of DC circuit breakers. This factor can restrain the growth of the DC circuit breaker market. Also, because of the growing outbreak of the COVID-19 epidemic in various regions, the global market in 2020 had seen a decline. Railways were shut down, which decreased the demand for DC circuit breakers. The transmission and distribution also decreased. However, the power generation industries were not completely closed, which was a positive impact on the DC circuit breaker market.
Based on end-users, the market is divided into transmission and distribution facilities, power generation, renewable energy and railways. Transmission and distribution utilities have been the highest end-users of DC circuit breakers. Based on insulation, the market is divided into vacuum and gas. While considering the application, the market is divided into residential, industrial, and transportation. The industrial sector had the largest share in 2020 and is expected to register a profitable CAGR at the time of forecasting.
Asia Pacific is estimated to be the fastest-growing DC circuit breaker market by 2024 and is expected to grow at the highest CAGR at the time of forecasting. China and India are investing heavily in T&D infrastructure to meet the growing demand for electricity. North America is the second most lucrative market for DC circuit breakers as the restoration and refurbishment of existing infrastructure is a major requirement for local T&D. At the moment, Europe is one of the largest markets for DC circuit breakers, as the concept of intelligent grid technology is gaining momentum especially within the European Union (EU).
Some of the major key players of the DC Circuit Breaker Market are ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Toshiba (Japan), Larsen & Toubro (India), Mitsubishi (Japan), Powell (USA), Rockwell Automation (USA), Fuji Electric (Japan), CG Power (India), Entec Electric & Electronic (South Korea), and Brush Group (UK).
Browse the full Report - DC Circuit Breaker Market by Voltage (Low Voltage, Medium Voltage, High Voltage), by Type (Solid-State, Hybrid), by Insulation (Vacuum, Gas), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)