Molded Case Circuit Breakers Market projected to grow at a CAGR of 5.4% from 2022 to 2031.
— Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, July 26, 2024 /EINPresswire.com/ —
According to a new report published by Allied Market Research, The molded case circuit breakers market size was valued at $9.2 billion in 2021, and molded case circuit breakers industry is estimated to reach $15.5 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.
Key players in the molded case circuit breakers industry are Havells India Ltd, Rockwell Automation Inc., Eaton Corporation, Siemens AG, Fuji Electric Co Ltd., Schneider Electric, General Electric, ABB Ltd., JSL Electric Corporation, Toshiba Corporation, Chint Group, and Powell Industries Inc.
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The Asia-Pacific dominates the molded case circuit breakers market due to the presence of developing countries such as India and China. The presence of a huge population and developing countries in this region are the main driving factors for the growth of the molded case circuit breakers market opportunities.
Molded case circuit breakers (MCCBs) are electrical protection devices that are designed to automatically disconnect electrical circuits in the event of overcurrent, short-circuit, or other types of electrical faults.
MCCBs consist of a molded plastic or metal casing that encloses the circuit breaker components, including the contacts, trip mechanism, and operating mechanism. They are typically rated for use in low-voltage applications, with current ratings ranging from 15 amps to several thousand amps.
MCCBs are widely used in residential, commercial, and industrial applications to protect electrical equipment and systems from damage caused by overcurrent or short-circuit faults. They are also used to improve the safety of electrical installations by reducing the risk of electrical fires and other hazards.
MCCBs are designed to be easy to install and maintain, and they are often equipped with additional features such as adjustable trip settings, ground fault protection, and auxiliary contacts for remote monitoring and control.
In addition, the rise in consciousness towards a safe and reliable electrical system is also one of the fundamental factors responsible for the growth in demand for the molded case circuit breakers market. The above-mentioned factors are expected to provide opportunities for the growth of molded case circuit breakers market growth during the forecast period.
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The rise in electricity consumption coupled with an expansion of the power distribution network is the key factor contributing towards the growth of the global molded case circuit breaker market. Continuous adoption of circuit breaker power protection solutions by residential, industrial, and commercial sectors across the globe accelerates the growth of the molded case circuit breakers market. The factors such as continued modification in electricity infrastructure and ever-rising electricity production drive the growth of the market.
The increase in awareness among the people regarding the safe utilization of power in the living space and the government policies to improve the awareness related to the safety guideline among the rural areas in developing countries have created a positive impact on the growth of the market.
The increase in demand for advanced equipment in electronics, automotive, and telecommunication, and rapid growth in construction and development activities are also expected to drive the growth of the market. Strict environmental and safety regulations for molded case circuit breakers are anticipated to restrain the development of the market, whereas rise in cyber security threats is projected to challenge the market growth.
Increase in demand for replacing conventional mechanical and electromechanical devices across manufacturing and industrial sectors and aging power infrastructure is expected to create ample opportunities for the development of the market.
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IMPACT OF COVID-19
The COVID-19 pandemic led to a decline in the demand for the molded case circuit breakers market due to a decline in the demand for power generation across the globe. In addition, the shutdown of manufacturing industries and the demand for power from various industries left a significant impact on the market.
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