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Low Voltage DC Circuit Breaker Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 105 Pages
  • June 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 5120354
The global low voltage DC circuit breaker market is expected to record a CAGR of more than 3.25% over the period of 2022 - 2027, reaching a market size of USD 2.45 billion by 2027, up from 1.71 billion in 2020. The COVID-19 pandemic negatively affected the low voltage DC circuit breaker market. The number of new PV installations dropped 23% from Q1 to Q2 2020 in the US. Since the DC circuit breaker is an essential component of the solar PV system, where it acts as a barrier between direct current and alternating current, the decrease in the number of solar installations halted the market’s growth in line with the pandemic. Factors such as an increase in power consumption, the rise of an influx of renewable sources in the energy mix, and a rising number of data centers and electric vehicles are expected to drive the market over the forecast period. However, increased stability of electricity supply, which is reducing the need for circuit breakers, is likely to restrain the growth of the low voltage DC circuit breaker market over the coming years.

  • The solar energy sector is expected to be the fastest-growing market during the forecast period, owing to increasing investments in utility size solar power plants.

  • Globally, the focus has increased on investments in clean energy projects and the development of renewable energy. As a result, the extensive development of new renewable projects and growing electricity usage are likely to create an excellent opportunity for the low voltage DC circuit breaker market in the future.

  • Asia-Pacific dominated the low voltage DC circuit breaker market in recent years and is expected to witness significant growth in the forecast period, with a majority of the demand coming from China, Japan, South Korea, and India.

Key Market Trends

Solar Energy Sector to Dominate the Market

  • The solar energy sector is expected to be the fastest-growing market for low voltage DC circuit breakers over the forecast period. Low voltage circuit breakers are used in both small-scale and utility-size solar projects to isolate faulty solar PV panels.​

  • The global solar energy capacity grew by over 968.16%, from 73.745 GW in 2011 to 713.970 GW in 2020. A majority of this capacity was added in the form of utility-scale solar farms, all of which use DC circuit breakers to address “first-fault” conditions, which correspond to the first unintentional connection to the earth, which is when the DC circuit breaker safely disconnects the photovoltaic array from the inverter under load conditions.

  • As per the Solar Energy Industries Association, there was nearly 115 GW of under-construction and under-development solar projects in July 2020. The construction of these projects is expected to be a significant driver for the low voltage circuit breakers market. The developed countries of North America and Europe and developing countries of Asia-Pacific are the major hotspots for solar PV and, in turn, low voltage DC circuit breakers in the sector.​

  • Moreover, solar project developers reported that they have planned to make 3,616 MW of large-scale battery storage operational in the US between 2020 and 2023. Therefore, an increase in the country's total battery energy storage projects is expected to boost the demand for the low voltage DC circuit breaker systems market.​

  • Increasing demand for clean energy is one of the primary drivers for the solar energy sector and, in turn, for the DC circuit breakers in the sector. Electricity generation from renewable energy sources grew by around 14%, from 2180.2 TWh in 2017 to 3147.0 TWh in 2020.

  • Therefore, with an increase in the demand for clean energy, the solar energy sector is expected to grow and boost the low voltage DC circuit breakers market in the solar energy sector.

Asia-Pacific to Dominate the Market

  • Asia-Pacific is one of the fastest-growing markets owing to increasing population, urbanization, and industrialization. As a result, the demand for clean energy is expected to increase, subsequently leading to higher demand for low voltage DC circuit breakers in the near future.

  • The Indian government aims to achieve an installed renewable energy generation capacity of 175 GW by the end of 2022, excluding hydro projects. Out of the 175 GW, 100 GW has been earmarked for solar capacity, with 40 GW (40%) expected to be achieved through decentralized and rooftop-scale solar projects. ​

  • In March 2020, the Solar Energy Corporation of India (SECI), a central public sector undertaking (CPSU) under the Ministry of New and Renewable Energy, announced that it was planning to enter into commercial operations and set up 5,000 MW of solar-wind-storage hybrid capacity over ten years. The plan of the corporation is to initially set up 500 MW of the 5,000 MW capacity at the cost of about INR 2,800 crore over the next two years, which will, in turn, support the growth of the low voltage DC circuit breaker market in the region.

  • Further, solar projects with battery energy storage systems (BEES) are gradually gaining traction in India. In the past, SECI announced a few tenders incorporating BESS with solar projects. In September 2020, SECI announced tenders for a 100 MW (AC) solar power project along with a 50 MW/150 MWh battery energy storage system (BESS) to be developed in Chhattisgarh. In January 2020, SECI issued a tender for setting up 4 MW of grid-connected floating solar projects with 2 MW of battery energy storage system in andaman. Therefore, an increase in energy storage systems is likely to increase the demand for low voltage DC circuit breakers.

  • Moreover, the Chinese government had set 12% of New Energy Vehicles (NEV) share mandates for 2020. Non-Chinese brands account for approximately 50% of the total passenger car sales. Most of these cars are produced in China, in joint ventures (JVs) with Chinese companies.

  • These factors are likely to propel the demand for low voltage DC circuit breakers in the region during the forecast period.

Competitive Landscape

The low voltage DC circuit breaker market is fragmented. Some of the key players in this market include ABB Ltd, Larsen & Toubro Limited, Mitsubishi Electric Corporation, Fuji Electric Co. Ltd, and Siemens AG, among others.

Additional Benefits:

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Table of Contents

1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Market Dynamics
4.4.1 Drivers
4.4.2 Restraints
4.5 Supply Chain Analysis
4.6 Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products and Services
4.6.5 Intensity of Competitive Rivalry
5.1 Type
5.1.1 Air Circuit Breaker
5.1.2 Molded Case Circuit Breaker
5.2 End User
5.2.1 Battery System
5.2.2 Data Centers
5.2.3 Solar Energy
5.2.4 Transportation
5.2.5 Other End Users
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd
6.3.2 Hitachi Ltd
6.3.3 Mitsubishi Electric Corporation
6.3.4 Larsen & Toubro Limited
6.3.5 Entec Electric & Electronic Co. Ltd
6.3.6 CG Power and Industrial Solutions Ltd
6.3.7 Rockwell Automation Inc.
6.3.8 Eaton Corporation PLC
6.3.9 Siemens AG
6.3.10 Sensata Technologies Holding PLC
6.3.11 Fuji Electric Co. Ltd
6.3.12 Schneider Electric SE
6.3.13 Hyundai Electric & Energy Systems Company
6.3.14 Powell Industries Inc.

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • ABB Ltd
  • Hitachi Ltd
  • Mitsubishi Electric Corporation
  • Larsen & Toubro Limited
  • Entec Electric & Electronic Co. Ltd
  • CG Power and Industrial Solutions Ltd
  • Rockwell Automation Inc.
  • Eaton Corporation PLC
  • Siemens AG
  • Sensata Technologies Holding PLC
  • Fuji Electric Co. Ltd
  • Schneider Electric SE
  • Hyundai Electric & Energy Systems Company
  • Powell Industries Inc.