Molded Case Circuit Breakers Market Size Overview:
Molded Case Circuit Breakers Market Size is estimated to witness a USD 7.56 Billion and CAGR of 5.93% during the forecast period 2022-2030. High growth in the construction sector is expected to drive global Molded Case Circuit Breakers Market Size. We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
Top Boosters and Main Barriers
The COVID-19 outbreak has left a negative impact on all the industries worldwide, leading to lockdown, shutting down of manufacturing facilities and consequent cease in production. The pandemic has disrupted the entire ecosystem with many of the supply chain vendors shifting their facilities from China to other locations, in a bid to reduce their dependency on China. SARS-CoV-2 induced lockdown has not only affected the manufacturing sector but has also led to a drop in the consumer demand for various products.
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However, the COVID-19 impact on the market remains milder compared to other industries, given the escalating demand for electricity in light of the growing global economy, technological developments and surge in the urbanization rate. The growing need to boost the performance of the power system apparatus for better system asset management and enhanced quality of the electrical power, especially post the novel coronavirus, can be a notable growth inducer for the Molded Case Circuit Breakers Market Size.
Following the SARS-CoV-2 outbreak, the key vendors have been highly focused on research and development/R&D activities to develop high-end and sophisticated products to retain the number of end-users in the industry. This has led to an increased application scope of MCCBs, which can spur its demand further in the coming years. Product innovation and launches are some of the top strategies that the leading players employ to gain traction in the global market. For instance, in February 2020, NOARK Electric expanded its range of molded case circuit breakers, with the addition of 1 pole and 2 pole in M1 as well as M2. These advanced MCCBs boast of higher reliability as well as performance.
Market Segmentation
The molded case circuit breakers industry can be divided into rated current as well as end-user.
The rated current-based segments are up to 20A, 21A–75A, 76A–250A, 251A–800A, and above 800A. The 76A–250A section led the market in 2017, as these MCCBs find widespread demand in the infrastructure sector, particularly in commercial and residential.
The end-users in the worldwide market are manufacturing & process industry, transmission & distribution, power generation, residential & commercial, and more. Transmission & distribution is the dominant segment in the MCCB market and can also procure the fastest expansion rate during the review period. The surge in modernization of the existing infrastructure can be an important boosting factor in the market growth.
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Regional Insight
The MCCB market can be regionally considered for Europe, North America, APAC/Asia Pacific, and RoW/Rest of the World.
In 2017, the worldwide leader in the Molded Case Circuit Breakers Market Size was APAC. It is expected that the APAC market can also achieve the highest growth rate between 2018 and 2024. The escalating growth of the construction industry and the increasing modernization and modification of the aging electricity infrastructure benefit the MCCB market in this region. The boom in the regional population, lifestyle changes among people and the mounting electricity demand are also deemed to be boosting factors in the market. Japan, China, India and South Korea are some of the top performing markets in the region, while China is world’s biggest market for power transmission as well as distribution.
North America could acquire the second lead in the MCCB market in the near future, as a result of the strict compliance standards with regard to electrical safety and the high spending on the transmission & distribution network. These factors boost the consumption of electrical components, which works in the market’s favor. The United States/U.S. is one of the leading markets in the region and also on a global scale.
Top Industry Players
The top industry players are Rockwell Automation, Inc. (U.S.), Chint Group (China), Noark Electric (USA) Inc. (U.S.), Toshiba Corporation (Japan), Hitachi Industrial Equipment Systems (Japan), Legrand SA (France), Fuji Electric Co., Ltd. (Japan), Havells India Ltd. (India), General Electric (U.S.), Mitsubishi Electric Corporation (Japan), Maxguard (Malaysia), Schneider Electric (France), Siemens AG (Germany), Eaton Corporation Plc. (Ireland), Huayi Electric Co., Ltd (China), to name a few.