Molded Case Circuit Breaker in High Demand Due to Rising Global Electricity Use

The global molded case circuit breakers market value would be of USD 17.1 billion at the end of 2033. The market value for molded case circuit breakers is projected to increase in a compound annual growth rate of 5.3% during 2023-2033.

Molded case circuit breakers have been in demand over the last few years for a myriad of applications. The usage of molded case circuit breakers is mainly in the following categories: manufacturing and process industries, power production, transportation, transmission, and distribution.

These kinds of molded case circuit breakers are designed to prevent both short circuits and overloads, and thus protect electrical circuits from damage. MCCBs are primarily used in panel boards, switchboards, and other similar devices. These play a vital role in avoiding life and property damage because of this feature of immediate disconnection of the power supply in case there is any malfunctioning in it. These can be reset after rectifying the fault. The demand for more reliable power protection equipment will rise, thereby driving demand for MCCBs throughout.

Key Findings from Market Research

The global market for molded case circuit breakers reaches US$ 10.2 billion in 2023. This would imply a steady rise in this market over the forecast horizon, fueled by the increasing demands from industries for ensuring the most reliable electrical safety solutions one can wish for. During 2023-2033, global demand for molded case circuit breakers is likely to rise at a CAGR of about 5.3%. This growth trend is projected to further boost the momentous market worth US$ 17.1 billion by 2033. The following are some key factors that can possibly provide an impetus for this growth: an improvement in the industrial infrastructure, increases in investment for various renewable energy projects, and a requirement for an effective electrical distribution system.

Asia Pacific would be anticipated to grow at the highest CAGR with a rate of 5.9% between 2023 and 2033 at a regional marketplace level. This is due to the rapid process of industrialization and urbanization, combined with growing applications of stringent safety standards across various industries, within an emerging nation. This growth shall primarily be driven by the immense industrial base and infrastructural developments in process within China and India. Growing adoption of smart grid technologies and expansion of manufacturing activities drive the demand for MCCBs in the Asia Pacific, hence, making it a significant growth region in the global market.

List of Key Companies Profiled in The Report

Chint Group
Rockwell Automation Inc
Fuji Electric Co. Ltd.
Eaton Corporation Plc.
Siemens AG
Step NC
Toshiba Corporation
JSL Electric Corporation
Powell Industries Inc
General Electric
Others

Molded Case Circuit Breakers Find Increasing Demand Across Various Industries

An increasing development of smart grid technologies and a rise in distribution and transmission networks, in addition to a surge in the number of rail traffic, are likely to drive growth in the demand for molded case circuit breakers. There are also foreseen growth opportunities when clean energy initiatives are given priority for expenditure. The development brought about in the field of renewable energy resources is also one of the reasons for an increase in the demand for MCCBs.

Other important factors that will drive the global market revenue are increased investments in developing new renewable projects, growth in distributed power generation focus, and rising energy consumption.

Asia Pacific to Become a High Potential Market for Electric Vehicles With Robust Demand

Asia Pacific is expected to increase in the molded case circuit breaker market at a CAGR of 5.9% because of the rising demand for electric vehicles and industrial machinery. Furthermore, the growth of industrial sectors in developing countries such as India and others is expected to increase the potential for the expansion of the market. Government policies favoring investment in the energy and power segment should also witness growth in the region.

Competitive Landscape

Majority of the leading suppliers of molded case circuit breakers are engaged in developing an advanced supply chain management system, which ensures high standards and quality of the products. In these specific industries, companies are collaborating to make new developments and thus increase their geographical reach worldwide; new regulatory frameworks are also set in place to curtail any possible negative effects on the environment.