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Global Molded Case Circuit Breakers market projected to grow at a CAGR of 5.4% from 2022 to 2031.
Increase in demand for electricity and growth in building and construction and infrastructure activities across the globe are the key factors boosting the Molded case circuit breaker market growth.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, September 9, 2024 /EINPresswire / --
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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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.