Molded Case Circuit Breakers Market Expected to Reach $15.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Molded Case Circuit Breakers Market," 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.

Molded case circuit breakers (MCCBs) protect against short circuits, ground faults, and thermal overloads using thermomagnetic and electromagnetic mechanisms to trip the breaker and interrupt the flow. They can be used in almost any environment, from residential applications to industrial or commercial systems.

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.

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.

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. The recent investments of the Indian government towards the development of renewable power generation facilities such as solar and wind power utilities drive the growth of the molded case circuit breakers market trends.

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 above-mentioned factors are the key factors expected to provide various opportunities for the growth of the molded case circuit breakers market during the forecast period.

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. In addition, 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.

The global molded case circuit breakers market forecast is segmented on the basis of product type, power range, end-use, and region. On the basis of product type, the market is divided into miniature and molded case. On the basis of power range, it is divided into below 0-75A. 75-250A, 250-800A, and above 800A. On the basis of end use, it is divided into consumer power utilities, Industrial, Residential, Commercial, and others. On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

On the basis of product type, the molded case segment accounted for 65% of the molded case circuit breakers market share in 2021 and is expected to maintain its dominance during the forecast period. Molded case circuit breakers are the types of molded case circuit breakers used in the protection of electrical circuits of current ratings up to 1,600 A. Its working principle and parts are the same as that of the miniature circuit breaker except that it protects the circuit from overcurrent faults. It is mostly used for commercial and industrial purposes as it is costly for residential applications.

On the basis of power range, the 75-250A segment accounted for 38.2% of the molded case circuit breakers market share in 2021 and is expected to maintain its dominance during the forecast period. 75-250A power range molded case circuit breaker is widely utilized in small manufacturing industries. The presence of industrial manufacturing facilities across the globe to produce various chemical and electronic products has led to the demand for molded case circuit breakers.

On the basis of end use, it is divided into power utilities, residential, commercial, and industrial. The power utilities segment accounted for the largest revenue share in the global molded case circuit breakers market in 2021. An increase in rural electrification and renewable energy installation projects in developing countries such as China, India, and others fuels the demand for molded case circuit breakers, which is anticipated to drive the growth of the market during the forecast period.

On the basis of region, Asia-Pacific accounted for the largest market share in the market and is projected to grow at a CAGR of 5.8% during the forecast period, due to rise in industrialization and a surge in energy suppliers. Growth in power plants and the construction of renewable power plants have created tremendous potential prospects for the molded case circuit breakers market in this region.

Key Findings of the Study

• As per molded case circuit breakers market analysis, on the basis of product type, the molded case segment emerged as the global leader by acquiring more than 65% of the molded case circuit breakers market share in 2021 and is anticipated to continue this trend during the forecast period.
• On the basis of power range, the 75-250A segment emerged as the largest market share in 2021 which accounted 38.2% and is anticipated to continue this trend during the forecast period.
• On the basis of end-use, the power utilities segment accounted for 35.3% of the global market share in FY2021.
• On the basis of region, Asia-Pacific is the major consumer of molded case circuit breakers among other regions. It accounted for around 35.6% of the global market share in 2021.

IMPACT OF COVID-19 ON THE GLOBAL MOLDED CASE CIRCUIT BREAKERS MARKET

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.

Furthermore, the outbreak of the pandemic has created awareness among the people regarding the advantages of molded case circuit breaker which has driven the growth of the global molded case circuit breakers market.

Competitive Landscape

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. These players have adopted various strategies to gain a higher share or retain leading positions in the market.