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Low Voltage Dc Circuit Breaker Market Growth Overview And Predictions On Size Share And Trend Throug

By Author: Akshay
Total Articles: 138

The global Low Voltage DC Circuit Breaker Market is projected to reach a size of USD 1.5 billion by 2024, at a CAGR of 5.68%, from an estimated USD 1.2 billion in 2019. This growth can be attributed to factors such as upgradation & modernization of aging infrastructure for safe and secure electrical distribution systems, expansion in transmission & distribution networks, increasing rate of industrialization & urbanization, and increased focus on renewable energy generation techniques such as solar as well as increased emphasis on battery systems for microgrids and for eliminating the peaks or surges in the grid, because of varying generating capability from the renewable sources.
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The data center end user is expected to be the fastest growing market from 2019 to 2024.”
The data center end user is estimated to be the largest and the fastest growing segment during the forecast period, as it is the main component utilized in the cloud storage applications which are an essential part of the digitalized operations of every task including smart grid and smart transport. With most of the existing operations related to almost all the fields to undergo digitalization in the near future for the sake of ease of operations and reliability, data centers will be coming up in large numbers around the globe to support the same, where DC is essentially needed, ultimately increasing the demand for low voltage DC circuit breakers.
The others segment, by application, is expected to be the largest market from 2019 to 2024.
The others segment is expected to hold the largest market share and to be the fastest growing segment during the forecast period because of the introduction of numerous new technologies in this sector such as Artificial Intelligence and Internet of Things that require a network of sensors and automation devices. The segment is also supported by the ever-increasing number of electronic devices needed for the ease of lifestyle, which is expected to drive the market during the forecast period.
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Asia Pacific: The leading market for low voltage DC circuit breaker.
The Asia Pacific region is expected to be the largest market for low voltage DC Circuit breakers, by 2024. Countries such as China, Japan, and South Korea are among the major countries which are considered as the main manufacturing hubs for low voltage DC circuit breakers. Over the past few years, this region has witnessed rapid economic development. Also, the growth of the solar power generation and strengthening of the transmission and distribution sectors in this region resulting in an increase in the low voltage dc circuit breaker market.
Increase in the demand for electricity along with a thought of curbing pollutants emitted by burning of fossil fuels for power generation has made way for the renewable energy to come into picture. The total investment in the renewable generation, globally, was approximately USD 333.50 billion in 2017. Amongst renewables, solar energy has seen one of the most significant developments in the region. This is because countries such as China and India invested heavily in the solar technology and have ambitious targets of 680 GW and 227 GW, respectively, until 2022, to achieve, followed by the North American region.
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