Residual current circuit breakers are low voltage circuit breakers essential for residential, commercial and industrial distribution boards in case of electric fault or current leakage. They comprise automatic switches that self-trigger during the occurrence of a fault in the connection circuit. The aim of residual current circuit breakers is to protect an individual from electric shocks or fire. Residual current circuit breakers trip the circuit in case of earth fault current and offer an extremely effective solution for circuit connections in residential, commercial, and industrial sectors.
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As a result, the global market for residual current circuit breakers is expected to witness significant growth in 2018, reaching a market value of US$ 1,784.0 Mn with a Y-o-Y growth rate of 6.0% as compared to 2017. Furthermore, the global demand for residual current circuit breakers will also be influenced by the rising urbanisation and infrastructural developments.
Urbanization is promoting the growth of the real estate sector across the globe with a significant growth rate, which positively impacts the electrical components market and indirectly, the RCCBs market. In developing regions across the globe such as India, Mexico, Brazil, urbanization growth is relatively high as compared to other developing countries, owing to the increasing disposable income. Moving ahead, increasing industrial production, relatively stable economic conditions and consistent growth in residential construction in various regions such as India, SEAP and China are some of the factors estimated to drive the growth in the demand for residual current circuit breakers.
In the recent past, the residual current circuit breakers market has witnessed significant developments from a competition perspective. Strategic acquisitions and product developments are some of the preferred strategies opted by prominent players to sustain and enter in the global residual current circuit breakers market.
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On the basis of end use, the residential segment is expected to remain dominant in terms of the global residual current circuit breakers market volume share and account for approximately a 51.2% share by the end of 2028. On the basis of power input, the single phase segment is expected to remain behemoth in the global market and account for more than 51.3% of the revenue by 2028 end. Furthermore, among the various products, type AC and type A are estimated to account for more than 60% of the overall volume in the global residual current circuit breakers market.
In 2017, Western Europe and North America are estimated to account for nearly 46% of the global residual current circuit breakers market. Further, being at the forefront of the residual current circuit breakers market, North America is pegged to create a substantial incremental opportunity during the forecast period.
The increasing demand for residual current circuit breakers has influenced prominent manufacturers to expand their production facilities. In India, various manufacturers are poised to start the production of residual current circuit breakers on account of the anticipated demand rise in the coming years.
ABB, Siemens AG, Schneider Electric, Honeywell International Inc., Eaton, Havells India Ltd., Hager Group, HPL Electric & Power Limited, Rockwell Automation, Inc., Gewiss S.p.A. and Legrand are some of the key players involved in the global residual current circuit breakers market.
In terms of market value, the global residual current circuit breakers market is foreseen to register a 6.0% CAGR and create an absolute $ opportunity worth US$ 1,627.6 Mn during the forecast period. China is likely to remain one of the most lucrative regions, expanding at a CAGR of 8.0% over the forecast period.