The global Residual Current Circuit Breaker Market is expected to reach $3,411.6 million by 2028, at a CAGR of 6.7 percent. The industry is expected to be worth $2,305.9 million in 2022.
The global market for residual current circuit breakers expanded at a CAGR of 6.5 percent between 2017 and 2021, according to the most recent study from FMI. In 2017, the market had a value of $1,683.1 million. The historical period’s growth can be mostly ascribed to an increase in building maintenance activities to replace deteriorating electrical infrastructure.
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Since the adoption of COVID-19, the need for residual current circuit breakers has dramatically decreased, especially in the first two quarters. The implementation of severe lockdowns led to the suspension of a number of activities.
Key Findings from the Competitive Landscape Analysis of Residual Current Circuit Breaker Market
- Leading RCCB manufacturers are prioritizing the development of customer-specific product development, emphasizing superior performance, high operational efficiency, and regional expansion.
- Partnerships and joint ventures through strategic collaborations with recognized research institutes is paving the way for product innovation.
- Targeting expansion of existing product offerings, key players in residual current circuit breaker landscape are indulging inconsistent new product innovation cycles, in addition to strategic mergers and acquisitions (The latest example in this category is of the acquisition of GE Industrial Solution by ABB).
- Industry leaders are focusing on maintaining long-term contractual relationships with manufacturing giants for a reliable supply scenario of a wide range of residual current circuit breaker devices.
“Towards the end of 2020, the global revenue of residual current circuit breaker landscape is likely to cross the US$ 2 billion mark, witnessing over 6% year on year growth each year post-2020,” explains a senior analyst at FMI. Elaborating further on the key impact factors shaping the revenue growth of residual current circuit breaker market, the analyst says, “Increasing adoption of smart grid, constant replacement of ageing power infrastructure, the rampant expansion of the residential construction sector, and growing digitization are primarily drawn as high-impact push factors associated with RCCB demand”.
Mushrooming Residential Construction Realm Significantly Pushes RCCB Sales
The residential building industry dominates the market, according to the examination of the residual current circuit breaker landscape by end-use. Residential infrastructure will continue to draw the most prospects over commercial and industrial sectors in the residential current circuit breaker market, with an estimated 7+% year over year revenue increase over the next couple of years. The demand for residential housing is subsequently fueled by this expansion, which is clearly tied to rapid population growth.
The research addresses a large incremental opportunity for three phase residual current circuit breakers in its power input-wise analysis of the residual current circuit breaker market, which it firmly links to the recent surge in sales of solar PV and energy storage systems.
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Power Investments Elevate in Asian Economies, Imposing Solid Growth Opportunities for Residual Current Circuit Breaker Manufacturers
FMI’s regional market analysis of residual current circuit breaker landscape reveals dominance of North America and Western Europe, the latter is however witnessing a major revenue decline in recent years. The criticality of the efficient eco-smart end-use and an ever-growing concern of human safety from electrocution continue to boost the mature residual current circuit breaker landscape of developed regions.
Being among the most populous economies across the globe, China and India reinforce solid growth prospects for residual current circuit breaker sales growth. While China is projected for a heavy gain in terms of market value share, MEA is also poised to observe promising expansion at over 6.5% yearly growth post 2019 – owing to augmenting power investments.
The breakthrough One Belt-One Road Project that connects China and all the other Central Asian economies, European countries, and Indo-Pacific littoral countries raise a substantial need for new roads, railway tracks, ports, and power grids. The onset of this project is expected to contribute substantially to the revenue growth of the residual current circuit breaker landscape.
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Key Segments Covered in Residual Current Circuit Breaker Industry Analysis
Residual Current Circuit Breaker by Product Type:
- AC
- A
- F
- B
- B+
Residual Current Circuit Breaker by Network Type:
- 2 Pole
- 3 Pole
- 4 Pole
Residual Current Circuit Breaker by Power Input:
- Single Phase Residual Current Circuit Breaker
- Three Phase Residual Current Circuit Breaker
Residual Current Circuit Breaker End Use:
- Residual Current Circuit Breaker for Residential
- Residual Current Circuit Breaker for Commercial
- Residual Current Circuit Breaker for Industrial
Residual Current Circuit Breaker by Region:
- North America Residual Current Circuit Breaker Market
- Latin America Residual Current Circuit Breaker Market
- Western Europe Residual Current Circuit Breaker Market
- Eastern Europe Residual Current Circuit Breaker Market
- Southeast Asia & Pacific Residual Current Circuit Breaker Market
- China Residual Current Circuit Breaker Market
- Japan Residual Current Circuit Breaker Market
- India Residual Current Circuit Breaker Market
- Middle East & Africa Residual Current Circuit Breaker Market
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