The Global AC MCB Market size is expected to reach $3.2 billion by 2030, rising at a market growth of 5.3% CAGR during the forecast period.
AC MCB has a promising future since it is essential for power management and safety in industrial environments, hence, the industrial sector registered $536.3 million revenue in 2022. According to the International Monetary Fund, in 2022, worldwide industrial manufacturing expansion reached 4.4 percent. The United Nations Industrial Development Organization (UNIDO) reported that in May 2022, world industrial production resumed its upward trend and expanded at a rate of 3.2% yearly. Countries invest in developing transmission & distribution (T&D) infrastructure to meet the rising energy demand, mostly produced by the industrial sector.
Moreover, the International Energy Agency forecasted an 8% increase in energy investment to USD 2.4 trillion in 2022. Space constraints, arc quenching technology, and cheaper operating, as well as maintenance costs are just a few benefits of gas-insulated switchgear at high voltages. Some of the factors impacting the market are growing development of smart homes, more electrification initiatives globally, and occurrence of frequent operational failures in MCBs.
The smart home is a sophisticated environment that enables a variety of domestic activities. In the early days of smart homes, ideas like ubiquitous computing, home intelligence, ambient intelligence, as well as home automation were well-known. Hence, the growing adoption of smart homes propels the market's growth. The governments of emerging countries are implementing several measures to enhance the facilities for power distribution as well as electrification rates to meet the rising demand for power in rural and urban areas. As a result, increased electricity demand has accelerated the government's efforts to electrify numerous countries. This will lead to a rise in demand for products like AC MCB, which in turn is accelerating market growth.
However, Miniature circuit breakers' three primary failure modes are failures during operation, failures during misoperation, and failures during refuse operation. MCBs are designed to trip and interrupt the circuit when an abnormal condition, such as an overload or short circuit, occurs. Therefore, all these elements may hamper the expansion of the market.
Based on type, the market is characterized into Type B, Type C, and Type D. The Type B segment procured a considerable growth rate in the market in 2022. Type B makes trips 3 to 5 times the current at full load. Most Type B devices are employed in residential or light business settings where connected loads are predominantly lighting fixtures and home appliances with resistive elements. Additionally utilized for electrical devices like computers and PLC wiring with very low inrush loads. In such circumstances, the surge of current values is minimal.
On the basis of voltage, the market is classified into low, medium, and high. The medium segment acquired the largest revenue share in the market in 2022. The ideal type of breaker to use is one with medium voltage. In contrast to other forms of breakers, MCBs of medium voltage types can also be operated manually. In addition, they can be controlled manually at levels below 600 volts since they can function at those levels. Medium voltage MCBs are easy to install, reliable, safe, and economical. They also offer ecologically friendly operation, automatic alignment, a simple mechanism, and control.
By end use, the market is divided into residential, commercial, industrial, and utilities. The residential segment garnered a remarkable growth rate in the market in 2022. MCBs are perfect for utilization in residential applications since they are small, light, and require less power. The residential segment is anticipated to expand significantly over the next years, partly due to increased residential structures throughout many different geographic areas. They can be used to safeguard specific appliances, like dishwashers or washing machines, as well as whole home areas, like the kitchen or bathroom.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 2.1 Billion |
| Market size forecast in 2030 | USD 3.2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.3% from 2023 to 2030 |
| Number of Pages | 212 |
| Number of Table | 360 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, End Use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured the highest revenue share in the market in 2022. The region's expansion can be attributed to commercial endeavors, industries, and infrastructure developments. Every manufacturing and industrial facility uses a different type of electrical switch because the Asia Pacific region is the world's center for manufacturing. The growth is primarily due to the increase in demand for electrical motor protection devices across a range of industrial applications, which is common in emerging economies like China, India, and Taiwan along with other Southeast Asian countries.
Free Valuable Insights: Global AC MCB Market size to reach USD 3.2 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Eaton Corporation PLC, ABB Group, Siemens AG, Schneider Electric SE, General Electric Company, Mitsubishi Electric Corporation, Legrand Group, Fuji Electric Co., Ltd., ALTECH Co., Ltd., and Zhejiang Sentai Electric Co., Ltd.
By Type
By Voltage
By End Use
By Geography
The Market size is projected to reach USD 3.2 billion by 2030.
More electrification initiatives are being launched globally are driving the Market in coming years, however, Occurrence of frequent operational failures in MCBs restraints the growth of the Market.
Eaton Corporation PLC, ABB Group, Siemens AG, Schneider Electric SE, General Electric Company, Mitsubishi Electric Corporation, Legrand Group, Fuji Electric Co., Ltd., ALTECH Co., Ltd., and Zhejiang Sentai Electric Co., Ltd.
The Type D segment acquired maximum revenue share in the Global AC MCB Market by Type in 2022 thereby, achieving a market value of $1.8 billion by 2030.
The Utilities segment is leading the Global AC MCB Market by End Use in 2022 thereby, achieving a market value of $1.3 billion by 2030.
The North America market dominated the Global AC MCB Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $853.7 million by 2030.
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