PUBLISHER: The Business Research Company | PRODUCT CODE: 1428110
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428110
A residual current circuit breaker (RCCB) is a safety device designed to detect electrical imbalances and disconnect the circuit in case of faults. It automatically interrupts the circuit when an imbalance in current is detected, preventing potential hazards such as electrical shocks or fires.
These RCCBs come in various types including AC, A, F, B, and others. The AC type is specifically designed for sinusoidal, alternating currents. They are available in different network configurations such as 2 pole, 3 pole, and 4 pole, catering to different power inputs such as single-phase and three-phase systems. These devices find applications in residential, commercial, and industrial settings to ensure electrical safety and prevent accidents.
The residual current circuit breaker (RCCB) market research report is one of a series of new reports from The Business Research Company that provides residual current circuit breaker (RCCB) market statistics, including residual current circuit breaker (RCCB) industry global market size, regional shares, competitors with a residual current circuit breaker (RCCB) market share, detailed residual current circuit breaker (RCCB) market segments, market trends and opportunities, and any further data you may need to thrive in the residual current circuit breaker (RCCB) industry. This residual current circuit breaker (RCCB) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The residual current circuit breaker (rccb) market size has grown strongly in recent years. It will grow from $2.29 billion in 2023 to $2.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth observed in the historical period can be linked to several factors, including the implementation of stringent electrical safety regulations, an upsurge in construction projects, heightened awareness concerning electrical safety measures, industrial expansion, and the integration of renewable energy sources.
The residual current circuit breaker (rccb) market size is expected to see strong growth in the next few years. It will grow to $3.24 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the upcoming period can be linked to factors such as urbanization trends and the expansion of infrastructure, a heightened focus on adhering to green building standards, the proliferation of renewable energy initiatives, the advancement of smart cities programs, and the escalating adoption of electrification in emerging markets. Significant trends expected in this period encompass the emergence of compact and modular design concepts, the increased prevalence of Type A and Type F RCCBs, expanded utilization within industrial and commercial sectors, initiatives aimed at enhancing energy efficiency, as well as the global expansion of RCCB manufacturing and supply chains.
The growth of the residual current circuit breaker (RCCB) market is anticipated to be propelled by the increase in building operations. Building operations encompass the management, maintenance, and overall functioning of buildings. RCCBs play a crucial role in building electrical systems, ensuring rapid circuit tripping in the event of an earth fault to protect users from electric shocks. As per a report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development in 2023, the annual number of privately-owned dwelling units approved by building permits in May 2023 was 1,491,000. Additionally, the number of privately-owned home completions in May reached 1,518,000 on a seasonally adjusted yearly basis, reflecting a 5.0% increase over May 2022 and a notable 9.5% rise above the revised April estimate of 1,386,000. The surge in building operations is thus a key driver for the growth of the residual current circuit breaker (RCCB) market.
The residual current circuit breaker (RCCB) market is poised for growth, further fueled by the development of renewable energy sources. Renewable energy, including solar, wind, and hydropower, constitutes sustainable and naturally replenishing power sources. RCCBs contribute to the growth of renewable energy by ensuring the safety and reliability of electrical systems, facilitating the integration of diverse and eco-friendly energy generation methods into the grid. In March 2023, according to the U.S. Energy Information Administration (EIA), renewable energy sources surpassed both coal and nuclear in the U.S. electric power sector in 2022. Texas emerged as a leader, producing 26% of the total U.S. wind generation. Furthermore, Oklahoma significantly contributed to this development with the launch of one of the largest wind farms in the United States, boasting a nearly 1,000-megawatt capacity. The increasing development of renewable energy sources stands as a driving force for the growth of the residual current circuit breaker (RCCB) market.
The prevailing trend in the residual current circuit breaker (RCCB) market is centered around product innovation, with major companies strategically focusing on the development of new products to maintain their competitive positions. A notable instance of this trend is observed with ABB Ltd, a Switzerland-based technology company. In January 2021, ABB introduced the Formula DIN-Rail, a comprehensive selection of isolators, RCCBs, and MCBs tailored for the retail electrical sector in India. Distinguished by its modern design, this product offers optimal protection against potential harm from overload, short circuits, and earth leakages in structures. The ABB Formula DIN-Rail portfolio represents advanced engineering, accommodating various pole configurations, featuring B/C tripping characteristics (MCBs), variable leakage sensitivity (RCCBs), and isolation (Isolators) up to 63 A for domestic and similar applications.
Leading companies in the Residual Current Circuit Breaker (RCCB) market are focusing on innovation by introducing new technological products, such as a New Range of Circuit Breakers, to enhance their profitability within the market. A new range of circuit breakers refers to recently developed electrical devices that automatically disconnect a circuit when the current reaches a safe level. For instance, in January 2021, ABB India Ltd., an engineering services company based in India, launched the Formula DIN-Rail, a fresh selection of isolators, miniature circuit breakers, and residual current circuit breakers (RCCBs). This Formula DIN-Rail portfolio is part of the 'Make In India' initiative and caters to both residential and commercial building applications. These circuit breakers are designed to provide optimal protection against potential hazards stemming from overloads, short circuits, and earth leaks in electrical circuits. The primary objective of introducing this new line of circuit breakers is to contribute to the creation of future homes and structures that prioritize sustainability and safety.
In February 2023, Mitsubishi Electric Corporation, a Japan-based electronics and electrical equipment manufacturing company, made a strategic move by acquiring Scibreak AB for an undisclosed amount. Scibreak AB, based in Sweden, specializes in the development of residual current circuit breakers (RCCBs). This acquisition marks a collaborative effort between the two companies to enhance the competitive edge of their integrated business by advancing Differential Current Circuit Breaker (DCCB) technologies tailored for high-voltage direct current (HVDC) systems. The joint efforts aim to contribute to the global deployment of renewable energy, showcasing the significance of innovation and collaboration in the evolving RCCB market.
Major companies operating in the residual current circuit breaker (rccb) market report are Siemens AG, GE Industrial Solutions, Schneider Electric SE, Honeywell International Inc., Mitsubishi Electric Corporation, ABB Group, Eaton Corporation, Shanghai Electric Group Company Limited, TE Connectivity Corporation, LeGrand SA, Rockwell Automation Inc., Fuji Electric Co. Ltd., CHINT Group, WEG S.A., Hager Group, Havells India Ltd., HD Hyundai Electric Co. Ltd., Noark Electric, Socomec Inc., Crompton Greaves Consumer Electrical Ltd., Meiji Electric Industries Co. Ltd., Gewiss SpA, Zhejiang Tengen Electric Co. Ltd., Terasaki Electric Co. Ltd., AEG Power Solutions, HPL Electric & Power Ltd., L&T Electrical & Automation, BCH Electric Limited, Hensel Electric India Pvt. Ltd., LS Electric Co. Ltd.
North America was the largest region in the residual current circuit breaker (RCCB) market in 2023. The regions covered in the residual current circuit breaker (rccb) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the residual current circuit breaker (rccb) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The residual current circuit breaker (RCCB) market consists of sales of circuit breakers, residual current devices, low-voltage power distribution, and control systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Residual Current Circuit Breaker (RCCB) Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on residual current circuit breaker (rccb) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for residual current circuit breaker (rccb) ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The residual current circuit breaker (rccb) market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.