New York, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Low Voltage DC Circuit Breaker Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06020231/?utm_source=GNW
Factors such as an increase in power consumption, rise of an influx of renewable sources in the energy mix, along with a rising number of data centers and electric vehicles are expected to drive the market in the forecast period. Rise in the stability of electricity supply thereby reducing the need for circuit breakers is likely to restrain the growth of the low voltage DC circuit breaker market in the coming years.
- The solar energy sector is expected to be the fastest-growing market during the forecast period, owing to factors like increasing investment in utility size solar power plants.
- Globally, the focus has increased on investments in clean energy projects and the development of renewable energy. As a result, the extensive development of new renewable projects, and rising electricity usage is likely to create an excellent opportunity for the low voltage dc circuit breaker market in the future.
- Asia-Pacific has dominated the low voltage DC circuit breaker market in recent years and is expected to witness significant market growth in the forecast period, with the majority of the demand coming from China, Japan, South Korea, and India.
Key Market Trends
Solar Energy Sector to Dominate the Market
- The solar energy sector is expected to witness significant growth in the forecast period, owing to factors like rising electricity share of solar energy in total electricity generation, an increasing number of utility size solar projects, and increasing demand for clean energy.
- The global solar energy capacity grew by over 1300% from 41.54 GW in 2010 to 586.43 GW in 2019. The majority of this capacity was added in the form of utility-scale solar farms, all of which use DC circuit breakers to address “first-fault” conditions, which corresponds to the first unintentional connection to the earth, which is when the DC circuit breaker safely disconnects the photovoltaic array from the inverter under load conditions.
- Another factor that has added to the growth of the solar sector is the significant drop in the CAPEX required for setting up renewable projects like wind and solar projects. For example, the cost of solar photovoltaic (PV) modules have plummeted around 99% in the last four decades, and the costs are expected to continue to go down in the forecast period too, owing to advancement in solar panel production technologies, and mass production of solar panels.
- Increasing demand for clean energy is one of the primary drivers for the solar energy sector and, in turn, for the DC circuit breakers in the sector. Electricity generation from renewable energy sources grew by around 14% from 2166.5 TWh in 2017 to 2480.4 TWh in 2018.
- Therefore, with the increase in the demand for clean energy, the solar energy sector is expected to rise, and in turn the market is expected to grow for low voltage DC circuit breakers in the solar energy sector.
Asia-Pacific to Dominate the Market
- Asia-Pacific has dominated the low voltage DC circuit breaker market, in 2019, and is expected to continue its dominance in the coming years as well.
- Asia-Pacific is one of the fastest-growing regions in the world because of the increasing population, urbanization, and industrialization. As a result, the demand for guaranteed power supply is high. For addressing these demands, many countries are investing in the renewable energy sector and transmission and distribution infrastructure.
- As per the International Energy Agency (IEA), the world’s most populated country China is likely to install 36% of total worldwide hydroelectricity generation capacity and 40% of all global wind energy between 2015-2021. Already, China has over 259,000 MW of new coal plants in various stages of development and accounts for more than 1/3 of the global coal plant pipeline. China has taken the lead over global peers in data center construction, with more enterprises looking to scale up their data centers to ensure the reliability and stability of data services. In 2018, the total data center market size of China stood at approximately USD 18 billion, representing an increase of almost 30% over the previous year.
- On the other hand, India’s data center and telecom industries are thriving. The country contains several data center clusters providing plenty of colocation opportunities. The primary colocation data center markets in India are Mumbai, Bangalore, Chennai, Hyderabad, and New Delhi.
- Moreover, India is investing heavily in the renewable sector heavily, with USD 11.1 billion invested in 2018 alone. The majority of these investments were directed towards the development of wind and solar farms.
- These, in turn, is likely to propel the demand of the low voltage DC circuit breakers in the region during the forecast period.
Competitive Landscape
The low voltage DC circuit breaker market is fragmented. Some of the key players in this market include ABB Ltd, Larsen & Toubro Limited, Mitsubishi Electric Corporation, Fuji Electric Co Ltd, and Siemens AG.
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