November 01, 2023 10:00 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
NEWARK, Del, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The global residual current circuit breaker market is anticipated to reach a valuation of US$ 2,467.0 million in 2023, driven by surge in data centers. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 6.7% between 2023 and 2033, and reaching a total valuation of approximately US$ 4,718.6 million by 2033. Time Relay
One of the major factors contributing to the growth of the residual current circuit breaker market is the adoption of green building standards and the focus on sustainability, which are driving the use of energy efficient electrical systems, where RCCBs play a role in improving energy management and safety.
The growth of eCommerce and last mile logistics centers has led to increased warehouse construction and a corresponding demand for electrical safety solutions like RCCBs. The rise of energy storage systems, such as batteries and capacitors, for renewable energy integration and grid stability, requires enhanced electrical protection, including RCCBs.
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Awareness of environmental concerns and the need for sustainable practices are pushing the development of eco friendly and energy efficient RCCB solutions. RCCBs are crucial in ensuring electrical system resilience and disaster preparedness, as they can quickly detect faults and prevent electrical fires during emergencies.
RCCB manufacturers are increasingly looking to expand into international markets, leveraging the global demand for electrical safety devices. Providing customized RCCB solutions for specific industrial applications, such as marine, oil and gas, and mining, presents a niche opportunity.
Partnerships between RCCB manufacturers, technology companies, and electrical system integrators are creating opportunities to offer integrated safety solutions. There is an emerging need to integrate cybersecurity features into RCCBs to protect against cyber threats, with the increasing digitalization of electrical systems.
The incorporation of remote monitoring and predictive maintenance features in RCCBs allows for proactive maintenance, reducing downtime and ensuring safety. The rollout of 5G infrastructure and its reliance on reliable and safe electrical systems is creating a demand for advanced RCCB solutions in the telecommunications sector.
Key Takeaways from the Residual Current Circuit Breaker Market Report:
“The rapid adoption of electric vehicles and the need for EV charging infrastructure have increased the demand for RCCBs to ensure safe and efficient charging,” Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Prominent players in the residual current circuit breaker market are 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, among others.
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Residual Current Circuit Breaker Market Segmentation:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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