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Asia Pacific Low Voltage Circuit Breaker Market Size
Asia Pacific Low Voltage Circuit Breaker Market was valued at USD 4.3 billion in 2022 and is projected to expand at 10.9% CAGR between 2023 and 2032. The exponential surge in energy demand, propelled by a thriving industrial sector, is driving the expansion of high-voltage grid networks. The rapid deployment of high-voltage units to meet the growing demand in various industries is, in turn, fueling the demand for these products. The increasing demand for manufactured goods, combined with the swift expansion of manufacturing facilities, has compelled industry players to expand and enhance their operations across the region.
The circuit breaker industry has experienced significant growth, primarily due to the ongoing urbanization in various developing countries. The gradual migration of the population to urban centers has resulted in an increased demand for electricity, consequently driving growth in the power sector. According to Enerdata, global regions collectively consumed approximately 24,877 terawatt-hours (tWh) of electricity in 2021, marking a 5.5% annual increase from 2020.
Asia Pacific Low Voltage Circuit Breaker Market Report Attributes
| Report Attribute |
Details |
| Base Year: | 2022 |
|---|
| Asia Pacific Low Voltage Circuit Breaker Market Size in 2022: | USD 4.3 Billion |
|---|
| Forecast Period: | 2023 to 2032 |
|---|
| Forecast Period 2023 to 2032 CAGR: | 10.9% |
|---|
| 2032 Value Projection: | USD 12.5 Billion |
|---|
| Historical Data for: | 2019 to 2022 |
|---|
| No. of Pages: | 150 |
|---|
| Tables, Charts & Figures: | 161 |
| Segments covered: | Product, End Use |
|---|
| Growth Drivers: | - Rising peak load demand
- Expansion of micro-grid networks
- Grid stability & security of supply concerns
|
|---|
| Pitfalls & Challenges: | - Volatile raw material prices
|
|---|
Copper, aluminum, steel, plastic, and other raw materials are used for the manufacturing of circuit breakers. The volatility in raw material price is considered as one of the prime factors affecting the industry growth as managing raw materials cost is a top priority for the manufacturers. Rising concerns pertaining to the export quotas may also increase the raw material prices and affect the international market dynamics. In addition, ongoing geopolitical scenario may further pose a threat to the circuit breaker market growth.
