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The North America industrial miniature circuit breaker market size is forecast to increase by USD 145.3 million, at a CAGR of 4.36% between 2023 and 2028. The growth of the market for miniature circuit breakers (MCBs) is driven by several key factors. Industries are increasingly demanding MCBs for their robust electrical safety features, which safeguard against overcurrents and short circuits, thereby protecting equipment and preventing fire hazards. Moreover, there is a growing emphasis on energy efficiency in the industrial sector, where MCBs play a crucial role in maintaining reliable electrical distribution while optimizing energy usage. Additionally, the burgeoning demand for MCBs from data centers underscores their importance in ensuring uninterrupted power supply and protecting sensitive electronic equipment. These factors collectively contribute to the expanding market for MCBs, highlighting their essential role in modern electrical infrastructure across various sectors worldwide. As industrialization and technological advancements continue, the demand for MCBs is expected to further rise, driven by ongoing safety and efficiency imperatives.
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The market is witnessing an expanding footprint in various industrial domains due to the increasing prevalence of safety and efficiency in circuit protection. Miniature circuits breakers, being standardized high-quality electrical components, play a crucial role in power distribution and circuit protection in industries, automotive, data centers, and power transmission. These components ensure uninterrupted power supply and prevent potential electrical hazards. The market is driven by the growing demand for energy-efficient products and the technical advancement in the electrical equipment industry. Smart grids and power transmission systems are also contributing significantly to the market growth. Market research reports suggest that the market is expected to grow at a steady pace in the coming years. Vendor selection is a critical factor in the miniature circuit breaker market, as the safety and reliability of these components are non-negotiable. Manufacturers focus on producing high-quality miniature circuit breakers to cater to the diverse needs of various industries. The market is competitive, with major players including Future Business Insights, Data bridge research, and Mordor Intelligence, among others. These companies offer comprehensive market insights and provide valuable information for vendor selection.
High demand for MCBs from industries is notably driving the market growth. The industrial sector in North America has a strong presence and this has led to the adoption of high-quality MCBs that are benchmarked. Industries such as automotive, manufacturing, and others in the region give safety and productivity a priority, hence the use of advanced MCBs for circuit protection. This, in turn, protects electric equipment. The industrial sector in North America is increasing and has a high penetration rate in sectors such as power, manufacturing, chemicals, oil and gas, and others.
In addition, a number of prominent vendors such as ABB, offer MCBs for industrial applications. For example, ABB has thermal-magnetic MCBs that are used in various industries such as semiconductors for circuit protection. Consequently, the high demand for ABB from North American industries is expected to drive market growth during the forecast period.
Growing focus on the replacement and upgrades of electrical systems is an emerging trend shaping the market growth. In North America, the rising emphasis on the replacement and upgrade of electrical systems is one of the growing trends in the industrial MCB market. The need for modernization and improved safety standards prompts businesses to replace outdated electrical components, including MCBs, with more advanced and efficient solutions as industries and infrastructure become old. Technological advancements in the industrial MCB market have introduced smarter and more efficient MCBs. Furthermore, upgrading to these intelligent MCBs allows industries to optimize their electrical systems, identify potential faults or inefficiencies, and lower downtime through predictive maintenance.
Moreover, upgrading MCBs to those with higher breaking capacities and adjustable trip settings allows for more precise and tailored circuit protection to suit the evolving needs of the industry. Therefore, the rising focus on the replacement and upgrades of electrical systems is an emerging trend, which is anticipated to drive the growth of the industrial MCB market in North America during the forecast period.
Threat from refurbished and counterfeit products is a significant challenge hindering the market growth. Grey-market products, such as refurbished and counterfeit goods, are often sold by unauthorized and illegal vendors. Refurbished products are previously used MCBs that have not been tested by electrical equipment manufacturers and are marketed as new. Counterfeit products, on the other hand, are copies of genuine components that have been re-engineered to appear and be sold as branded products. The presence of counterfeit components in electrical equipment is a potential threat to market growth and the safety of end-users.
Furthermore, these products are often untested and may not function correctly during overloads or leakage, resulting in damaged circuit components, fire hazards, and harm to workers. Additionally, some of these products are used in regulated markets, and buyers may not be able to distinguish between genuine and counterfeit products, creating a significant risk for the industrial MCB market's growth in North America during the forecast period.
The market share growth by the UL 489 segment will be significant during the forecast period. UL 489 MCBs are an important component of electrical systems in industrial settings and these circuit breakers adhere to the safety standards set by Underwriters Laboratories (UL), a respected and globally recognized testing and certification organization.
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The UL 489 segment was the largest and was valued at USD 426.50 million in 2018. Miniature circuit breakers are crucial for ensuring electrical safety in various industrial applications. UL489 MCBs feature two distinct tripping mechanisms such as a delayed thermal tripping mechanism for overload protection and a magnetic tripping mechanism for short-circuit protection. They are UL 489 certified and do not require any additional backup over the current device. Compared to other circuit breakers, UL 489 MCB has higher current ratings, making it an ideal choice for heavy-duty electrical equipment and larger industrial loads. UL 489 MCBs can effectively protect motors, machinery, and power distribution systems found in industrial environments. As a result, the demand for MCBs in industrial settings is increasing, and the UL 489 segment of the industrial MCB market in North America is expected to grow during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd. - The company offers industrial miniature circuit breakers such as ABB S300 P Industrial MCB.
Carlo Gavazzi Holding AG - The company offers industrial miniature circuit breakers such as GMB63, and GSB63.
Eaton Corp. Plc - The company offers industrial miniature circuit breakers such as UL 489 and UL 1077 DIN.
The research report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data, with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is witnessing an expanding footprint in various industrial domains due to the prevalence of the need for circuit protection and safety in power transmission, automotive, oil and gas, chemicals, and diverse industries. These miniature circuits, known for their high-quality and standardized design, play a crucial role in ensuring efficiency and reliability in energy transfer. Manufacturing companies are focusing on producing energy-efficient products to cater to the growing demand for miniature circuit breakers in data centers, electric equipment, and renewable energy applications. Technical advancement in semiconductors and thermalmagnetic miniature circuit is further propelling market growth. Key players in the market include Rockwell Automation, ABB, Mitsubishi Electric Corporation, Eaton Corporation, and Legrand, among others.
In addition, the market players are investing in R&D to introduce innovative solutions and expand their offerings in the market. Geographical segmentation of the market includes regions like North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The report on the Industrial Miniature Circuit Breaker market provides in-depth analysis of the market trends, vendor selection criteria, and market research reports to help businesses make informed decisions. The market research reports also emphasize the importance of smart monitoring systems, IoT integration, and smart grid operation in the growth of the market. Building and home automation are also emerging as potential applications for miniature circuit breakers.
In addition, the market is evolving rapidly amid trends in urbanization and digitalization. Companies like Hager Group and Powell Industries are pioneering innovations in electrical products, integrating novel materials and IoT technologies for fault tolerance and sustainability. Regulatory environments, shaped by organizations like Frost and Sullivan, are increasingly favoring smart technologies and e-commerce in the LVSG sector. This shift is evident across residential and commercial applications, from solar panel installations in office buildings and retail spaces to smart grids in hospitals. As North America embraces digital transformation, the MCB market is poised for growth, driven by its crucial role in ensuring the safety and efficiency of electrical systems.
Market Scope |
|
Report Coverage |
Details |
Page number |
125 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2024-2028 |
USD 145.3 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
4.11 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Carlo Gavazzi Holding AG, Eaton Corp. Plc, ETA Elektrotechnische Apparate GmbH, LOVATO Electric Spa, LS ELECTRIC Co. Ltd., NOARK Electric, Reunert Ltd., Schneider Electric SE, Siemens AG, and WEG S.A |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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