According to a new market research report published by Credence Research “Global RCCB Market (Product Type (Type AC, Type A, Type F, Type B, Type B+); Network Type (2 Pole RCCB, 3 Pole RCCB, 4 Pole RCCB); End-User (Residential, Commercial, Industrial); Power Input (Single Phase, Three Phase)) – Growth,Future Prospects and Competitive Analysis, 2019 – 2027, the overall RCCB market worldwide is set to grow with a CAGR of 7.3% during the forecast period.
The global RCCB market is highly driven by the technological advancement and increasing applications of RCCB in residential, commercial and industries. These devices protect the human’s life from shocks by disconnecting the main circuit within seconds during any short circuit. The RCCB market is increasing due to increasing renewable and solar energy power plants.
Additionally, the property of RCCB to protect the circuit from further damage after the cut-off also drives the market. The companies are using various strategies for maintaining their position in the market such as by partnership, acquisition, product launches, and others, which also contributes to the market growth. For instance, in July 2018, ABB Ltd. acquired GE industrial solutions. This acquisition leads to enhance the ABB electrification business segment, which eventually also drives the thereby ABB’s residual current circuit breaker.
Based on end-user, the RCCB market has been segmented as residential, commercial, and industrial. The residential segment dominates the by end-user segment and holds the largest market share with more than 2/3rd of the market in 2018 and is expected to dominate the market during the forecast period due to increasing personal homes, residential building and complexes.
Asia-Pacific is expected to be the fastest-growing market, growing with a CAGR of more than 9.5% during the forecast period. There has been increased in the development of infrastructure in the region that also contributes to the growth of the market. The increasing disposable income and population in the region also contribute in the growth of the market as various residential complex and row houses are increasing in the region which increases the demand of RCCB owing to driving the market. Moreover, the advancement in technology in the region is also driving the growth of this market.
Some of the major companies ABB Ltd., Siemens AG, Honeywell International Inc., Schneider Electric SE, Eaton Corporation Inc., Hager Group, Havells India Ltd., HPL Electric & Power Limited, Gewiss S.p.A., Rockwell Automation, Inc., Legrand SA, L&T Limited among others.
Our Blog: Home – Target Market Size