Northbrook, IL -- (SBWIRE) -- 06/12/2019 -- According to the new market research report "Low Voltage DC Circuit Breaker Market by End User (Battery Systems, Transportation, and Others), Application (Industrial, Commercial, and Others), Type (Air Circuit Breaker, Molded Case Circuit Breaker, and Others) and Region - Global Forecast to 2024", the global low voltage DC circuit breaker market is projected to reach USD 1.5 billion by 2024 from an estimated USD 1.2 billion in 2019, at a CAGR of 5.68 %. This growth can be replacement & refurbishment of aging infrastructure, battery systems for the sake of power storage, and avoidance of peaks and surges occurring due to the inconsistency in generation from renewables, expansion in transmission & distribution networks, and need of low voltage DC circuit breakers in the transportation segment along with data centers.

The Asia Pacific region is estimated to be the largest and the fastest growing market for low voltage DC circuit breakers during the forecast period. The region has been segmented, by country, into the China, India, Japan, South Korea, and Rest of Asia Pacific. The growth of this region is primarily driven by countries such as China, India, South Korea, and Japan, which are considered as the main manufacturing hubs for low voltage DC circuit breakers. Over the past few years, this region has witnessed rapid economic development as well as the growth in the transmission and distribution sectors because of the increasing energy generation by renewable sources like solar, thereby resulting in an increase in the low voltage DC circuit breaker market. Countries such as China and India are investing heavily in the solar technology and have ambitious targets of 680 GW and 227 GW, respectively, to be achieved by 2022.

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The low voltage DC circuit breaker market, by end user, is segmented into battery systems, data centers, solar industry, transportation, and others. The battery systems segment holds the largest market share in 2019 and is projected to grow at the highest CAGR during the forecast period. This is primarily due to the need of power storage and for eliminating the peaks or surges in the grid, because of varying generating capability of the renewable sources. The solar industry segment holds the second most market share, by end user.

The report segments the low voltage DC circuit breaker market, by application, into industrial, commercial, and other segments. The others segment of the low voltage DC circuit breaker market is expected to grow at the highest CAGR during the forecast period, as it includes applications corresponding to the residential sector which is highly depends on electronic devices and upcoming technologies like Artificial Intelligence and Internet of Things. The Asia Pacific region is expected to hold the largest market share for the circuit breaker segment between 2019 and 2024 because of increase in the installation of renewable energy generation units.

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The report segments the low voltage DC circuit breaker market, by type, into air circuit breaker, molded case circuit breaker, and others including miniature circuit breaker and residual current circuit breaker. The molded case circuit breaker segment of the low voltage DC circuit breaker market is expected to grow at the highest CAGR during the forecast period, as industries such as transportation, cloud servers, and renewable energy generation use molded case circuit breaker more often than other type of circuit breakers. The battery systems segment is projected to increase the usage of low voltage DC circuit breakers at a CAGR of 6.07%.

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