Low voltage direct current circuit breakers are critical in transmission and energy distribution, and their primary function is to shut off power when a circuit is overloaded. Increased power consumption, growth in the share of renewable energy sources, and an increase in the number of data centers and electric cars are likely to drive the market throughout the forecast period. Increased electrical supply reliability, which reduces the demand for circuit breakers, is projected to constrain the low voltage DC circuit breaker market's development in the upcoming years.
Asia-Pacific led the low voltage DC circuit breaker market in 2019 and is predicted to do so in the ensuing years. Asia-Pacific is the fastest developing region due to population growth, urbanization, and industrialization. Consequently, there is a strong need for a reliable power supply, and numerous nations are investing in the renewable energy industry and transmission and distribution infrastructure to meet these needs.
According to the International Energy Agency (IEA), China, the world's most populous country, was expected to construct 36% of global hydropower capacity and 40% of global wind energy capacity between 2015 and 2021. China already has about 259,000 MW of new coal-fired power plants in different stages of construction, accounting for more than a third of the worldwide coal-fired power plant pipeline.
China has surpassed worldwide rivals in data center building, with more firms aiming to expand their data centers to guarantee data services are reliable and stable. China's total data center market size was roughly USD 18 billion in 2018, an increase of almost 30% over the previous year.
On the other hand, India's data center and telecommunications businesses are growing. The nation is home to multiple data center clusters, which provide enough colocation space. Mumbai, Bangalore, Chennai, Hyderabad, and New Delhi are India's key colocation data center markets.
Additionally, India is actively investing in the renewable energy industry, with USD 11.1 billion spent in 2018. The bulk of these investments has been made in wind and solar farm development. This is expected to drive demand for low voltage DC circuit breakers in the area throughout the projected period.
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Solar energy is predicted to develop significantly throughout the projection period due to solar energy's increasing part of overall power production, an increasing number of utility-scale solar projects, and the growing demand for clean energy.
Worldwide solar energy capacity increased by more than 1300%, from 41.54 GW in 2010 to 586.43 GW in 2019. The majority of this capacity was added in the form of utility-scale solar farms that employ DC circuit breakers to address "first-fault" conditions, corresponding to the first unintentional connection to the earth. At that point, the DC circuit breaker safely disconnects the photovoltaic array from the inverter under load conditions.
Another element contributing to the solar sector's development is the considerable decrease in the CAPEX needed to establish renewable energy projects such as wind and solar. For instance, the cost of solar photovoltaic (PV) modules has decreased by nearly 99% over the last four decades, and prices are expected to continue to decline during the forecast period, owing to advancements in solar panel manufacturing technologies and mass production of solar panels.
The growing need for clean energy is a significant driver of the solar energy industry, and therefore, DC circuit breakers are used in the field. Renewable energy production increased by around 14% from 2166.5 TWh in 2017 to 2480.4 TWh in 2018. Thus, as demand for clean energy increases, the solar energy industry will likely develop. The market for low voltage DC circuit breakers in the solar energy sector is with it.
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* Customer Behaviour Analysis
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