According to the business intelligence report titled ‘Global Residual Current Circuit Breaker Market Size study, by End-Use (Residential, Commercial and Industrial), by Power Input (Single Phase and Three Phase) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global residual current circuit breaker market is poised to showcase a decent year over year growth rate through 2028 and subsequently amass a notable valuation by the end of the forecast timeframe.
Expert analysts cite that soaring industrial production, and increasing investments toward renewable & solar energy resources are the major factors driving global residual current circuit breaker market growth.
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Citing an instance, recent statistics submitted by the World Bank claim that by May-June 2022, National Thermal Power Corporation (NTPC) Limited is likely to employ a substantial investment in building India’s largest floating solar power station in Ramagundam, Telangana. The total capacity is deemed to be around 447MW.
For the uninitiated, a residual current circuit breaker is an electrical safety component that cuts off the electrical circuit in the event of an electrical shock to prevent massive damage to any equipment.
Furthermore, surging technological advancements are likely to positively impact market dynamics over the analysis timeframe.
However, dearth of skilled professionals in the field may severely hamper the growth of worldwide residual current circuit breaker industry over the review duration.
Based on power input, the marketplace is bifurcated into single phase and three phase. In terms of end-use ambit, the business space is branched out into industrial, commercial, and residential.
From a regional frame of reference, North America market sphere is slated to amass a substantial revenue share over 2022-2028, owing to huge investments toward large-scale renewables and solar energy resources in the region.
Meanwhile, Asia Pacific industry is likely to generate promising returns during the analysis timeframe, ascribed to increase in the construction of renewable energy power plants in the landscape.
Considering the competitive framework, Larsen & Toubro Ltd., Siemens AG, Honeywell International Inc., ABB Limited, Rockwell Automation Inc., Havells India Ltd., Eaton Corporation, Schneider Electric SE, HPL Electric & Power Ltd., and Hager Group are the key players influencing global residual current circuit breaker industry trends.