The Europe AC Circuit Breaker Market would witness market growth of 4.8% CAGR during the forecast period (2023-2030).
The market has grown due to the increased focus on energy efficiency and incorporating energy from renewable sources into the electrical grid. Circuit breakers are critical to the electrical grid's stability and protection against overloads and disruptions as it becomes increasingly complicated. In most areas, renewable energy-based electricity is currently the most affordable choice. Renewable energy sources already account for most current investments and are the standard choice for capacity expansions in the power sector in practically all nations.
As a result of technical improvement, advanced AC circuit breakers now have better characteristics, including fault detection, self-diagnosis, and remote monitoring capabilities. These developments boost electrical systems' effectiveness and safety, further fostering market expansion. The increasing construction of smart cities also aids in increasing the demand for electricity. Smart cities have advanced levels of general infrastructure, communications, transportation, and market viability. Enhanced energy efficiency, a strong transit network, smart grids, smart water management, and cutting-edge medical and educational facilities are some features of smart cities.
Europe has also developed greatly due to increased grid expansion expenditures and complex electrical distribution infrastructure. Germany, the UK, and France are three essential countries that provide considerable contributions to the European market. Due to growing smart grid investments and robust integrated transmission and distribution (T&D) automation assets, the technology is also rapidly advancing in countries like Spain, Italy, and Denmark. Market players with a significant impact on Europe include Siemens and Schneider Electric. The metering industry has developed quickly since switching from automated meter reading (AMR) to smart metering using bi-directional communication, providing more substantial benefits for energy distribution businesses, customers, and society.
In an effort to upgrade the electrical grid and cut T&D losses, governments across Europe are investing in advanced metering infrastructure. Nearly 225 million smart meters for electricity and 51 million for gas will be installed in the EU by 2024. This might involve an investment of €47 billion. By 2024, smart power meters will be used by about 77% of European consumers while about 44% will use a gas one. Additionally, for a potential investment of €45 billion, the Member States of the European Commission committed to installing over 200 million smart electricity meters and 45 million smart gas meters by 2020. Therefore, throughout the projection period, all of these variables will contribute to the regional market's expansion.
The Germany market dominated the Europe AC Circuit Breaker Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $350.1 million by 2030. The UK market is showcasing a CAGR of 3.9% during (2023 - 2030). Additionally, The France market is anticipated to grow at a CAGR of 5.5% during (2023 - 2030).
Based on Insulation Type, the market is segmented into Gas, Vacuum, Air, and Oil. Based on Voltage, the market is segmented into High, Medium, and Very High. Based on Installation, the market is segmented into Outdoor and Indoor. Based on End User, the market is segmented into Transmission & Distribution Utilities, Power Generation, Industrial and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide AC Circuit Breaker Market is Projected to reach USD 5.7 Billion by 2030, at a CAGR of 5.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Ltd., Eaton Corporation PLC, Siemens AG, Schneider Electric SE, General Electric Company, Mitsubishi Electric Corporation, Rockwell Automation, Inc., Powell Industries, Inc., Toshiba Corporation, and Alstom SA.
By Insulation Type
By Voltage
By Installation
By End User
By Country
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