The Europe Air Circuit Breaker Market would witness market growth of 5.1% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 547.0 thousand units, showcasing a growth of 5.3% (2019-2022).
Utilities and power generation facilities use air circuit breakers in substations and distribution networks to protect the electrical grid from faults. They are pivotal in maintaining the stability of the power supply. Air circuit breakers are crucial for electrical safety in harsh marine environments on ships and offshore platforms. They protect against electrical faults that could jeopardize the crew's safety and the equipment's integrity.
The adoption of air circuit breakers has witnessed remarkable growth largely due to the increasing emphasis on electrical safety and the expansion of various industries. As energy consumption grows, the need for reliable and robust electrical distribution systems becomes more pronounced. Air circuit breakers are integral to this infrastructure, ensuring electricity flows smoothly while protecting against electrical faults. Demand for advanced electrical protection systems has expanded due to the automation of industrial processes fueled by Industry 4.0 and the Internet of Things (IoT). Air circuit breakers have evolved to meet the needs of these automated systems, providing precise protection and remote monitoring capabilities.
According to the United Kingdom Office for National Statistics data, total general government investment in infrastructure rose by 15.2% in 2021, relative to 2020, to £23.8 billion in current prices. Total market sector investment in infrastructure in 2021 was £12.0 billion in 2019, with constant prices. The same source revealed that when compared with 2020, the energy industry received higher investment in 2021 (up by £377.3 million, a 7.3% increase).
Moreover, compared to its earlier goal of giving up fossil fuels by 2045, Germany now wants to meet all of its electricity demands with supply from renewable sources by 2035. Germany wants to reach a final consumption share of 30% from renewable sources by 2030. The goal is to attain carbon neutrality by 2045 and reduce greenhouse gas emissions by 65% by 2030. The policy calls for the phase-out of nuclear power by 2022 and the advancement of the phase-out of coal and lignite by 2030. Thus, increasing investment in energy and infrastructure sectors in the European countries will pose lucrative growth prospects for the regional market.
The Germany market dominated the Europe Air Circuit Breaker Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $248 million by 2030. The UK market is experiencing a CAGR of 4.1% during (2023 - 2030). Additionally, The France market would exhibit a CAGR of 5.9% during (2023 - 2030).
Based on Application, the market is segmented into Industrial, Commercial, and Residential. Based on Type, the market is segmented into Air Blast Circuit Breaker, and Plain Air Circuit Breaker. Based on Voltage, the market is segmented into Low-Voltage, and Medium-Voltage. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Air Circuit Breaker Market will Hit USD 4.5 Billion by 2030, at a CAGR of 5.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, Eaton Corporation PLC, Hitachi, Ltd., Fuji Electric Co. Ltd., Toshiba Corporation, ENTEC Electric & Electronic Co. Ltd, and Havells India Ltd.
By Application (Volume, Thousand Units, USD Billion, 2019-2030)
By Type
By Voltage (Volume, Thousand Units, USD Billion, 2019-2030)
By Country (Volume, Thousand Units, USD Billion, 2019-2030)
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