The Europe Vacuum Circuit Breaker Market would witness market growth of 5.1% CAGR during the forecast period (2023-2030).
The electricity demand is predicted to increase dramatically as the population proceeds to grow and industrialization picks up speed. Furthermore, vacuum circuit breakers are essential for vacuum transmission and distribution systems, which are expected to increase demand for efficient and dependable systems.
To increase grid efficiency, dependability, and resilience, governments and utilities from around the region have engaged in smart grid initiatives. Due to their sophisticated switching capabilities, fault protection, and ability to effectively integrate renewable energy sources, these breakers play a crucial role in these projects. Solar & wind power must be integrated into the current grid infrastructure to meet the growing demand for renewable energy sources on a regional scale. Vacuum circuit breakers are crucial for securing and effectively incorporating renewable energy systems, promoting grid stability, and managing power flow.
In the EU's economy, the construction industry has been very significant. Buildings use up most of the final energy consumed across the EU. Additionally, renovations can increase a building's energy efficiency. To support small-scale energy projects like renovations, a new funding program under the European Fund for Strategic Investments was developed in 2015. It is anticipated that government initiatives, such as the European Electrical Grid Initiative, will hasten the development of electrical networks. Therefore, over the projection period, these factors are projected to support the expansion of the regional market.
The Germany market dominated the Europe Vacuum Circuit Breaker Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $79.3 Million by 2030. The UK market is anticipated to grow at a CAGR of 4.2% during (2023 - 2030). Additionally, The France market would showcase a CAGR of 5.8% during (2023 - 2030).
Based on Voltage, the market is segmented into Medium Voltage, and High Voltage. Based on Industry, the market is segmented into Utilities, Industrial, Commercial, and Residential. Based on Installation Location, the market is segmented into Indoor, and Outdoor. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Vacuum Circuit Breaker Market is Projected to reach USD 1.3 Billion by 2030, at a CAGR of 5.5%
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, Fuji Electric Co., Ltd., Legrand Group, Schneider Electric SE, Mitsubishi Electric Corporation, Siemens AG, General Electric Company, Toshiba Corporation (Toshiba Energy Systems & Solutions Corporation) and Arteche Lantegi Elkartea, S.A.
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