The Latin America, Middle East and Africa AC Circuit Breaker Market would witness market growth of 7.0% CAGR during the forecast period (2023-2030).
A strong and trustworthy transmission & distribution (T&D) network is now necessary due to the rising demand for energy. Continuous power can only be guaranteed by a system capable of absorbing sudden power surges and drops. According to the International Energy Agency (IEA), in Africa, some 600 million people are still without access to electricity, and millions rely more on gasoline and diesel generators as their main energy sources. The annual cost of fuel and equipment used for backup generation during frequent power outages in Nigeria alone is USD 14 billion. Demand for the whole value chain of power sector equipment is being created by recent rules to lessen/limit power outages and upgrade the deteriorating power networks in the region.
As electrical transmission networks continue to advance, one of the main drivers driving the market's growth is the increased need for AC circuit breakers. In addition, governments in various nations are taking steps to increase power-generating capacity and meet electricity needs. To cut down on energy waste and enhance safety protocols, they are also replacing outdated electric equipment with more current and technologically advanced technologies. Additionally, by replacing aging structures, special emphasis is being given to reducing carbon emissions.
In 2020, Brazil produced the most energy in Latin America, with 439.2 terawatt hours of electricity. The expansion of the market will be made possible owing to the region's increased power production. The Colombian government announced plans to extend the transmission line in the north of the nation in December 2022 so that up to 3,000 MW of renewable energy production capacity could be connected to the national grid. These energy-generating activities result from the increased electricity demand from the extensive usage of appliances in homes and the region's fast urbanization.
The Argentinean government also aims to increase the percentage of renewable energy sources it uses to meet its energy needs. The administration has set small-scale wind farms and biofuel projects as its top priority. Argentina has successfully held several solar, wind, small hydro, and biomass project auctions since 2016 in accordance with Resolution 136/2016. As a result, within the legal framework established by this resolution, 20% of the nation's energy requirements will be satisfied by renewable energy by 2025. In addition, as more regional governments invest in alternative energy sources, the demand will only increase. The market in the LAMEA region will consequently grow quickly.
The Brazil market dominated the LAMEA AC Circuit Breaker Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $97.9 million by 2030. The Argentina market is poised to grow at a CAGR of 7.6% during (2023 - 2030). Additionally, The UAE market would display a CAGR of 6.7% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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