The Latin America, Middle East and Africa AC MCB Market would witness market growth of 7.5% CAGR during the forecast period (2023-2030).
AC MCBs have benefited from technological advancements in recent years. Modern MCBs may incorporate features such as built-in ground fault protection (GFP), arc fault detection (AFD), and intelligent trip units that provide enhanced safety and diagnostic capabilities. These advancements make AC MCBs even more valuable in ensuring the protection and reliability of electrical systems. In addition, the economic expansion has led to recent improvements in smart grid infrastructure, which have opened up new market potential. In 2021, investment in electricity grids increased significantly by 6%, with advanced nations stepping up their efforts to finance and facilitate the electrification of industry, buildings, and transportation as well as to integrate variable renewable energy sources into the power grid.
Similar investments are being made in the power sectors of developing nations, which is increasing the focus on the safety of such smart technologies. This has led to an improvement in the efficiency and performance of the smart grid system with the aid of AC MCBs. The key possibilities in the market have also helped to sustain the substantial demand for energy-efficient products in the coming years due to an increase in investment in the production of AC MCBs in manufacturing centers.
Brazil has the seventh-biggest global capacity for power generation and the largest electrical market in Latin America. The expansion will be made possible by the increased power production in this region. In addition, to link 3,000 MW of renewable energy-generating capacity to the national grid, the Colombian government revealed plans to broaden the transmission line in the country's north in December 2022. These energy-generating operations result from the increased demand for power brought on by the region's increasing urbanization, extensive usage of appliances, and other technological advancements. Therefore, the expansion of the market in the upcoming years is anticipated to be positively impacted by this reason.
The Brazil market dominated the LAMEA AC MCB Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $76.6 million by 2030. The Argentina market is anticipated to grow a CAGR of 8.1% during (2023 - 2030). Additionally, The UAE market would showcase a CAGR of 7.2% during (2023 - 2030).
Based on Type, the market is segmented into Type D, Type C, and Type B. Based on End User, the market is segmented into Utilities, Industrial, Commercial, and Residential. Based on Voltage, the market is segmented into Medium, High, and Low. 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 MCB Market is Projected to reach USD 3.2 Billion by 2030, at a CAGR of 5.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Eaton Corporation PLC, ABB Group, Siemens AG, Schneider Electric SE, General Electric Company, Mitsubishi Electric Corporation, Legrand Group, Fuji Electric Co., Ltd., ALTECH Co., Ltd., and Zhejiang Sentai Electric Co., Ltd.
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