The North America AC Circuit Breaker Market would witness market growth of 5.0% CAGR during the forecast period (2023-2030).
The growing use of various electrical appliances in homes to streamline tasks, such as mixers, blenders, freezers, washing machines, vacuum cleaners, and air purifiers, is assisting the market's expansion. Additionally, the increasing use of heavy machinery in many industries to boost output and effectively complete routine operations further bolsters the electricity demand. Additionally, the demand for the product is expanding as utilities and power plants increasingly install circuit breakers to operate grids safely and provide electricity to consumers.
Long chains of transmission lines, transformer-equipped substations, circuit breakers, fuses, cutouts, reclosers, sectionalizers, service transformers, feeder circuits, and service drops are all essential components of power systems. If the utility is to supply its clients with electricity, everything must run smoothly. In utilities, circuit breakers are necessary for the secure running of grids. Transformers and generators used in power-producing plants are protected by circuit breakers. A circuit breaker's job is to isolate the equipment from the grid after spotting the short-circuit fault in the power transmission system.
Mexico generated 281.57 Terawatt hours (TWh) of electricity in 2020. In the upcoming years, the country will need more energy from clean sources. An IRENA (International Renewable Energy Agency) study claims that Mexico has many potential resources and can attract substantial investments to expand its energy supply. Similarly, Canada's smart grid plan is a national program emphasizing natural resources. It discusses how the Pan-Canadian Framework's objectives for clean growth and climate change mitigation are created. Utility-led initiatives to reduce greenhouse gas emissions, more effectively utilize present electrical resources, and foster innovation have received more than $100 million in funding. These initiatives aim to guarantee the availability of power to support industry growth and urbanization. As a result, the region offers the market promising growth opportunities.
The US market dominated the North America AC Circuit Breaker Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,042.6 million by 2030. The Canada market is showcasing a CAGR of 7.4% during (2023 - 2030). Additionally, The Mexico market would register a CAGR of 6.4% 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 U.S., Mexico, Canada, and Rest of North America.
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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