The North America Air Circuit Breaker Market would witness market growth of 5.3% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 618.6 thousand units, showcasing a growth of 5.5% (2019-2022).
Governments and regulatory bodies have introduced stringent safety regulations mandating high-quality electrical protection devices. This has accelerated the adoption of advanced air circuit breakers that comply with safety standards. The growing reliance on renewable energy sources, such as wind and solar power, has expanded the deployment of air circuit breakers in renewable energy installations. They are essential for managing the intermittent nature of these energy sources and ensuring grid stability. The need for air circuit breakers has increased due to emerging nations' rapid urbanization and infrastructure expansion. As cities expand, reliable electrical distribution systems in commercial and residential buildings become paramount. A growing awareness of electrical safety among industries and individuals has prompted the adoption of advanced air circuit breakers. Safety features like arc fault detection and remote monitoring have become essential in modern systems.
One of the most significant trends in the market is the integration of digital technologies and IoT capabilities. Advanced air circuit breakers now offer remote monitoring and control features, allowing real-time tracking of electrical systems' health and performance. This digitalization enables predictive maintenance, reducing downtime and enhancing operational efficiency. Air circuit breakers are increasingly being incorporated into smart grid systems. They are crucial in managing and protecting various components, enhancing grid stability, and accommodating distributed energy resources.
As per the report titled 2023 Investment Climate Statements: Canada, released by the U.S. Department of State, the Canadian Net-Zero Emissions Accountability Act was established as a response to the climate problem in Canada. The law includes Canada's 2030 Emissions Reduction Plan, outlining strategies to decrease emissions to 40-45% below 2005 levels by 2030 and attain net-zero emissions by 2050. The bill also contains the government's promise to achieve net-zero greenhouse gas emissions by 2050. Canada announced USD 61 billion in tax credits for investments in clean electricity, clean tech manufacturing, carbon capture, hydrogen, and critical minerals. Therefore, increasing investment in renewable energy in North America will boost the region's demand for air circuit breakers.
The US market dominated the North America Air Circuit Breaker Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $801 million by 2030. The Canada market is exhibiting a CAGR of 7.7% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 6.8% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Air Circuit Breaker Market is Predict to reach 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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