The Asia Pacific AC Circuit Breaker Market would witness market growth of 5.4% CAGR during the forecast period (2023-2030).
The market is experiencing growth due to improved power distribution infrastructure. This development can be attributed to the increasing per capita income, expanding middle class, increased urbanization, and improved access to power in rural areas. Most of these aspects have been accomplished by the increasing urbanization. The rate of urban expansion is at its highest level ever.
In certain emerging nations, distributed power generation is anticipated to replace massive national grids in the process of rural electrification. Governments have prioritized access to electricity, aiding in the expansion of electricity to remote areas. For example, the Indian government is concentrating on boosting the penetration of power supply in villages with the aid of programs like the Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) and Restructured Accelerated Power Development and Reforms Program (R-APDRP). The market has a great opportunity because of these programs.
The biggest and fastest-growing market in this region is China. Regarding power transmission and distribution, China is regarded as the world leader. The nation mainly concentrates on developing transmission networks that can carry heavy loads over long distances and building a dependable power system over the entire country.
In China, renewable energy initiatives like wind and solar are rapidly expanding and developing. In light of this, the Renewable Energy Law, which sets ambitious goals of primary energy consumption from renewable sources, was passed by the Chinese government. As a result, there will probably be more installations at substations in the future as there are more renewable energy projects. Due to China's remarkable economic expansion, there has been a high rate of energy consumption. The primary energy consumption in this country surged in 2021 and exceeded 165 quad btu, according to the Energy Information Administration. Consequently, this region offers the industry excellent growth opportunities for the market.
The China market dominated the Asia Pacific AC Circuit Breaker Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $601 million by 2030. The Japan market is registering a CAGR of 4.7% during (2023 - 2030). Additionally, The India market would witness a CAGR of 6% 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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
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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