The Europe Circuit Breakers Market would witness market growth of 5.3% CAGR during the forecast period (2022-2028).
The circuit breakers market is expected to increase significantly due to a variety of variables, including an increase in circuit breaker demand from various end-use sectors. Additionally, one of the key trends in the market is an increase in investment in power infrastructure projects. Moreover, increasing growth in the renewable energy industry would generate higher demand for these circuits. However, safety regulations governing circuit breaker product quality, as well as the consequent potential for the unorganized sector, may limit the growth of the circuit breakers market.
The safety of kitchen appliances, industrial tools and machinery, and IT devices has become a major concern, which is driving up demand for circuit breakers. The entire power mechanism may be made safe and safeguarded against frequent power fluctuations and short circuits by using circuit breakers. The growing trend of urbanization and industrialization in developing countries is one of the major trends in the market. As a result, the electricity infrastructure has improved, and the power supply to rural areas has increased. Some of the growth factors of the market are low maintenance costs and increased use of these devices in locomotive industries.
The construction industry has played a significant role in the EU's economy. Buildings account for the majority of overall EU final energy consumption. In addition, refurbishment of buildings can improve energy efficiency, and a new funding scheme under the European Fund for Strategic Investments was established in 2015 to finance minor energy initiatives, such as renovation. Government initiatives, like the European Electricity Grid Initiative, are projected to accelerate the construction of electricity networks.
Around 80% of the power grid operators in Germany used vacuum switch gears as of 2017. Siemens, a major player in the vacuum circuit breaker market, is conducting research and development in Germany to improve circuit breaker technology. Furthermore, the government is boosting its spending to stimulate the growth of the vacuum circuit breaker industry in the country. Hence, these factors are anticipated to fuel the growth of the regional Circuit Breakers Market during the forecasting period.
The Germany market dominated the Europe Circuit Breakers Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $889.3 million by 2028. The UK market is poised to grow at a CAGR of 4.4% during (2022 - 2028). Additionally, The France market would witness a CAGR of 6% during (2022 - 2028).
Based on Installation, the market is segmented into Outdoor and Indoor. Based on Insulation Type, the market is segmented into Gas, Oil, Vacuum, and Air. Based on Voltage, the market is segmented into High, Medium, and Low. Based on End User, the market is segmented into Utilities, Industrial, Residential, and Commercial. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Circuit Breakers Market Size will Hit $13.8 Billion by 2028, at a CAGR of 6.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, ABB Group, Eaton Corporation PLC, Schneider Electric SE, Alstom Holdings, Mitsubishi Electric Corporation, Furukawa Electric Co., Ltd., Toshiba Corporation, Kirloskar Electric Co. Ltd., and Powell Industries, Inc.
By Installation
By Insulation
By Voltage
By End User
By Country
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