27-Jun-2022 | Zion Market Research
The global vacuum interrupters market achieved revenue of USD 2.45 billion in 2021 and is projected to reach around USD 3.51 billion by 2028, the market is expected to grow with a compound annual growth rate (CAGR) of 5.3 percent during the forecast period.
A vacuum interrupter acts as a key that uses electrical contacts in a vacuum in electrical engineering. It is the prime component in medium-voltage circuit breakers, generator circuit breakers, and high-voltage circuit breakers. A metal vapor arc is formed when the electrical contacts separate that is soon smothered. The vacuum interrupters are generally utilized in power production units, utility power transmission networks, and power-distribution systems for industrial facilities, trains, and arc furnace applications.
Rising urbanization and population is the prime factor driving the growth of the global vacuum interpreters market. This rise in population has resulted in high electricity demand in commercial, industrial, and domestic sectors. Further, rising electrification rates in underdeveloped nations, growing investments & projects in the renewable energy field, and growth in the expenditure on T&D infrastructure globally will possibly fuel the market growth during the forecast period. Additionally, the building of new infrastructure along with the upgrading of building’s old electric systems will also boost the market growth. The demand for vacuum interpreters is likely to increase with the steady change to gas-free insulators from gas insulation interrupters, owing to norms that hinder the greenhouse gases’ release into the atmosphere.
Nevertheless, the market expansion is likely to be restrained by the equipment price that gets costlier at higher voltages along with the device malfunction-related risks. Also, the COVID-19 pandemic impacted the processes across manufacturing, power generation, oil & gas, aviation, and several other industrial sectors. Severe containment rules implemented by the respective governments are the key reasons for the slowdown in industrial growth.
The global vacuum interrupters market is segregated based on rated voltage, application, end-user, and region. By rated voltage, the market is categorized into 0-15 kV, 15-30 kV, and above 30 kV. The application segment of the market is split into a circuit breaker, contactor, load break switch, tap changer, recloser, and others. The end-user segment is bifurcated as utilities, oil & gas, mining, transportation, and others.
The global vacuum interrupter market is anticipated to be led by Asia Pacific during the forecast period. In this region, the primary nations deemed to be the major manufacturing hubs for vacuum interrupters are India, South Korea, Japan, and China. In recent years, this region has witnessed considerable economic development. As per World Economic and Financial Surveys, the economic momentum in the top economies of Asia Pacific is expected to remain vigorous, representing policy stimulus in China and Japan that aids other Asian nations. The rapid economic development will drive the surge in the electricity demand. This would result in a better investment level in electricity-generating infrastructure. Likewise, in countries like Japan, South Korea, and Australia, the rising spending on smart grid technologies, like distribution grid automation, demand response systems, and smart meters, would offer expansion avenues for the market in the years to come.
North America is also projected to witness substantial expansion in the near future owing to the extensive implementation of newer technologies here. Also, the existence of key market players along with the swift rise in demand for power will bring up lucrative growth opportunities in this region.
Europe will also see considerable expansion due to the constant investments in maintaining and upgrading of electrical infrastructure.
Key players operating in the global vacuum interrupters market include ABB, Eaton, Crompton Greaves Limited, Siemens AG, LS Industrial System, Mitsubishi Electric Corporation, Shaanxi Baoguang Vacuum Electric Device Company Limited, Toshiba Corporation, Meidensha Corporation, ACTOM, Chengdu Zuguang Electronics Company Limited, Shaanxi Joyelectric International Company Limited, and Wuhan Feite Electric Company Limited.
Browse the full “Vacuum Interrupters Market By Rated Voltage (0-15 KV, 15-30 KV, Above 30 KV), By Application (Circuit Breaker, Contactor, Recloser, Load Break Switch, & Tap Changer), By End User (Oil & Gas, Mining, Utilities & Transportation), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/vacuum-interrupters-market
Global vacuum interrupters market is segmented as follows:
By Rated Voltage
By End User
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