At 5.3% CAGR, Global Vacuum Interrupters Market Size & Share to Surpass USD 3.51 Billion by 2028 | Vacuum Interrupters Industry Trends, Demand, Price, Analysis & Forecast Report by Zion Market Research
NEW YORK, June 28, 2022 /PRNewswire/ -- As per Zion Market Research study, 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.
Key Industry Insights & Finding of the Vacuum Interrupters Market Reports:
- As per the analysis shared by our research analyst, the Vacuum Interrupters Market is expected to grow annually at a CAGR of around 5.3 % (2022-2028).
- Through the primary research, it was established that the Vacuum Interrupters Market was valued approximately USD 2.45 Billion in 2021 and is projected to reach to roughly USD 3.51 Billion by 2028.
- India, China, South Korea, and Japan are among the key nations regarded to be the primary vacuum interrupter production hubs.
- According to World Economic and Financial Surveys, the economic momentum in Asia Pacific's top economies is likely to stay robust, indicating policy stimulus in Japan and China, which benefits other Asian countries.
- Increasing expenditure on smart grid technologies, such as smart meters, distribution grid automation, and demand response systems, in countries such as South Korea, Japan, and Australia, would provide development prospects for the market during the projection period.
- According to the Kyoto Protocol, SF6 is one of the most potent greenhouse gases, having a global warming intensity of 23,000, and the Intergovernmental Panel on Climate Change has classified it as a highly hazardous greenhouse gas.
Zion Market Research published the latest report titled as "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." into their research database.
Vacuum Interrupters Market : Overview
A vacuum interrupter is a switch that employs electrical contacts in a vacuum in electrical engineering. It is the key element in generator circuit breakers, medium-voltage circuit breakers, and high-voltage circuit breakers. When electrical contacts separate, a metal vapor arc forms, which is soon extinguished. In utility power transmission networks, power production units, and power-distribution systems for trains, industrial facilities, and arc furnace applications, vacuum interrupters are commonly utilized.
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Industry Dynamics:
Vacuum Interrupters Market : Growth Drivers
- Rapid expansion of distribution and transmission can boost the market growth.
In the future years, transportation and other related industries are likely to see a massive increase in electrification. This would result in a massive rise in the energy demand and, as a result, its generation, necessitating a billion-dollar investment in transmission over the following decade. The electrical transmission and distribution industry might attract more than USD 600 bn in investment. The electric car category is likely to get the majority of this investment. In addition to this expenditure, the existing transmission infrastructure must be maintained and integrated with power generated from renewable sources to fulfill the current electrical demand. According to research, a trade organization lobbying for transmission investment, the amount of investment by 2030 is estimated to be similar to USD 4 to 7 bn per year, which is a 25 to 50 percent increase over the previous decade. All of this is likely to be driven largely by two primary factors: connecting more renewables to the grid and maintaining system reliability as peak load grows. All of these factors are likely to drive the growth of the global vacuum interpreters market.
Vacuum Interrupters Market : Restraints
- Dearth of explicit government policies for vacuum interrupters may hinder market growth.
According to the Kyoto Protocol, SF6 is one of the most potent greenhouse gases, having a global warming intensity of 23,000, and the Intergovernmental Panel on Climate Change has classified it as a highly hazardous greenhouse gas. Concurrently, SF6 is categorized as a greenhouse gas, which will be subject to green taxes. As a result, the Kyoto Protocol calls for an emissions reduction. Other gases with lesser global warming potential, such as nitrogen, dry air, and CO2, or their mixes, have far low dielectric strength than SF6. However, specific guidelines and government rules regarding the usage of vacuum interrupters are required. Industries that are prohibited from using these enumerated greenhouse gases are shifting to air-type equipment or other gas equipment, according to reports. The use of vacuum-type interruption devices is not decreasing as a result of this. As a result, the lack of vacuum interrupter-specific rules, norms, and reforms is a key stumbling block in this scenario.
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Vacuum Interrupters Market: Opportunities
- Cumulative investments and funding for smart grid & power distribution in the emerging nation will provide better growth prospects for the market.
Utility companies are increasing their investments in smart grid infrastructure throughout the world. By 2027, the European Union is expected to invest almost USD 133 billion in the smart grid sector. For example, Tavrida Electric secured a series of contracts for the delivery of 25 reclosers with PKP Energetyka. A two-year period of demonstrations and testing of the delivered equipment preceded the sale. As a consequence, approximately 50 reclosers were delivered to the latter by the end of 2017. Furthermore, Southeast Asian countries are projected to invest nearly 10 billion in smart grid infrastructure in the next 10 years, thereby driving growth avenues for the global vacuum interpreters market.
Vacuum Interrupters Market: Challenges
- Accessibility to low-quality and cheap products poses a major challenge to the market.
Asia Pacific region is the greatest market for vacuum interrupters, with several emerging countries planning to install a high number of vacuum interrupters in the near future. In these emerging countries, cost takes precedence over quality. The price of electrical items is given considerable attention in major nations such as Bhutan, Bangladesh, Sri Lanka, and India. Vacuum interrupters of good quality are projected to last for roughly 30 years. However, as the price of a product falls, so does the quality of the product. Local manufacturers face the same problems as multinational businesses in this region. These grey market firms have pricing competitiveness and a local supply network advantage over major competitors, which is tough for leading players to obtain.
Global Vacuum Interrupters Market : Segmentation
- 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.
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List of Key Players of Vacuum Interrupters Market :
- 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
- Wuhan Feite Electric Company Limited.
Key questions answered in this report:
- What are the growth rate forecast and market size for Vacuum Interrupters Market ?
- What are the key driving factors propelling the Vacuum Interrupters Market forward?
- What are the most important companies in the Vacuum Interrupters Market Industry?
- What segments does the Vacuum Interrupters Market cover?
- How can I receive a free copy of the Vacuum Interrupters Market sample report and company profiles?
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Recent Developments
- August 2021, Eaton Corporation had announced ambitions to launch HYPERRIDE, a ground-breaking cooperative research initiative focused on DC power grids. The firm will design circuit breakers for an automated and efficient DC power system as part of the USD 7.5 million project.
- In 2020, ABB Electrification's facility in Ratingen, Germany, celebrated a significant milestone when it produced its seven millionth vacuum interrupter (VI).
Regional Dominance:
- Asia Pacific is to lead the market over the forecast period.
Asia Pacific is estimated to lead the global vacuum interrupter market. India, China, South Korea, and Japan are among the key nations regarded to be the primary vacuum interrupter production hubs. This region has experienced remarkable economic development in recent years. According to World Economic and Financial Surveys, the economic momentum in Asia Pacific's top economies is likely to stay robust, indicating policy stimulus in Japan and China, which benefits other Asian countries. The fast expansion of the economy would result in a rise in the demand for electricity. This would need a higher level of investment in electricity-producing infrastructure. Furthermore, increasing expenditure on smart grid technologies, such as smart meters, distribution grid automation, and demand response systems, in countries such as South Korea, Japan, and Australia, would provide development prospects for the market during the projection period.
Global Vacuum Interrupters Market is segmented as follows:
Vacuum Interrupters Market : By Rated Voltage Outlook (2022-2028)
- 0–15 kV
- 15–30 kV
- Above 30 kV
Vacuum Interrupters Market : By Application Outlook (2022-2028)
- Circuit Breaker
- Contactor
- Recloser
- Load Break Switch
- Tap Changer
- Others
Vacuum Interrupters Market : By End User Outlook (2022-2028)
- Utilities
- Oil & Gas
- Mining
- Transportation
- Others
Vacuum Interrupters Market : By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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