The Global Vacuum Interrupter Market Size is estimated to be worth of USD 2,650.1 million in 2021 and is expected to register a CAGR of 5.8% during the forecast period. North America has the largest market share in 2021 and is expected to continue account for the leading market share throughout the forecast period.
Pune, India, Oct. 25, 2021 (GLOBE NEWSWIRE) -- The Global Vacuum Interrupter Market Size is estimated to be worth of USD 2,650.1 million in 2021 and is expected to register a CAGR of 5.8% during the forecast period. The vacuum interrupter is an electrical switch that interrupts current flow when a fault is identified. The arc is quenched in a vacuum medium in this sort of circuit breaker.
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The growth of transmission and distribution systems, as well as the increasing pace of industrialization and conurbation around the world is driving the growth of the vacuum interrupter market. This will increase the utilization of vacuum interrupters, which are utilized as short-circuit protection devices. This technique is mostly employed in medium voltage currents, although it is also used in high voltage applications. The installation of new infrastructure and the upgrade of old electric systems in buildings have aided the need for vacuum interrupters.
The ongoing shift of the interrupter market from gas insulation interrupters to gas-free insulators due to legislation limiting greenhouse gas emissions into the atmosphere is another important growth driver of the market. As a result, end-user companies are starting to replace old versions with latest devices. Interrupters also reduce power waste and the associated expenses of energy loss during transmission. However, a factor that may hamper the growth of the vacuum interrupter market is the expensive cost of these devices at higher voltages, as well as the dangers associated with device failure.
The lack of vacuum interrupter-specific rules, norms, and modifications is a major restraining factor for the growth of the market. In addition, major countries such as Bangladesh, Bhutan, Sri Lanka, and India pay special attention to electrical equipment cost. Vacuum interrupters of good quality are projected to endure for around 30 years.
When a product's price drops, its quality drops as well. The regional manufacturers face difficulties as global businesses in this region. These traditional regional market companies have pricing competitiveness and a local supply network advantage over big competitors, which is difficult for top players to obtain. As a result, the vacuum interrupter sector faces a threat from the retail channel.
Impact of COVID-19 on Global Vacuum Interrupter Market
The COVID-19 pandemic has hindered the power industry's development. This is primarily owing to countrywide curtailments implemented to stop the illness from spreading. The renewable energy industry, which had been developing at a fast rate until recently, has slowed in recent months. Economic downturns have led to decreased power consumption across a wide spectrum of end-user enterprises, causing this delay. Utilities are expected to spend less money on fixing current grid infrastructure and installing new renewables as energy demand declines. Hence, the vacuum interrupter market faced a temporary slowdown, however it is expected to recover with resumptions of industrial sector worldwide.
Global Vacuum Interrupter Market, By Application
The market has been divided into circuit breakers, load break switches, reclosers, contactors, tap changers, and others based on application. Circuit breaker has the largest market share in the global vacuum interrupter market in 2021 and is expected to continue to account for the major share during the forecast period. Due to rapid growth of the industrial sector, infrastructural expansion, emerging nations are witnessing a growing demand for electric power transmission. The circuit breaker industry is expanding due to infrastructural development in developing nations, which is driving the growth of the circuit breaker segment.
Global Vacuum Interrupter Market, By End user
The worldwide market is divided into oil & gas, mining, transportation, utilities, and others. In 2021, utilities segment dominated the market share in the worldwide vacuum interrupter market, and this is expected to continue throughout the forecast period. The increasing demand for energy and utility services, as well as the requirement for new electrical equipment is driving the growth of the utilities segment. The development of new electrical gadgets is expected to drive the growth of this segment over the projected timeframe.
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Global Vacuum Interrupter Market, By Rated voltage
The market is divided into three categories based on rated voltage which includes 0–15 kV, 15–30 kV, and over 30 kV. 0–15 kV accounts for the major market share in the worldwide vacuum interrupter market in 2021 and is expected to continue to do so throughout the forecast period. In this voltage range, electrical interrupter switches are frequently employed in power distribution substations, as well as in mining and oil and gas sectors. The increasing demand for 0–15 kV in these sectors is predicted to fuel the growth of the segment over the projected period.
Global Vacuum Interrupter Market, By Region
North America, Europe, Asia Pacific, the Middle East & Africa, and South America are the major regions in which the market is divided. North America has the largest market share in 2021 and is expected to continue account for the leading market share throughout the forecast period. The growth of the market in the region is attributed to the existence of several major vacuum interrupter manufacturers and the rapid growth of the power generation and distribution.
The market in the Asia Pacific region is predicted to grow at a fastest rate over the forecast period. India, China, Japan, and South Korea are among the key countries with increasing demand for vacuum interrupter resulting in growing presence of key players.
Recent Developments in Global Vacuum Interrupter Market
March 2019 - Eaton and the Electric Power Research Institute collaborated to deliver innovative, efficient, as well as secure circuit breakers for the generating energy grid.
September 2018 - ABB delivered high-voltage direct current (HVDC) converter stations to Tajikistan as well as Pakistan. The project was part of a World Bank-backed contract that will be carried out as a collaboration with Cobra, a Spanish Engineering, Procurement, and Construction (EPC) firm. Cobra handled construction and installation of the related substations.
September 2018 - Siemens AG opened a production facility in Queensland, Australia, to meet the rising worldwide demand for Fusesaver. Fusesaver is a device that can assist to eliminate up to 80% of long-term power outages in rural power networks.
February 2018 - Mitsubishi Corporation finished the building of an integrated automation factory based on the e-F@ctory concept. The factory used integrated automation, which is focused on IoT technologies, to create vacuum interrupters as well as circuit breakers to achieve high efficiency, productivity, as well as cost savings.
Some Major Findings of Global Vacuum Interrupter Market Include:
Major worldwide market trend, projection analysis, and country-specific market data for up to 25 countries are some of the study results of the global vacuum interrupter market.
A detailed global market research by segment, as well as an examination of leading indicator insights and determinants.
Competition benchmarks, product offering specifics, and the key market players' growth strategies, as well as their significant investors over the last five years.
Analysis of key impact factors across regions, including drivers, restraints, opportunities, and challenges currently affecting the global Vacuum Interrupter market.
The global market impact of COVID-19.
Some major industry players functional in the global vacuum interrupter market are ABB (Switzerland), Siemens AG (Germany), Eaton (US), LS Industrial System (South Korea), Crompton Greaves Limited (India), Shaanxi Broguing Vacuum Electric Device Company Limited (China), Mitsubishi Electric Corporation (Japan), Meidensha Corporation (China), Toshiba Corporation (Japan), Wuhan Fete Electric Company Limited (China), ACTOM (South Africa), Chengdu Zoogoing Electronics Company Limited (China).
Browse key industry insights spread across XX pages with XX market data tables and XX figures & charts from the report, “Vacuum Interrupter Market, By Application (Circuit Breaker, Contactor, Recloser, Load Break Switch, Tap Switch), By End-Use Industry (Power Generation, Oil & Gas, Mining, Electrical & Electronics, Utilities & Transportation, Others), By Region (North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World) – Global Market Size & Forecasting (2016-2028) ”, in-depth analysis along with the table of contents (ToC).
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