DUBLIN, May 1, 2019 /PRNewswire/ -- The "Vacuum Interrupter Market by Application (Circuit Breaker, Contactor, Recloser, Load Break Switch, & Tap Changer), End User (Oil & Gas, Mining, Utilities & Transportation), Rated Voltage and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global vacuum interrupter market is projected to reach USD 3.6 billion by 2024 from an estimated USD 2.6 billion in 2019, at a CAGR of 6.49% during the forecast period.
This growth can be attributed to factors such as expansion in transmission & distribution networks, upgradation & modernization of aging infrastructure for safe & secure electrical distribution systems, and increasing rate of industrialization and urbanization. However, the risks associated with device malfunction and a lack of existing government policies specific to vacuum interrupters is hindering the growth of the vacuum interrupter market.
The circuit breaker segment is expected to be the fastest growing market from 2019 to 2024
The circuit breaker segment, by application, is estimated to be the largest and fastest growing segment during the forecast period, as they are the major equipment utilized in the low and medium voltage segment. Most of the existing electrical infrastructure is expected to undergo a massive revamp in the near future. For instance, the electricity distribution infrastructure in the US is believed to be from the World War 2 era. Additionally, incorporating unstable electricity in the central grid generated from renewable sources is a major issue in Asia Pacific. To resolve this problem, the infrastructure needs to be revamped. All this would ensure that the circuit breaker installations would go up, ultimately boosting the vacuum interrupter market in the forecast period.
The utilities segment, by end-user, is expected to be the largest market from 2019 to 2024
The utilities segment is expected to hold the largest market share and be the fastest growing segment during the forecast period because of large scale replacement of aging infrastructure in this sector. This is supported by the fact that countries across the globe are shifting from an agrarian economy to industrial and service sector-based economy, becoming increasingly urbanized, which is eventually driving the market during the forecast period.
Asia Pacific: The largest vacuum interrupter market
The Asia Pacific region is projected to be the largest vacuum interrupters market by 2024. Countries such as China, India, Japan, and South Korea are among the major countries considered as the main manufacturing hubs for vacuum interrupters. It is expected that this region will undergo rapid economic development and industrialization, which will further lead to an increase in power consumption.
It is also expected that this region will experience a rise in the construction activities because of the growing population, increased industrialization, and expansion of the distribution networks in the developing countries. The renewable energy generation in countries such as China, South Korea, Japan, and India is taking place at a humongous rate. This needs to be incorporated in the existing national grid, leading to the introduction of additional electrical infrastructure, which will eventually drive the vacuum interrupter market.
The leading players in the vacuum interrupter market are ABB (Switzerland), Eaton (US), Siemens AG (Germany), Shaanxi Baoguang Vacuum Electric Device Company Limited (China), and Meidensha Corporation (China).
- Upgrade & Modernization of Aging Infrastructure for Safe & Secure Electrical Distribution Systems
- Expansion of Transmission & Distribution Networks
- Increasing Rate of Industrialization & Urbanization
- Risks Associated With Device Malfunction
- Lack of Existing Government Policies Specific to Vacuum Interrupters
- Increasing Investments in Smart Grid & Power Distribution in Developing Regions
- Demand for Uninterrupted Power Supply From Utilities
- Increase in the Use of Renewable Energy
- Availability of Cheap & Inferior Quality Products
- Availability of Various Alternative Technologies in the Segment
- Chengdu Xuguang Electronics Co., Ltd.
- Crompton Greaves Limited
- LS Industrial Systems
- Meidensha Corporation
- Mitsubishi Electric Corporation
- Shaanxi Baoguang Vacuum Electric Device Co. Ltd.
- Shaanzi Joyelectric International Co., Ltd.
- Siemens AG
- Toshiba Corporation
- Wuhan Feite Electric Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/2aof4n
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