CHICAGO, April 8, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, 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 continued growth of construction and development activities, increasing access to electricity in developing countries, and the increasing rate of industrialization and urbanization. However, the risks associated with device malfunction and the lack of existing government policies specific to vacuum interrupters are hindering the growth of the Vacuum Interrupter Market.
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The circuit breaker segment is expected to hold the largest share of the Vacuum Interrupter Market, by application type, during the forecast period
The circuit breaker segment, by application, is estimated to be the largest and fastest growing segment during the forecast period, as they are the main components utilized in the low and medium voltage segment. With most of the existing electrical infrastructure expected to undergo a massive revamp in the near future, the circuit breaker installations are expected to go up, ultimately boosting the Vacuum Interrupter Market in the forecast period.
The 0– 15 kV segment, by rated voltage, is expected to be the fastest growing market from 2019 to 2024
The 0–15 kV segment is expected to be the fastest growing market, at a CAGR of 6.91% during the forecast period. This is supported by the fact that electrical equipment with an operational range of low to medium rated voltage is required in the electricity distribution substations and industries such as mining and oil & gas. With renewable electricity grid integration being a top concern for countries such as China and India, the maximum vacuum interrupters belonging to this rated voltage segment are expected to be in huge demand in the forecast period.
Browse in-depth TOC on "Vacuum Interrupter Market"
98 – Tables
33 – Figures
162 – Pages
Asia Pacific: The leading Vacuum Interrupter Market
The Asia Pacific region is projected to be the largest Vacuum Interrupter 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. Over the past few years, this region has witnessed rapid economic development. Also, the growth of the transmission & distribution sectors in this region has resulted in an increase in the Vacuum Interrupter Market. The renewable energy generation in countries such as China, South Korea, Japan, and India, is taking place at a humongous rate, thereby driving the Vacuum Interrupter Market.
The renewable power generation is not as stable as the conventional power generation. Hence, equipment such as circuit breakers, with vacuum interrupters pre-installed, are required to connect the power generating stations to switchyards and the electrical grid. Growth in the renewable power generation is expected to be a long-term driving force for the circuit breaker market. Subsequent stable grid development programs, microgrid, energy storage, and EV charging infrastructure is further expected to propel the growth of the market in the region.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Vacuum Interrupter Market. Some of the key players are ABB (Switzerland), Eaton (US), Siemens AG (Germany, ), Shaanxi Baoguang Vacuum Electric Device Company Limited (China), and Meidensha Corporation (China). The leading players are adopting various strategies to increase their share in the Vacuum Interrupter Market.
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