“The global vacuum interrupter market is projected to grow at a CAGR of 6.49% from 2019 to 2024”
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.
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“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.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess the future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 56%, Tier- 25%, and Tier- 19%
- By Designation: C-Level- 35%, Director Level- 30%, and Others- 35%
- By Region: Asia Pacific- 42%, Europe- 18%, North America- 22%, Middle East- 10%, South America- 5%, and Africa-2%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3:
The global vacuum interrupter market is dominated by a few major players that have a wide regional presence. 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).
The report defines, describes, and forecasts the global vacuum interrupter market, by end-user, by application, rated voltage, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value and future trends in the vacuum interrupter market.
Why buy this report?
- The report identifies and addresses the key markets for vacuum interrupters, which would help various stakeholders such as utilities, oil & gas industry, mining industry, and key players from the transportation sector to review the growth in demand.
The report helps the vacuum interrupter manufacturers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges. The report would help the key players understand the strategies of their competitors better and help them in making wiser strategic decisions.