PUBLISHER: The Business Research Company | PRODUCT CODE: 1425898
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425898
Vacuum Interrupter Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on vacuum interrupter market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for vacuum interrupter? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The vacuum interrupter market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A vacuum interrupter is a technology utilized for various purposes including repetitive switching, interrupting motor inrush currents, and providing protection against faults, overcurrents, and short-circuits. It consists of a vacuum-tight enclosure housing a pair of contacts that can be separated.
Vacuum interrupters are available in different product types categorized by voltage levels such as 0-15 kV (kilovolts), 15-30 kV (kilovolts), and those exceeding 30 kV (kilovolts). The 0-15 kV voltage category is specifically designed for medium-voltage applications within metal-clad switchgear systems. These interrupters employ different contact structures such as flat contacts, spiral contacts, and axial magnetic or field contacts. They find usage across various industries including utilities, oil and gas, mining, transportation, among others. Vacuum interrupters serve multiple purposes in applications like circuit breakers, contactors, reclosers, load break switches, tap changers, and more.
The vacuum interrupter market research report is one of a series of new reports from The Business Research Company that provides vacuum interrupter market statistics, including vacuum interrupter industry global market size, regional shares, competitors with a vacuum interrupter market share, detailed vacuum interrupter market segments, market trends and opportunities, and any further data you may need to thrive in the vacuum interrupter industry. This vacuum interrupter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The vacuum interrupter market size has grown strongly in recent years. It will grow from $2.67 billion in 2023 to $2.85 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. During the historical period, growth can be attributed to several factors, including widespread electrification and industrialization, the expansion of renewable energy projects, a rising demand for energy-efficient devices, the modernization of power grids, as well as the increasing pace of urbanization and infrastructure development.
The vacuum interrupter market size is expected to see strong growth in the next few years. It will grow to $3.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. Anticipated growth in the forecast period is expected to stem from various factors, including a heightened demand for smart grid solutions, the need for more compact and lightweight components, the ongoing electrification of transportation, increased investments in energy storage systems, a growing demand for medium voltage applications, advancements in grid management solutions, the evolution of next-generation electronics, and a focused approach toward building electromobility infrastructure. Several significant trends are projected for this period, including extensive research and development in vacuum technology, the adoption of eco-friendly insulation materials, advancements in material technology, the integration of smart grid communication, the globalization of energy infrastructure, the integration of digitalization and IoT (Internet of Things), and market expansion initiatives in developing regions.
The anticipated rise in urbanization and industrialization rates is poised to be a key driver for the growth of the vacuum interrupter market. Urbanization involves the migration of rural populations to urban areas, and industrialization is the process of transforming societies into industrial ones. The surge in both these trends demands substantial electrical supply, creating a need for a significant supply of vacuum interrupters. These devices are crucial for tasks such as current interruption, fault protection, overcurrent and short-circuit protection, and repetitive switching. As per data from September 2021 by the United Nations Department of Economic and Social Affairs, the global urban population was 4.46 billion in 2021, projected to reach 6.68 billion by 2050. This shift towards increased urbanization and industrialization is expected to drive substantial growth in the vacuum interrupter market.
The expanding electric vehicle market is set to drive the growth of the vacuum interrupter market. Electric vehicles (EVs), powered by electricity instead of traditional internal combustion engines, rely on vacuum interrupters as a crucial component in their charging infrastructure. These interrupters ensure reliable circuit interruption and protection, facilitating the safe and efficient transfer of electrical power during the charging process. Notably, as of October 2023, the European Environment Agency reported a significant increase in registered battery electric cars in Europe, reaching 1,126,682 in 2022-a 28.35% rise from the 878,092 registrations in 2021. This surge in the electric vehicle market is a significant factor propelling the growth of the vacuum interrupter market.
Product innovation emerges as a prominent trend in the vacuum interrupter market, with major players focusing on developing advanced products to maintain their market positions. An illustration of this trend is seen in the launch of the RVI-167835A00 replacement vacuum interrupter by Vacuum Interrupters Ltd., a UK-based industrial vacuum equipment company, in December 2022. This replacement unit, designed for direct fit-and-function, boasts a 3000 A RMS-rated current, 15 kV RMS maximum voltage, 95 kV peak impulse withstand, and 50 KA RMS-rated. Specifically intended for the ABB Advac and VHK-R vacuum circuit breakers, this innovation aligns with original equipment ratings, showcasing the commitment to optimized performance in the vacuum interrupter market.
Key players in the vacuum interrupter market are intensifying their efforts to introduce advanced high-voltage electrical solutions, aiming to secure a competitive advantage. High-voltage electrical solutions encompass technologies and equipment designed for the management and distribution of electrical power at elevated voltage levels. A notable example occurred in October 2022 when Mitsubishi Electric Power Products Inc., a US-based industrial vacuum equipment company, unveiled the 72 kV vacuum circuit breaker. Leveraging Mitsubishi Electric's 65-year experience in vacuum interrupter technology, this circuit breaker provides customers with an affordable, environmentally friendly, and zero global warming potential alternative to SF6 gas and other gas-insulating mediums. Operating in temperatures from -33°C to 50°C, it eliminates the need for tank heaters in colder climates. The product features a continuous current rating of 2000A and a short-circuit current rating of 31.5kA, complying with ANSI, IEEE, and IEC certification standards, and is equipped with Mitsubishi Electric Vacuum Interrupters.
In September 2022, ABB, a Switzerland-based company with diverse operations in utility, industry, transportation, and infrastructure, made a strategic move by acquiring PowerTech Converter for an undisclosed amount. This acquisition strengthens ABB's position in the rail segment, positioning the company to capitalize on growth opportunities driven by increasing industry demand for sustainable transportation solutions. PowerTech Converter, a German-based company specializing in power supply systems, adds valuable capabilities to ABB's portfolio, aligning with the company's commitment to advancing sustainable and efficient electrical solutions.
Major companies operating in the vacuum interrupter market report are ABB Ltd., Eaton Corporation PLC, Crompton Greaves Consumer Electricals Limited, Shaanxi Baoguang Vacuum Electric Device Co. Ltd., Meidensha Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, ACTOM (Pty) Ltd., Wuhan Feite Electric Company Limited, Chengdu Xuguang Electronics Co. Ltd., Siemens Aktiengesellschaft, LS ELECTRIC Corp., Shaanxi Joyelectric International Co. Ltd., General Electric Company, Kirloskar Electric Company Limited, Schneider Electric SE, Pennsylvania Breaker LLC, G&W Electric Company, Alstom SA, Maxwell Technologies LLC, Larsen & Toubro Limited, TE Connectivity Ltd., Shanxi Baoguang Vacuum Electric Device Co. Ltd., Zhejiang Xuhong Vacuum Electric Appliance Co. Ltd., Yuguang Group Co. Ltd., Zhenhua Shuangfei Electric Co. Ltd., Zhenhua Xinye Electric Co. Ltd.
Asia-Pacific was the largest region in the vacuum interrupter market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the vacuum interrupter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the vacuum interrupter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The vacuum interrupter market consists of sales of vacuum circuit breaker (VCB) top, vacuum circuit breaker (VCB) V4/6 type, vacuum circuit breaker (VCB) VHB type, and VK type. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.