Vacuum Interrupter Market Size & Share Analysis
The Vacuum Interrupter Market size is expected to grow from USD 2.80 billion in 2023 to USD 3.53 billion by 2028, at a CAGR of 4.70% during the forecast period (2023-2028). Key Highlights.
New York, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vacuum Interrupter Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06484285/?utm_source=GNW The Vacuum Interrupter Market size is expected to grow from USD 2.80 billion in 2023 to USD 3.53 billion by 2028, at a CAGR of 4.70% during the forecast period (2023-2028).Key HighlightsThe increasing demand for safe and secure electrical distribution has led to the upgradation of outdated infrastructure, boosting the market demand for vacuum interrupters. Modernization work is also increasing in existing infrastructure due to technological advancements, with both developed and developing countries investing heavily in infrastructure upgrades to meet rising electricity demands. Additionally, environmental concerns and sustainability regulations in the energy sector are further driving the market growth.Vacuum interrupters are highly environmentally friendly, comprised of benign materials, and safe to handle during maintenance and disposal. However, the production of vacuum interrupters requires high technology, hindering the market growth. Transit damage or failure can cause a loss of vacuum, rendering the interrupter useless and impossible to repair on-site. Moreover, the high cost of vacuum interrupters for high-voltage applications further limits the market growth.Despite these challenges, the COVID-19 pandemic acting as a catalyst for Industry 4.0 developments led to innovations in vacuum interrupters, improving energy consumption with high-efficiency levels. Major global vendors are innovating their products, and electrical distributors are showcasing these new products on their websites to meet the growing need for vacuum interrupters.Vacuum Interrupter Market TrendsGrowth of Smart Electricity Grid Infrastructure to Drive the MarketIn many countries, the aging electric infrastructure is being pushed to do more than it was originally designed for. This has resulted in a global trend of modernizing power generation and transmission sectors by making grids smarter and more resilient through the use of advanced technologies, equipment, and controls. Smart grids are designed to communicate and work together to deliver electricity more efficiently and reliably. By doing so, they can significantly reduce the frequency and duration of power outages, reduce storm impacts, and restore service faster when outages occur.The United States Department of Energy launched the Grid Modernization Initiative (GMI) a few years ago to help shape the future of the US grid infrastructure. Similarly, governments in both developed and emerging countries across the world are increasingly viewing smart grid technology as a strategic infrastructural investment that will enable sustainable long-term economic prosperity and help them achieve carbon emission reduction targets. This trend is expected to provide opportunities for companies involved in the smart grid network market in the near future.To achieve repetitive switching, fault protection, overcurrent, and short-circuit protection, vacuum interrupter technology is used, enabling greater control. These controls can be automated, resulting in greater efficiency. Furthermore, as more renewable and distributed energy sources are integrated into smart grids, monitoring, and measurement become essential to balancing supply and demand. The vacuum interrupter industry depends on the extension of crucial infrastructures and the increase in grid automation. Therefore, smart grids are expected to drive market growth.Asia-Pacific to Witness Significant GrowthThe Asia-Pacific region has experienced significant growth in power plant installation projects, particularly in major countries such as India, Japan, and China. However, many utilities in the region are facing challenges in acquiring new ways to install transmission lines, especially within urban areas.To optimize power capacity and enable the integration of renewable energy, new load break switches need to be installed, with the gas-insulated type gaining popularity due to its longer life cycles and smaller size of the switchgear system. As countries in the region focus on large-scale renewable energy projects, the gas-insulated type is expected to grow in popularity among the different types of circuit breaker switches.For example, the Philippines recently opened applications for renewable energy projects under the third Open and Competitive Selection Process (OCSP3), allowing for 100% foreign participation in large-scale geothermal exploration, development, and utilization projects. Similarly, Indonesia plans to increase the portion of new and renewable energy-based power plants from 30% to 48% within 2021-2030, according to a draft electric power supply business plan (RUPTL) of the state electricity company (PLN).As the region’s transformation continues, smart grid roadmaps are expected to become more popular, along with increased spending in distributed generation and utility IT and analytics markets. The presence of several rural areas in India without a stable power supply and recent electrification initiatives are expected to increase the emphasis on providing power to these areas, contributing to the demand for circuit breaker switches.In addition, utilities face pressure to deploy remote grid access as a major agenda, as they cannot afford personnel to visit remote sites to open circuit break switches and fuse switches during outages. Remote power generation projects also contribute to the growth of the circuit switch markets.Vacuum Interrupter Industry OverviewThe vacuum interrupter market is highly competitive, with well-established players who have invested significantly in the product. New players entering the market require high investments to compete. Companies can sustain their position in the market through powerful competitive strategies. Some of the leading companies in the market include Eaton Corporation PLC, Meidensha Corporation, Mitsubishi Electric Corporation, Siemens AG, ABB, Shaanxi Baoguang Vacuum Electric Device Co., Ltd., and many others. These companies are also involved in several expansion strategies to gain a competitive advantage.In October 2022, Mitsubishi Electric Power Products Inc. announced the shipment of the first 72 kV vacuum circuit breaker (VCB) with dry-air insulation, the latest addition to the company’s switchgear product line. It was designed, assembled, and tested in the United States, and satisfies all applicable ANSI, IEEE, and IEC certification standards. The 72 kV VCB employs Mitsubishi Electric’s 65-year history of vacuum interrupter technology and provides customers with a cost-effective, environmentally responsible, zero global warming potential option to SF6 gas and alternative gas insulating mediums.In November 2022, ABB introduced VD4 evo, its latest innovation in circuit breakers. The VD4 evo circuit breaker is a medium voltage circuit breaker with a mechanical actuator (spring mechanism) for primary distribution up to 46 kV, 4,000 A, and 63 kA. It was designed, engineered, and manufactured to make the transition from traditional to digital and green as smooth as possible. With this circuit breaker, ABB aims to facilitate a smooth and eco-friendly transition towards digital technologies.Additional Benefits:The market estimate (ME) sheet in Excel format3 months of analyst supportRead the full report: https://www.reportlinker.com/p06484285/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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