The global Vacuum Interrupter market was valued at USD 2,324.4 million in 2020 and is projected to reach USD 3,726.4 million by 2028, expanding at a CAGR of 6.6% during the forecast period. Vacuum interrupter is an electrical switch used to interrupt the current flow after detecting a fault. It is a type of switch where the bow cooling takes place in a vacuum vehicle. The vacuum switch covers a steel bow chamber in the ceramic hysteresis arranged symmetrically and the pressure inside the chamber is maintained under 0.01 Pascal. Materials used for current-carrying contacts play an important role in the performance. Alloys such as copper-bismuth or copper-chromium are used to make contacts. It requires less maintenance, is considered as reliable for medium voltage applications, and is used in metal-enclosed switchgear and porcelain-case circuit breakers.
Vacuum interrupters are commonly used in the utility industry. Energy efficiency standards sparked a surge in technological innovations aimed at reducing energy losses in power generation and transmission. In recent years, technological advancements allowed interrupters to be manufactured without the use of sulphur hexafluoride gas, which was previously thought to be necessary. Concerns about carbon emissions and the need to improve energy efficiency prompted manufacturers to look for energy-efficient materials for use in interrupter components.
The vacuum interrupter market is classified, based on the applications for which the interrupters are utilized. Interrupters are used in circuit breakers, load break switches, reclosers, contactors, tap changers, and railway circuit breakers. Interrupters are used for low, medium, or high voltage power lines, depending on the power flow.
In the coming years, transportation and other related sectors are expected to increase, especially an increase in electrification. This results in a massive rise in the demand for energy and its generation, necessitating a billion-dollar investment in transmission over the following decade. The electrical transmission and distribution sector is anticipated to attract huge investments. The electric car segment is expected to gain the majority of this investment. In addition to this expenditure, the existing transmission system must be maintained and integrated with electricity generated from renewable sources to meet the current electrical demand. According to a report by Brattle, a trade organization lobbying for transmission investment, the level of investment by 2030 is estimated to be around USD 3–7 billion per year, which is a 20–50 percent increase over the previous decade. This is expected to be driven by two major factors: connecting renewables to the grid and maintaining system reliability as peak load increases.
Increasing pace of industrialization and urbanization is one of the primary factors driving the vacuum interrupter market. Need for vacuum interrupters is supported by the construction of new infrastructure as well as the modernization of old electric systems in buildings. Another factor driving this industry is the progressive transition of the interrupter market from gas insulation interrupters to gas-free insulators as a result of rules limiting the discharge of greenhouse gases into the atmosphere. As a result, end-user companies began replacing outdated versions with new versions. Interrupters cut down on power waste and costs associated with energy loss during transmission.
Several emerging countries in Asia Pacific are planning to install a large number of vacuum interrupters in the near future. In these countries, cost takes precedence above quality. Pricing of electrical products is given special attention in major countries such as Bangladesh, Bhutan, Sri Lanka, and India. Vacuum interrupters of good quality are projected to last for roughly 30 years. However, as the price of a product falls, so does the quality of the product. Local manufacturers face the same challenges as global businesses in this region. Grey market players have pricing competitiveness and a local supply network advantage over big competitors, which is tough for key players to obtain. As a result, the vacuum interrupter business faces a challenge from the grey market.
Increasing number of strategies such as mergers & acquisitions, agreements, partnerships, and product launches among companies to establish themselves as providers of vacuum interrupters is anticipated to create lucrative opportunities in the market in the near future. Rising adoption of various strategies by market players to increase their presence and share in the market is expected to create growth opportunities in the market.
By Type Segment
Based on types, the global Vacuum Interrupter market is segmented into low voltage type, medium voltage type, and high voltage type. The medium voltage type segment held a significant share of the market in 2020 and this trend is anticipated to continue during the forecast period. The medium voltage type segment is anticipated to grow at a significant pace due to it’s widely use in switchgear. The supply system is directly connected to the switchgear system. It is installed on the power transformer's high and low voltage sides. It's used to turn off the power to the equipment so that it can be tested and maintained, as well as to clear the fault. The rapid expansion of electrification in remote areas, combined with rising electricity generation, has boosted the demand for various electrical equipment in addition to increased regional government targets for delivering electricity to rural areas, as well as increased investment in various industries, are expected to boost switchgear sales in the coming years. This is expected to drive the growth of the global vacuum interrupter market during the forecast years.
By Applications Segment
In terms of Applications, the global Vacuum Interrupter market is segmented into circuit breakers, contactors, load break switches, reclosers, others. The circuit breakers segment held a significant share of the market in 2020 and this trend is anticipated to continue during the forecast period. The circuit breaker segment is expected to hold the largest market share due to the general rising manufacturing industries in developing nations, the positive economic outlook, infrastructure development, and urbanization. The recloser segment is expected to grow at the fastest rate during the estimated period due to the refurbishment of existing distribution networks with modernized protection devices.
By Sales Channel Segment
On the basis of sales channels, the global vacuum interrupter market is bifurcated into direct and indirect. The direct segment is expected to grow at a significant pace in the coming years due to government incentives, increasing disposable incomes in developing countries, and easy availability of raw materials. The indirect segment is expected to expand at a substantial CAGR. The growing manufacturing and construction industries is expected to boost the market growth.
Region Wise Outlook
On the basis of regions, the market is categorized as North America, Europe, Asia Pacific, Latin America, and Rest of the World. The market in Asia Pacific is expected to account for a significant share of the global market during the forecast period, due to the presence of major market players in the region. Europe holds the largest market share followed by North America and Asia Pacific. The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period. High growth of the market in Asia Pacific is attributed to increased investments in smart grid technologies and increased demand for power as a result of strong economic growth. The market in countries such as the UK and Germany account for a considerable share of the global market, due to increasing construction projects in the electrification in transportation and other related sectors, along with significant government support by increasing investments in projects, which raises the requirement for vacuum interrupters in the region.
Key Benefits for Industry Participants & Stakeholders
- In-Depth Analysis of the Vacuum Interrupter Market.
- Historical, Current and Projected Market Size in Terms of Value.
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on From Vacuum Interrupter Market Performance
Key Segments Covered
- Low Voltage
- Medium Voltage
- High Voltage
By Sales Channels
Key Market Players Profiled in the Report
- Circuit Breakers
- Load Break Switches
- Toshiba Infrastructure Systems & Solutions Corporation
- Mitsubishi Electric Corporation
- MEIDENSHA CORPORATION
- Chengdu Xuguang Electronics Co., Ltd
- Wuhan Feite Electric Co., Ltd
- Schneider Electric
- CG Power and Industrial Solutions
- SHAANXI JOYELECTRIC INTERNATIONAL CO.,LTD
- Hubbell Incorporated
- YUGUANG TECHNOLOGY CO., LTD
- LS ELECTRIC Co., Ltd.
- Tavrida Electric
- JUCRO electric co., ltd.
- Shaanxi Baoguang Vacuum Electric Device Co.,Ltd
- Kunshan GuoLi Electronic Technology Co., Ltd.
- Cleaveland/Price Inc.
- Key players in the Vacuum Interrupter market are Eaton, Siemens, Toshiba Infrastructure Systems & Solutions Corporation, Mitsubishi Electric Corporation, MEIDENSHA CORPORATION, Chengdu Xuguang Electronics Co., Ltd, Wuhan Feite Electric Co., Ltd, Schneider Electric, CG Power and Industrial Solutions, SHAANXI JOYELECTRIC INTERNATIONAL CO.,LTD, Hubbell Incorporated, YUGUANG TECHNOLOGY CO., LTD, LS ELECTRIC Co., Ltd., Tavrida Electric, JUCRO electric co., ltd., Shaanxi Baoguang Vacuum Electric Device Co.,Ltd, Kunshan GuoLi Electronic Technology Co., Ltd., ABB, GreenStoneUSA., and Cleaveland/Price Inc. These companies are considered as key market players of Vacuum Interrupter market, based on their revenue, research & development (R&D) activities in the areas of improving offerings, and regional presence.
- The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition and many other strategies to cater the increasing demand for Vacuum Interrupter.