Press release
Vacuum Circuit Breaker Market is projected to reach $1.7 billion by 2032, growing at a CAGR of 5.8% from 2023 to 2032.
Vacuum Circuit Breaker Market
Explore the Information to Learn More About Vacuum Circuit Breaker Market - https://www.alliedmarketresearch.com/vacuum-circuit-breaker-market-A42917
Allied Market Research published a report, titled, "Vacuum Circuit Breaker Market, By Voltage (Medium, and High), Installation Location (Indoor, and Outdoor), and End Use Industry (Residential, Commercial, Industrial, and Utilities): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global vacuum circuit breaker industry generated $0.9 billion in 2022, and is projected to reach $1.7 billion by 2032, registering a CAGR of 5.8% from 2023 to 2032.
Prime determinants of growth
The vacuum circuit breaker market is driven by factors such as maintenance free vacuum circuit breakers, grid modernization, increasing adoption of grid-connected renewable energy sources, and surge in demand from the power sector for better and more reliable performance across the globe. However, the possibility of overvoltage during switching restrain the market growth. On the contrary, infrastructural developments is expected to offer renumerative opportunities for the expansion of the vacuum circuit breaker market during the forecast period.
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Covid-19 Scenario
The pandemic presented both challenges and opportunities for the vacuum circuit breakers market. The pandemic highlighted the importance of resilient power infrastructure to support essential services and remote working.
Governments and industries recognized the need to invest in reliable electrical systems, including VCBs, to ensure uninterrupted power supply. This increased focus on resilient infrastructure presents opportunities for the VCB market.
The medium voltage segment to maintain its leadership status throughout the forecast period.
Based on voltage, the medium voltage segment held the highest market share in 2022, accounting for nearly three-fifths of the global vacuum circuit breaker market revenue, and is estimated to maintain its leadership status throughout the forecast period. As it is known for its small size & flexibility, and it is widely used in HVACs, and industries, where high current flow is required. Moreover, the medium voltage segment is projected to manifest the highest CAGR of 5.87% from 2023 to 2032, owing to an increase in construction of smart building in residential and commercial end user industry.
The indoor segment to maintain its leadership status throughout the forecast period.
Based on installation location, the indoor segment held the highest market share in 2022, accounting for nearly three-fifths of the global vacuum circuit breaker market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the same segment is projected to manifest the highest CAGR of 5.88% from 2023 to 2032. As more renewable energy sources such as solar and wind power are integrated into the electrical grid, there can be a greater need for reliable and efficient protection devices to ensure the safety and stability of the electrical system.
The utilities segment to maintain its leadership status throughout the forecast period.
Based on end use industry, the utilities segment held the highest market share in 2022, accounting for nearly two-fifths of the global vacuum circuit breaker market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the residential segment is projected to manifest the highest CAGR of 6.24% from 2023 to 2032, owing to an increase in demand for smart and energy-efficient homes, and the need for better electrical safety measures.
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Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global vacuum circuit breaker market revenue. This region is expected to witness the fastest CAGR of 6.05% from 2023 to 2032. This is due to a significant rise in investment by prime players due to surge in investment in renewable energy resources for rural and urban electrification in the region.
Leading Market Players:
Abb Ltd
ARTECHE
Eaton
Fuji Electric
Huayi Electric Co., Ltd.
Legrand
Mitsubishi Electric Corporation
Schneider Electric
Siemens
Toshiba Energy Systems & Solutions Corporation
The report provides a detailed analysis of these key players of the global vacuum circuit breaker market. These players have adopted different strategies such as joint venture, expansion, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Vacuum Circuit Breaker Market Key Segments:
Voltage
Medium Voltage
High Voltage
Installation Location
Indoor
Outdoor
End Use Industry
Residential
Commercial
Industrial
Utilities
By Region
North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Spain, Italy, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
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