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Vacuum Interrupter Market: Key Insights, Industry Size, Share Analysis, and Growth Trends
Vacuum Interrupter Global Market Report 2024
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According to The Business Research Company's, 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%. The growth in the historic period can be attributed to electrification and industrialization, growth in renewable energy projects, increasing demand for energy-efficient devices, modernization of power grids, growth in urbanization and infrastructure.
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%. The growth in the forecast period can be attributed to increasing demand for smart grid solutions, demand for compact and lightweight components, electrification of transportation, investments in energy storage systems, increasing demand for medium voltage applications, evolving grid management solutions, development of next-generation electronics, focus on electromobility infrastructure. Major trends in the forecast period include research and development in vacuum technology, eco-friendly insulation materials, advancements in material technology, smart grid communication integration, globalization of energy infrastructure, digitalization and iot integration, market expansion in developing regions.
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Market Drivers and Trends:
The growing electric vehicle market is expected to propel the growth of the vacuum interrupter market going forward. An electric vehicle is a type of automobile that is powered by electricity, typically through one or more electric motors, rather than an internal combustion engine that relies on gasoline or diesel fuel. The vacuum interrupter plays a crucial role in electric vehicles (EVs) by serving as a key component in the charging infrastructure. It provides reliable circuit interruption and protection, ensuring the safe and efficient transfer of electrical power during the charging process. For instance, in October 2023, according to the European Environment Agency, a Denmark-based government agency, the number of battery electric cars registered in Europe reached 1,126,682 in 2022, which is a 28.35% increase compared to the 878,092 cars registered in 2021. Moreover, non-plug-in hybrid electric cars represented 19% of new registrations in 2021, up by 7% from 2020. Therefore, the growing electric vehicle market is driving the growth of the vacuum interrupter market.
Product innovation is a key trend gaining popularity in the vacuum interrupter market. Major market players are developing innovative products with optimized performance to sustain their position in the vacuum interrupter market. For instance, in December 2022, Vacuum Interrupters Ltd., a UK-based industrial vacuum equipment company, launched the RVI-167835A00 replacement vacuum interrupter. With a 3000 A RMS-rated current, 15 kV RMS maximum voltage, 95 kV peak impulse withstand, and 50 KA RMS-rated, this replacement unit is designed for direct fit-and-function. It aligns with original equipment ratings and is specifically intended for the ABB Advac and VHK-R vacuum circuit breakers.
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Major Key Players of the Market:
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.
Vacuum Interrupter Market 2024 Key Insights:
• 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%.
• Urbanization And Industrialization Fuel Demand For Vacuum Interrupters
• Product Innovation Drives Advancements In Vacuum Interrupters
• Asia-Pacific was the largest region in the vacuum interrupter market in 2023
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