Vacuum Interrupter Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3721
Vacuum Interrupter Market size will witness robust growth on account of growing investments toward electrification projects. For instance, in 2018, the Government of China began the construction of a 1,500 km long high-voltage transmission line, with an investment of over USD 3.2 billion. Furthermore, simple construction, low manufacturing costs, and minimal maintenance requirements are some of the key factors, positively influencing the product demand.
Increasing adoption of smart-grids along with growing need to replace and modernize the aging grid infrastructure across the developed nations will drive the vacuum interrupter market growth. For instance, in 2016, the Federal Ministry for Economic Affairs and Energy provided a fund of over USD 220 million toward the development of smart-grid networks across Germany. Furthermore, increasing penetration of decentralized generation power plants coupled with government initiatives toward development and promotion of renewable generation technologies will stimulate the industry landscape.
Growing regulatory focus toward development of manufacturing sector will positively influencing the vacuum interrupter market size. For instance, as per Indian Brand Equity Foundation, in 2018, investments in manufacturing sector across the country has increased by 10.4% from 2016. In addition, high insulating strength, rapid recovery of dielectric strength, compact size, and ability to be installed in any orientation are some of the key factors accelerating the product deployment.
Low voltage vacuum interrupter market is set to witness growth owing to the rapid increase in number of electrical substations and industries including Oil & Gas and mining. In August 2018, according to the Central Electricity Authority (CEA), the transformation capacity of India had reached 855,508 MVA, witnessing a growth of over 15% from March 2017. Additionally, ongoing government efforts toward rural electrification and development of small-scale industries across the developing economies will complement the industry landscape.
Rising focus of governments and utilities toward reliable and uninterrupted power supply along with secure and safe operation of electrical infrastructure will drive the vacuum interrupter market growth. In November 2017, the U.S. based utility, Duke Energy announced to invest USD 3 billion to strengthen the grid infrastructure in South Carolina. Favorable measures to minimize power outages, electrical supply faults and other operational hazards caused due to natural occurrences will further enhance the product adoption.
Continuous growth in the power consumption trends coupled with the adoption of renewable technologies will propel the Asia Pacific vacuum interrupter market size. In 2018, as per China Electricity Council (CEC), electricity consumption of the country reached 6.84 trillion kWh, witnessing a growth of 8.5% from 2017. Growing demand for secure and reliable electricity supply in line with substantial investment toward smart electricity distribution systems will further stimulate the product adoption.
Key players operating across the vacuum interrupter market are Eaton, Siemens, ABB, Crompton Greaves, Shaanxi Baoguang, LS Industrial Systems, Toshiba, Shaanzi Joyelectric, Mitsubishi Electric, Meidensha Corporation and Actom amongst others.
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