February 15, 2022 03:47 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Feb. 15, 2022 (GLOBE NEWSWIRE) -- The Global Vacuum Interrupter Market size amounted to USD 1.94 billion in 2020. The market value is slated to rise from USD 2.02 billion in 2021 to USD 2.88 billion in 2028 at a CAGR of 5.2% during the forecast timeline. Surging demand for uninterrupted power supply and the expansion of existing transmission & distribution infrastructure will propel the market, states Fortune Business Insights™ in its report titled “Vacuum Interrupter Market, 2021-2028”.
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Vacuum interrupted is a type of switch that utilizes electrical contacts in a vacuum. It is defined as an electrical switch used to detect electrical faults and interrupt the flow of current. When the electrical contacts separate, a vapor arc is formed which can be extinguished quickly by a vacuum interrupter. This device is one of the core components of generator circuit breakers, medium-voltage circuit breakers, and high-voltage circuit breakers. Besides circuit breakers, the device is used in tap changers, reclosers, and other power supply equipment.
Companies profiled in the Vacuum Interrupter Market are:
Reduced Power Demand and Slowdown of Industrial Activities to Hamper Growth
The COVID-19 pandemic has affected operations across power generation, manufacturing, aviation, oil & gas, and a range of other industry verticals. Strict containment measure introduced by the respective governments is a major factor behind the industrial slowdown. These factors led to a significant decline in power demand. Additionally, major electrical infrastructure revamp projects were either halted or postponed amid the pandemic. Besides the decline in power demand, supply chain hurdles have affected the vacuum interrupter market growth amid COVID-19.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/vacuum-interrupter-market-100937
Application, End-user, and Region are studied for the Market
In terms of application, the market is segmented into contactors, circuit breakers, load break switches, reclosers, and others.
By end-user, the market is divided into utilities, oil & gas, mining, transportation, and others.
On the basis of geography, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Surging Power Demand and Revamp of Electrical Infrastructure to Boost Growth
Power demand is increasing across the world due to rapid urbanization, residential and commercial expansion, and industrial development. Consequently, respective governments are emphasizing the expansion of the existing transmission & distribution networks. These factors, along with the deployment of the rising renewable, will augment the vacuum interrupter market growth during 2021-2028.
However, the product demand could be slightly hampered by the high cost of the product.
Considering the regional landscape, Asia Pacific is slated to dominate the global vacuum interrupter market share during 2021-2028. The region is witnessing growing investments in the expansion of transmission & distribution networks. These investments are rising owing to the rapid pace of industrialization and urbanization. Growing renewables deployment will bolster the regional outlook considerably.
The market in North America is poised for rapid growth during the projected period, led by the widespread adoption of newer technologies in the region. The presence of major market players and rapid increase in power demand make North America a lucrative market.
Meanwhile, the market in Europe will experience strong growth, driven by continuous investments in upgrading and maintenance of electrical infrastructure.
August 2020 – Eaton Corporation announced plans to introduce HYPERRIDE, a groundbreaking joint research project into DC power grids. The USD 7.5 million worth project will see the company design circuit breakers for automated and optimized DC power system.
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