Growing Demand of Vacuum Interrupter Market and its Global Outlook
The global vacuum interrupter market is projected to grow from an estimated USD 2.6 billion in 2019 to USD 3.6 billion by 2024, at a CAGR of 6.49% during the forecast period. The growth of this market is driven by the replacement and refurbishment of aging infrastructure for safe and secure electrical distribution systems, an expansion of transmission & distribution networks, and the eco-friendly nature of vacuum interrupters compared to its alternatives.
The global vacuum interrupter market is dominated by a few major players that have a wide regional presence. The leading players in the vacuum interrupter market are ABB (Switzerland), Eaton (US), Siemens AG (Germany), Shaanxi Baoguang Vacuum Electric Device Company Limited (China), and Meidensha Corporation (China).
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The major strategies adopted by the players include new product launches, investments & expansions, mergers & acquisitions, contracts & agreements, partnerships, alliances, joint ventures, and collaborations. Contracts and agreements was the most commonly adopted strategy from January 2016 to February 2019. These industry players also adopted new product launches as a major strategy during that period.
ABB is one of the electrical equipment manufacturers offering vacuum interrupters to commercial, offshore support, and military organizations globally. The company operates through 4 business segments, namely, power grids, electrification products, robotics & motion, and industrial automation divisions. It has specific business units focusing on particular industries and product categories. The product portfolio of the company ranges from switches and sockets to industrial robots.
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Key Questions Addressed by the Report
- The report identifies and addresses the key markets for vacuum interrupters, which would help various stakeholders such as utilities, oil & gas industry, mining industry, and key players from the transportation sector to review the growth in demand.
- The report helps the vacuum interrupter manufacturers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
- The report would help the key players understand the strategies of their competitors better and help them in making better strategic decisions.
- The report addresses the market share analysis of the key players in the vacuum interrupter market, and with the help of the strategies adopted by these companies, one can successfully enhance their revenues in the respective market.
- The report provides insights about the emerging geographies for vacuum interrupters, and the entire market ecosystem can gain competitive advantage from such insights.
Asia Pacific: The leading vacuum interrupter market
The Asia Pacific region is projected to be the largest vacuum interrupter market by 2024. Countries such as China, India, Japan, and South Korea are among the major countries considered as the main manufacturing hubs for vacuum interrupters. Over the past few years, this region has witnessed rapid economic development. Also, the growth of the transmission & distribution sectors in this region has resulted in an increase in the vacuum interrupter market. The renewable energy generation in countries such as China, South Korea, Japan, and India, is taking place at a humongous rate, thereby driving the vacuum interrupter market.
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