ID: MRFR/E&P/2436-HCR | 111 Pages | Published By Priya Nagrale on April 2023
Vacuum Circuit Breaker Market is expected to grow at a CAGR of 6% during the forecast period and is expected to reach USD 7550 Million by 2030.
Vacuum circuit breaker market is expected to reach valuation of USD 7,550.0 Million with 6% CAGR during the forecast period 2022-2030.
Vacuum circuit breakers are a type of circuit breaker that is used to protect equipment and devices in distribution and transmission networks. Because vacuum has high dielectric strength, it can handle load imbalance situations without causing the circuit to fail. Short circuit protection, switching on-off in case of big load supply/large power supply, and outdoor applications ranging from 22kV to 66kV are the major functions of vacuum circuit breakers.
Vacuum circuit breakers are preferable to traditional circuit breakers because they are appropriate for both indoor and outdoor applications, as well as being eco-friendly, durable, compact, and having a long span. They use less electricity than traditional circuit breakers and are therefore preferable. Vacuum circuit breakers are a low-cost, high-reliability alternative for intelligent power and load control in distribution systems. For control and functioning, they just need a little amount of power. Increased need for power, increased technical demand from the distribution sector, aging of conventional oil and air circuit breakers, and rising demand for smart grids, transmission, and distribution infrastructure are the primary factors driving the market for vacuum circuit breakers.
The power industry is witnessing high growth owing to the increased demand for electricity, decentralization of power sector in many nations, along with rising demand for electrical infrastructure from commercial and industrial sectors. In power distribution sector, the demand for reliable and efficient infrastructure and equipment is required with increasing automation and reducing personnel cost. Circuit breakers are elementary devices used in distribution networks, which serve the function of breaking the current supply whenever there is a load imbalance in the line.
Vacuum circuit breakers are a category of circuit breakers that are used in distribution and transmission networks for safety of the equipment and devices. Since the vacuum has high dielectric strength, it has the capability of handling the load imbalance situations without breaking down of circuit. The main functions performed by vacuum circuit breakers include short circuit protection, switching on-off in case of large load supply/ large power supply, and for outdoor applications ranging between 22kV to 66 kV. Vacuum circuit breakers are superior to conventional circuit breakers as they are suitable for both, indoor and outdoor applications along with eco-friendly, reliable, compact and long span instruments. They require less power than conventional circuit breakers and thus, are preferred over them.
The key players of global vacuum circuit breakers market are Schneider Electric (France), ABB (Switzerland), Mitsubishi Electric (Japan), Alstom SA (France), and Siemens AG (Germany). Toshiba (Japan), Larsen & Turbo (India), Hyundai heavy industries (South Korea), Hitachi (Japan), Fuji Electric (Japan), Nissin Electric (Japan), Xian XD (China), Hyosung (China), Bharat Heavy Electric Ltd. (India), Eaton (Ireland), and Meidensha (Japan) are among others.
Global vacuum circuit breakers market has been segmented on the basis of type, end-user, voltage rating, and region. Based on type the market is further segmented as indoor vacuum circuit breaker, and outdoor vacuum circuit breaker. Indoor vacuum circuit breakers are dominating the market due to the fact, that they have lower risk of hazards, explosion, and are suitable for buildings with lesser space. On the basis of end-use, the market is classified as energy utilities, building & construction, chemicals & petrochemicals, foods & beverages, metal & mining, and others. Amongst these, energy utilities hold the largest market share as the existing oil and air circuit breakers are aging and are not eco-friendly as well as they require large space, and there is rising demand for reliable electrical equipment. On the basis of voltage rating, the vacuum circuit breaker market is segmented as medium and high voltage. Medium voltage vacuum circuit breakers are prime shareholders as they are economically feasible over high voltage vacuum circuit breakers.
Global Vacuum circuit breaker market is expected to witness phenomenal growth during the forecast period owing to increasing demand for power and electrical equipment, and existing circuit breakers becoming obsolete. Asia Pacific is dominating the market share in vacuum circuit breakers. Growing nations such as China, India, South Korea, and Japan are fastest growing nations in the region and demand more and more power per year. According to Department of Science and Technology of India, with rising electricity generation from unpredictable sources from renewable sources feeding the grid, the opportunities for smart grids are immense at distribution and transmission level. This is driving the market in the region. Europe region is likely to follow the market share by virtue of increasing renewable energy from the region and rising demand for connecting renewable energy efficiently to the smart grids. In 2017, Germany accounted for the largest wind power installed capacity in the Europe region.
Vacuum circuit breakers are a cost-effective and reliable solution for smart control of power and load supply in the distribution systems. They require minimum power for control and operations. The major factors that drive the market for vacuum circuit breakers are increasing demand for power, increasing technical demand from distribution sector, aging of conventional oil and air circuit breakers, and rising demand for smart grids, transmission and distribution infrastructure. According to BP’s energy review, in 2016, the electricity generation grew up to 17,642 TWh from major countries while the consumption of power, globally stood up at 14,698 TWh. Since there are losses while transmission of power from one region to another due to technical faults, the generated electricity is not able to meet the demand and there is always a shortage of power supply. This leads to rising demand for reliable technical demand from the distribution sector. Growing industrialization and urbanization from the developing countries has expanded the growth for the transmission and distribution infrastructure from the nations. This is a leading force for the vacuum circuit breaker market from the nations. However, high infrastructure cost and technology are restraining the market for vacuum circuit breakers.
|Market Size||2030: USD 7,550.0 Million|
|CAGR||6% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, End-Use, Voltage|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Schneider Electric SE (France), ABB Ltd. (Switzerland), Mitsubishi Electric Corporation (Japan), Alstom SA (France), and Siemens AG (Germany). Toshiba (Japan), Larsen & Turbo (India), Hyundai heavy industries (South Korea), Hitachi (Japan), Fuji Electric (Japan), Nissin Electric (Japan), Xian XD (China), Hyosung (China), Bharat Heavy Electric Ltd. (India), Eaton (Ireland), and Meidensha (Japan)|
|Key Market Opportunities||Gradual Recovery Of energy utilities, building & construction, chemicals & petrochemicals, foods & beverages, metal & mining|
|Key Market Drivers||Increasing demand for power Increasing technical demand from distribution sector Aging of conventional oil and air circuit breakers Rising demand for smart grids Transmission and distribution infrastructure|
A 6% CAGR is expected to play a notable role in market expansion.
An astounding income level is predicted to lift the market’s development.
In terms of the regions in the market, the APAC region appears as a solid opponent driving market development.
The end-user, voltage rating, type, and region improve the insights of the global market.
The progress in the transmission and distribution infrastructure is expected to motivate the market.