Vacuum Circuit Breaker Market Development, Future Demand and Regional, Statistical analysis Trends by 2023
The global vacuum circuit breaker market is predicted to grow at a 6% CAGR over the forecast period (2018-2023), reveals the new Market Research Future (MRFR) report.
A circuit breaker is a device that, interposes an electric circuit to avert unwarranted current, caused by short circuit, typically resulting from overload. A vacuum circuit breaker (VCB) is a kind of circuit breaker where the arc quenching takes place in vacuum medium. In a vacuum circuit breaker, vacuum interrupters are used for breaking and making load and fault currents. A vacuum circuit breaker can be used frequently or at a place of multi breaking short circuit. Vacuum circuit breakers are widely used in utility sector, to reduce energy loses in power generation and transmission efficiently. These factors will be contributing for the growth of global vacuum circuit breaker market in forecast period.
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The need for uninterrupted electricity supply is growing because of the rise in world population and rapid industrialization. The growing need for efficient and effective load management and the need of renewable energy to be connected to the grid are expected to aid in the growth of the vacuum circuit breakers market over the forecast period. However, the high cost of vacuum circuit breaker as compared to traditional fuses and the high level of complexity involved in the design to give module level protection will restrain the vacuum circuit breaker market, globally.
The key players of global vacuum circuit breaker market are ABB Group (Switzerland), Siemens Ltd. (Germany), General Electric Company (USA), Crompton Greaves Ltd. (India), Alstom SA. (France), Schneider Electric (France), Mitsubishi Electric Corporation (Japan), L&T Electrical & Automation (India), Kirloskar Electric Company Ltd. (India) and Eaton Corporation PLC (Ireland).
The Market Research Future report offers a wide segmental analysis of the vacuum circuit breaker market based on voltage rating, end user, and type.
Based on type, the vacuum circuit breaker market is segmented into outdoor vacuum circuit breaker and indoor vacuum circuit breaker. Of these, the indoor vacuum circuit breaker segment will have the largest share over the forecast period. This is owing to the fact that they have lower risks of hazards and explosion as well as is ideal for buildings having lesser space.
Based on end use, the vacuum circuit breaker market is segmented into metal and mining, foods and beverages, chemicals and petrochemicals, building and construction, energy utilities, and others. Of these, the energy utilities segment will dominate the market over the forecast period. This is on account of the fact that the present oil and air circuit breakers are not eco-friendly and also aging, and also need large space. Moreover, there is a growing need for reliable electrical equipment.
Based on voltage rating, the vacuum circuit breaker market is segmented into medium and high voltage. Of these, the medium voltage vacuum circuit breaker segment will have the maximum share in the market over the forecast period. This is on account of the fact that these are economically feasible compared to high voltage vacuum circuit breakers.
Based on the region, the vacuum circuit breaker market report covers growth opportunities and the latest trends across the Asia Pacific (APAC), Europe, North America, and the Middle East and Africa (MEA). Of these, Asia Pacific will dominate the market over the forecast period. Japan, South Korea, India, and China are the key contributors here as they demand more power every year.
The vacuum circuit breaker market in Europe is predicted to have a healthy growth over the forecast period. This is owing to growing renewable energy from the region. Germany is the key contributor here.
The vacuum circuit breaker market in North America is predicted to have a notable growth over the forecast period. This is owing to the increased implementation of smart grids and increased electrical consumption. The upcoming huge number of smart projects as well as initiatives are predicted to supplement the need for vacuum circuit breakers over the forecast period.
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