Copyright © 2022 StrategyHelix Inc. All Rights Reserved.
Global Vacuum Interrupter Market Size and Share Analysis 2023-2028
The market for vacuum interrupters is projected to witness substantial growth during the forecast period, from USD 2,803 million in 2023 to USD 3,527 million by 2028, at a CAGR of 4.70%. A vacuum interrupter is an electrical switch that operates using contacts enclosed in a vacuum. This device consists of two separable contacts contained in a vacuum-tight ceramic envelope, with metal end plates brazed to each end to seal and support the internal components. In a vacuum environment, when the contacts are separated, the absence of ionizable gas prevents sustained current flow.
The growing emphasis on ensuring safe and reliable electrical distribution has resulted in the modernization of outdated infrastructure. As a result, there is an increasing demand for vacuum interrupters as they offer enhanced safety features compared to traditional switches. These devices effectively extinguish current flow due to the absence of gas within the enclosure, making them highly suitable for applications where rapid interruptions are required.
|No. of Pages||
USD 2.7 billion in 2021
Application and Geography
|No. of Companies Mentioned||
Furthermore, the expanding power generation and transmission sector is driving the adoption of vacuum interrupters. The need to improve grid efficiency and minimize power losses has propelled the demand for advanced switching technologies, such as vacuum interrupters. These devices enable efficient switching operations, ensuring optimal energy transmission across the power network.
Additionally, the rise in industrialization and urbanization has significantly contributed to the demand for vacuum interrupters. Industries and urban areas require robust electrical infrastructure to support their operations, and vacuum interrupters play a crucial role in safeguarding these systems against electrical faults and disruptions.
Moreover, technological advancements in vacuum interrupters, such as the development of compact and lightweight designs, have further boosted their adoption. These innovations have led to improved performance and ease of installation, making vacuum interrupters a preferred choice in various industries.
The vacuum interrupter market is poised for substantial growth due to the increasing focus on electrical safety, the need for modernizing infrastructure, the expanding power generation and transmission sector, and technological advancements.
The market is segmented based on various factors, including application and geography.
Segmentation by Application
Load Break Switch
Segmentation by Geography
Middle East and Africa
The largest segment in terms of revenue in 2022 is the circuit breaker, accounting for 33.9% of the market share. It is projected to reach USD 1,153.1 million by 2028, with a compound annual growth rate (CAGR) of 4.1% during the forecast period. The recloser segment is the fastest-growing, expected to register a CAGR of 5.7% over the forecast period.
The aging electric infrastructure in many countries is facing increased demands beyond its original design capabilities. As a result, there is a global trend towards modernizing power generation and transmission sectors by incorporating advanced technologies, equipment, and controls to create smarter and more resilient grids. Smart grids are designed to communicate and work together efficiently, reducing power outages, minimizing storm impacts, and enabling faster service restoration.
The United States Department of Energy initiated the Grid Modernization Initiative (GMI) to shape the country’s future grid infrastructure. Governments worldwide, both in developed and emerging countries, view smart grid technology as a strategic infrastructure investment that promotes sustainable long-term economic prosperity and aids in achieving carbon emission reduction targets. This trend presents opportunities for companies in the smart grid network market.
Vacuum interrupter technology plays a crucial role in achieving repetitive switching, fault protection, overcurrent, and short-circuit protection, enabling enhanced control. Automation of these controls enhances efficiency. Additionally, with the integration of more renewable and distributed energy sources into smart grids, monitoring and measurement become essential for supply-demand balancing. The vacuum interrupter industry relies on the expansion of critical infrastructures and increased grid automation, making smart grids a driving force for market growth.
Geographically, Asia-Pacific dominates the market with a revenue share of 41.9% in 2022. It is projected to reach USD 1,551.4 million by 2028, with a CAGR of 5.5% during the forecast period.
The Asia-Pacific region has witnessed significant growth in power plant installations, particularly in countries like India, Japan, and China. However, utilities in the region face challenges in installing transmission lines, especially in urban areas. To optimize power capacity and integrate renewable energy, there is a need for new load break switches, with gas-insulated types gaining popularity due to their longer life cycles and smaller switchgear system sizes. The gas-insulated type is expected to become increasingly popular among different types of circuit breaker switches as countries in the region focus on large-scale renewable energy projects.
For instance, the Philippines has opened applications for renewable energy projects, allowing 100% foreign participation in large-scale geothermal exploration, development, and utilization projects. Similarly, Indonesia plans to increase the share of new and renewable energy-based power plants from 30% to 48% within 2021-2030, according to the draft electric power supply business plan (RUPTL) of the state electricity company (PLN).
As the region continues its transformation, smart grid roadmaps are expected to gain popularity, along with increased spending in distributed generation and utility IT and analytics markets. The presence of rural areas in India without a stable power supply and recent electrification initiatives will drive the demand for circuit breaker switches, emphasizing the need to provide power to these areas. Additionally, utilities face pressure to deploy remote grid access as a priority, as it is not feasible for personnel to visit remote sites to open circuit breaker switches and fuse switches during outages. The growth of remote power generation projects further contributes to the expansion of the circuit switch markets.
The vacuum interrupter market is characterized by intense competition, with established players who have made substantial investments in the product. New entrants into the market must make significant investments in order to compete. Companies can maintain their market position by implementing effective competitive strategies. Some of the leading companies in the market include Eaton Corporation PLC, Meidensha Corporation, Mitsubishi Electric Corporation, Siemens AG, ABB, Shaanxi Baoguang Vacuum Electric Device Co., Ltd., and others. These companies are also pursuing various expansion strategies to gain a competitive edge.
In October 2022, Mitsubishi Electric Power Products Inc. announced the shipment of its first 72 kV vacuum circuit breaker (VCB) with dry-air insulation, the latest addition to the company’s switchgear product line. The VCB was designed, assembled, and tested in the United States, and it meets all relevant ANSI, IEEE, and IEC certification standards. Leveraging Mitsubishi Electric’s 65-year history of vacuum interrupter technology, the 72 kV VCB offers customers a cost-effective and environmentally responsible alternative to SF6 gas and other gas insulating mediums, with zero global warming potential.
In November 2022, ABB introduced its latest innovation in circuit breakers, the VD4 evo. This medium voltage circuit breaker features a mechanical actuator (spring mechanism) for primary distribution up to 46 kV, 4,000 A, and 63 kA. The VD4 evo was designed, engineered, and manufactured to facilitate a smooth and eco-friendly transition from traditional to digital technologies. ABB aims to enable a seamless and environmentally friendly shift towards digital technologies with this circuit breaker.
Key companies profiled in this report include Eaton Corporation PLC, Meidensha Corporation, Mitsubishi Electric Corporation, Siemens AG, ABB Ltd, Wuhan Feite Electric Co. Ltd, Toshiba Corporation, Shaanxi Joyelectric International Co. Ltd, Kirloskar Electric Company Ltd, Zhejiang Xuhong Vacuum Electricappiliance Co. Ltd.
Recent Industry Developments
In February 2023, the multinational corporation ABB unveiled the ConVac Hoover Contractor at the ELECRAMA 2023 event, demonstrating innovative developments from its Electrification and Motion divisions. ABB’s Electrification division provides an extensive array of equipment, digital solutions, and services, which range from substations to sockets. This division is committed to ensuring safe, intelligent, and sustainable electrification.
In November 2022, Siemens Smart Infrastructure and Eplan entered into a strategic alliance to broaden their cooperation in the development of software solutions for the industrial and infrastructure sectors. As part of this collaboration, the business unit Siemens Electrical Products became a strategic partner in Eplan’s Partner Network. The primary objective of this partnership is to better align their respective products to deliver optimized solutions for switchgear manufacturers and electrical planners.
Key Questions Answered
What is the size of the Vacuum Interrupter Market?
The Vacuum Interrupter Market is projected to reach USD 2,803 million in 2023 and is expected to grow at a CAGR of 4.70% to reach USD 3,527 million by 2028.
What is the current size of the Vacuum Interrupter Market?
As of 2023, the Vacuum Interrupter Market’s size is expected to reach USD 2,803.32 million.
Who are the key players in the Vacuum Interrupter Market?
Major companies operating in the Vacuum Interrupter Market include Eaton Corporation PLC, Meidensha Corporation, Mitsubishi Electric Corporation, Siemens AG, and ABB Ltd.
Which region is experiencing the fastest growth in the Vacuum Interrupter Market?
The Asia-Pacific region is expected to experience the highest CAGR growth over the forecast period (2023-2028).
Which region holds the largest market share in the Vacuum Interrupter Market?
As of 2023, the Asia Pacific region accounts for the largest market share in the Vacuum Interrupter Market.