The global Vacuum Contactor market is estimated to
expand at 8.02% CAGR during the forecast period.
The growing demand for vacuum contactor market is
attributed to the growth in industrialization and urbanization as this would
increase the demand for reliable power supply. Vacuum contactors are more cost
effective as compared to circuit breakers for medium voltage applications. This
would create an opportunity for market players to boost the growth of vacuum
contactor market during the forecast period. One of the major restraints for
the global vacuum contactor market is the risk associated with loss of vacuum
in the vacuum contactor.
Continuous increase in investment and upgradation in process
industries, manufacturing industry, commercial, and large residential complexes
that use HVAC systems would drive the vacuum contactor market. Counties in Asia
present hot climatic conditions along with rise in urbanization which has
driven the demand for HVAC products. Additionally, the increasing demand for
fast-switching devices is considered to have an equally upshifting effect on
the demand for vacuum contactors.
Industry Segmentation
The vacuum contactor market has been segmented based
on end-user into utilities, industrial, commercial, oil & gas, mining, and
others. Among these end-users, utilities
are the fastest growing segment in the vacuum contactor market owing to
increasing installation of power infrastructure Moreover, countries in Europe
are shifting towards renewable sources for power generation which would further
drive the demand for vacuum contactors.
Prominent Players:
The key players of the global vacuum contactor market
are General Electric (US), Schneider Electric (France), ABB (Switzerland),
Siemens (Germany), Toshiba Corporation (Japan), Eaton Corporation (Ireland),
Mitsubishi Electric (Japan), Larsen & Toubro (India), Rockwell Automation
(US), and Crompton Greaves (India), among others.
Regional Outlook
Asia Pacific is expected to be the largest market for
vacuum contactors.
Region wise, Asia Pacific held the largest market
share of the global vacuum contactor market in 2017. It is estimated that
Asia-Pacific region would be the fastest growing market during the forecast
period, mainly due to the rising investment in manufacturing sector and process
industries such as paper & pulp, metal processing, and others. The high
growth of vacuum contactors is also attributed to the growing demand for
reliability of power supply in harsh environments and robust growth in HVAC
sector. Rising urbanization in Asian countries has led to an increase in the
demand for HVAC products which has acted as a significant driver for the vacuum
contactor market.
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