Vacuum Contactor Market Analysis

The constant growth in investment and development in process industries is motivating the vacuum contractor market. Reports that investigate the energy and power industry have been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market is projected to gain an 8.02% CAGR in the extent of the forecast period.

Vacuum Contactor is an electrically controlled device that can make or break an electrical circuit with the help of vacuum interrupter or relay. Vacuum contactors are often used as motor starter to prevent a sudden increase in load in the motor start-up. This would help to reduce the power consumption.

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.

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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 evaluation of the segments in the vacuum contactor market is carried out on the basis of application, voltage rating, end-user, and region. The application-based segmentation of the vacuum contactor market comprises of resistive loads, transformers, capacitors, motors, reactors, and other applications such as power transmitter, pumps, generators, variable frequency drive, and switchgears. The motors and transformers segment holds a larger share in the vacuum contactors market due to the system dependability for harsh environments. Similarly, the heavy-duty cycling of motors will entail vacuum contactors for dependable starting and control of the motors. On the basis of Voltage Rating, the vacuum contactor market is segmented into 5kV to 10kV, 11kV to 15kV, Less than 5kV, and more than 15kV. Based on the end-users, the vacuum contactor market is segmented into utilities, industrial, commercial, oil & gas, mining, and others. Based on the regions, the vacuum contactor market is segmented into the Middle East & Africa, North America, Europe, Asia Pacific, and South America.

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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.

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.

Also Read: https://www.marketwatch.com/press-release/vacuum-contactor-market-2019-industry-growth-size-top-key-trend-competitive-analysis-future-prospects-and-forecast-2023-2019-02-07

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