Categories: Market Research

Vacuum Interrupter Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Vacuum Interrupter Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Vacuum Interrupter Global Market Report 2024, The vacuum interrupter market size has grown strongly in recent years. It will grow from $2.67 billion in 2023 to $2.85 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to electrification and industrialization, growth in renewable energy projects, increasing demand for energy-efficient devices, modernization of power grids, growth in urbanization and infrastructure.

The vacuum interrupter market size is expected to see strong growth in the next few years. It will grow to $3.64 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing demand for smart grid solutions, demand for compact and lightweight components, electrification of transportation, investments in energy storage systems, increasing demand for medium voltage applications, evolving grid management solutions, development of next-generation electronics, focus on electromobility infrastructure.. Major trends in the forecast period include research and development in vacuum technology, eco-friendly insulation materials, advancements in material technology, smart grid communication integration, globalization of energy infrastructure, digitalization and iot integration, market expansion in developing regions..

The increasing rate of urbanization and industrialization is expected to drive the growth of the vacuum interrupter market. Industrialization is the process of transforming any society into an industrial society, while urbanization is the process by which the rural population migrates to urban areas. The increasing urbanization and industrialization require a lot of electrical supply which in turn needs a huge supply of vacuum interrupters for the current interruption, fault protection, overcurrent, and short-circuit protection as well as repetitive switching needs. For instance, according to the data published in September 2021 by the United Nations Department of Economic and Social Affairs, a US-based intergovernmental organization, globally, 4.46 billion people resided in urban areas in 2021. By 2050, this number will increase to 6.68 billion, with 2.22 billion more people living in urban areas. Therefore, the increasing rate of urbanization and industrialization will propel the growth of the vacuum interrupter market in the coming years.

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The vacuum interrupter market covered in this report is segmented –

1) By Rated Voltage: 0–15 KV (Kilovolts), 15–30 KV (Kilovolts), Above 30 KV (Kilovolts)

2) By Contact Structure: Flat Contact, Spiral Contact, Axial Magnetic Or Field Contact

3) By Application: Circuit Breaker, Contactor, Recloser, Load Break Switch, Tap Changer, Other Applications

4) By End-User: Utilities, Oil And Gas, Mining, Transportation, Other End-Users

Product innovation is a key trend gaining popularity in the vacuum interrupter market. Major market players are developing innovative products with optimized performance to sustain their position in the vacuum interrupter market. For instance, in December 2022, Vacuum Interrupters Ltd., a UK-based industrial vacuum equipment company, launched the RVI-167835A00 replacement vacuum interrupter. With a 3000 A RMS-rated current, 15 kV RMS maximum voltage, 95 kV peak impulse withstand, and 50 KA RMS-rated, this replacement unit is designed for direct fit-and-function. It aligns with original equipment ratings and is specifically intended for the ABB Advac and VHK-R vacuum circuit breakers.

The vacuum interrupter market report table of contents includes: