Impact of Renewable Energy on the Vacuum Circuit Breaker Market
Growing Demand for Electricity Infrastructure:
The global vacuum circuit breaker market is expected to grow from USD 4.8 billion in 2022 to USD 8.1 billion by 2032, at a CAGR of 6% during the forecast period. The growth of the market is primarily attributed to the increasing demand for electricity, growing investments in power generation and transmission infrastructure, and the refurbishment of aging power infrastructure.
The soaring development due to the devolution of the power sector and augmented demand for electricity is estimated to create opportunities for the vacuum circuit breakers market.
The emphasis on achieving a dependable, competent infrastructure and equipment is estimated to guide the course of development undertaken by the market.
Key Players:
- Schneider Electric SE
- ABB Ltd.
- Mitsubishi Electric Corporation
- Alstom SA
- Siemens AG
- Toshiba
- Larsen & Turbo
- Hyundai Heavy Industries
- Hitachi
- Fuji Electric
- Nissin Electric
- Xian XD
- Hyosung
- Bharat Heavy Electric Ltd.
- Eaton
- Meidensha
Segmental Analysis
The segmental insight into the vacuum circuit breakers market has been conducted on the basis of end-user, voltage rating, type, and region. On the basis of type, the vacuum circuit breakers market is segmented into the outdoor vacuum circuit breaker and indoor vacuum circuit breaker.
On the basis of end-use, the vacuum circuit breakers market are classified as building & construction, chemicals & petrochemicals, energy utilities, foods & beverages, metal & mining, and others. Based on the voltages, the vacuum circuit breakers market are medium and high. On the basis of regions, the vacuum circuit breakers market is segmented into North America, Europe, Asia Pacific and other regions.
Detailed Regional Analysis
The regional appraisal of the vacuum circuit breaker market consists of North America, Europe, Asia Pacific and other regions. The Asia Pacific region is controlling the majority market portion in vacuum circuit breakers. The mounting nations such as South Korea, China, India, and Japan are the fastest mounting countries in the region and require more power every year. The intensifying electricity production from irregular sources from renewable sources sustaining the grid, the occasions for smart grids expansion are enormous at supply and transmission level. This is motivating the vacuum circuit breaker market in the region.
The European region is expected to trail the Medium voltage vacuum circuit breaker market share because of the collective renewable energy demand from the region and intensifying demand for linking renewable energy competently to the smart grids. In the year 2017, the nation of Germany was responsible for the principal wind power fixed capacity in the European region.
Competitive Analysis
The disharmony in the forces of demand and supply is estimated to create a slow growth background in the market. The emphasis on innovation is estimated to rise in the coming years, as the consumer needs have to be addressed in a better manner to ensure the resurgence of the global market. Also, the need to encourage business to include the environmental impact of their decisions is estimated to shape the development of the market in future.
The capability of contenders to influence change in the market is increasing at a stable rate in the impending period. The support from government bodies around the world is rising because the market needs an extra stimulus to achieve normalcy in such a scenario. The need to mitigate losses sustained by the current public health crisis is estimated to be the sole focus of the market contenders in the upcoming years. Furthermore, the need to adopt a rapid and cost-effective method of operation is estimated to shape the market in the impending period.
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