Vacuum Interrupter Market: Increasing investments in smart grid & power distribution in developing regions

 

According to the new market research report "Vacuum Interrupter Market By Application (Circuit Breaker, Contactor, Recloser, Load Break Switch, & Tap Changer), End User (Oil & Gas, Mining, Utilities & Transportation), Rated Voltage And Region - Global Forecast To 2025", published by MarketsandMarkets™, the Vacuum Interrupter Market is projected to reach USD 3.1 billion by 2025 from an estimated USD 2.4 billion in 2020, at a CAGR of 5.1 % during the forecast period. This growth can be attributed to factors such as continued growth of construction and development activities, increasing access to electricity in developing countries, and the increasing rate of industrialization and urbanization. However, the risks associated with device malfunction and the lack of existing government policies specific to vacuum interrupters are hindering the growth of the Vacuum Interrupter Market.

The circuit breaker segment is expected to hold the largest share of the Vacuum Interrupter Market

The circuit breaker segment, by application, is estimated to be the largest and fastest-growing segment during the forecast period, as they are the main components utilized in the low and medium voltage segment. With most of the existing electrical infrastructure expected to undergo a massive revamp in the near future, the circuit breaker installations are expected to go up, ultimately boosting the Vacuum Interrupter Market in the forecast period.

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The 0– 15 kV segment, by rated voltage, is expected to be the fastest-growing market from 2019 to 2024

The 0–15 kV segment is expected to be the fastest-growing market, at a CAGR of 5.6% during the forecast period. This is supported by the fact that electrical equipment with an operational range of low to medium rated voltage is required in the electricity distribution substations and industries such as mining and oil & gas. With renewable electricity grid integration being a top concern for countries such as China and India, the maximum vacuum interrupters belonging to this rated voltage segment are expected to be in huge demand in the forecast period.

Asia Pacific: the leading Vacuum Interrupter Market

The Asia Pacific region is projected to be the largest Vacuum Interrupter Market by 2025. Countries such as China, India, Japan, and South Korea are among the major countries considered as the main manufacturing hubs for vacuum interrupters. Over the past few years, this region has witnessed rapid economic development. Also, the growth of the transmission & distribution sectors in this region has resulted in an increase in the Vacuum Interrupter Market. The renewable energy generation in countries such as China, South Korea, Japan, and India, is taking place at a humongous rate, thereby driving the Vacuum Interrupter Market.

The renewable power generation is not as stable as the conventional power generation. Hence, equipment such as circuit breakers, with vacuum interrupters pre-installed, are required to connect the power generating stations to switchyards and the electrical grid. Growth in the renewable power generation is expected to be a long-term driving force for the circuit breaker market. Subsequent stable grid development programs, microgrid, energy storage, and EV charging infrastructure is further expected to propel the growth of the market in the region.

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Some of the top players in the Vacuum Interrupter Market are ABB (Switzerland), Eaton (US), Siemens AG (Germany), Shaanxi Baoguang Vacuum Electric Device Company Limited (China), and Meidensha Corporation (China).

Circuit Breaker Market to Witness Impressive Growth Worldwide with Major Players ABB, Siemens, Eaton, Mitsubishi, Toshiba, Fuji Electric, TE connectivity, Powell, Tavrida, etc.

The global circuit breaker market is projected to reach USD 8.7 billion by 2022 from an estimated USD 6.9 billion in 2017, at a CAGR of 4.9% from 2017 to 2022. Growing access to electricity in developing countries, increasing construction and developmental activities, and the rising number of renewable power generation projects are the major drivers that would trigger growth in the circuit breaker market.

Aging power infrastructure, increasing high voltage direct current (HVDC) transmission networks, and upcoming smart cities are expected to create new opportunities for circuit breaker companies. Moreover, the governments of most countries are investing in renewable energy-based power generation to meet the growing energy demand. All these factors are likely to drive the circuit breaker market during the forecast period.

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The high voltage segment is estimated to be the fastest growing circuit breaker market, by voltage, from 2017 to 2022. This segment is expected to witness growth due to rapid industrialization and urbanization. Aging power infrastructure leading to the modernization and upgradation of existing high voltage electrical grids and power plants is also a key factor driving the growth of the high voltage circuit breaker market.

Renewable are projected to be the fastest-growing power source until 2022

Renewable are one of the fastest-growing power sources as countries worldwide are investing immensely in the sector. It helps reduce carbon dioxide emissions and is increasingly capturing a larger share of the global power mix. It is used extensively in the power generation, heating and cooling, and transport sectors. The renewable segment of the circuit breaker market is estimated to grow at an above-average CAGR during the forecast period. The renewable power plants in the energy & power sectors are predominantly located in remote locations and connected to the local distribution systems. A rise in the connectivity of distributed power generation systems and renewable power generation systems to the national grid is gradually leading to the growth of the circuit breaker market.

The Asia Pacific market continues to be the fastest-growing circuit breaker market until 2022

Asia Pacific is expected to be the largest market for circuit breaker in 2022 and is projected to grow at the highest CAGR, during the forecast period due to increasing construction and developmental activities and the growing demand for electricity. It is also projected to lead during the forecast period. The growth can be attributed to the increasing investments in T&D, renewable energy, and upcoming smart city and smart grid projects in the region. The North American market is projected to be the second-fastest-growing market owing to the rising demand for revamping the existing aging power and transmission infrastructure and the continued growth of construction and developmental activities in the region.

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Some of the leading players in the Circuit Breaker Market are ABB (Switzerland), Toshiba (Japan), Siemens (Germany), Eaton Corporation (Ireland), Mitsubishi (Japan), and Schneider Electric (France).

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Gas-insulated Switchgear Market: Surging government initiatives to improve electricity access in rural areas

According to the new market research report "Gas-insulated Switchgear Market by Voltage Rating, Insulation Type, Installation (Indoor, Outdoor), End User (Transmission Utility, Distribution Utility, Generation Utility, Railways & Metros, Industry & OEM), and Region - Global Forecast to 2025",published by MarketsandMarkets™, is projected to grow from USD 16.9 billion in 2020 to USD 26.5 billion by 2025, at a CAGR of 9.5%.

The SF6segment is anticipated to constitute the majority of the Gas-insulated Switchgear Market share. A gas-insulated switchgear uses the dielectric gas sulfur hexafluoride, also known as SF6, at moderate pressure for phase-to-phase and phase-to-ground insulation. High-voltage conductors, interrupters, circuit breakers, switches, voltage transformers, and current transformers are in SF6 inside a metal enclosure.

A global increase in the demand for electricity is expected to drive the demand for gas-insulated switchgears across various sectors, such as the power distribution utility, power transmission utility, and power generation utility. Due to COVID-19, the US has a negative growth rate of -2.45% in the manufacturing sector in the first quarter when compared to China’s -3.25%. India, Japan, and Europe registered a negative growth of -3.98%, 2.77%, and -2.89%, respectively, in their manufacturing sectors.

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The power transmission utility segment is expected to be the most significant Gas-insulated Switchgear Market

The power transmission segment has the largest share of the Gas-insulated Switchgear Market owing to the global growth in the production and consumption of electricity. Transmission utilities own and operate the transmission system. Thus, the growing demand for power will necessitate the expansion of the transmission network, thereby enhancing the demand for electrical components, e.g., gas-insulated switchgears. But due to COVID-19 lockdowns, utilities are at a standstill, which has resulted in losses for companies. This has a negative impact on the growth of the Gas-insulated Switchgear Market.

The SF6 segment is expected to be the largest Gas-insulated Switchgear Market

The SF6 segment is expected to have the largest market share during the forecast period. SF6-filled gas-insulated switchgears are preferred over air-insulated switchgears where space is a constraint because air-insulated switchgears require meters of air as an insulation medium to do what SF6-filled switchgears can do in centimeters. Therefore, SF6-filled gas-insulated switchgears can be 10 times smaller than air-insulated switchgears. A majority of the existing and new gas-insulated switchgears use SF6 gas as the dielectric medium. Thus, the demand for gas-insulated switchgears is expected to grow due to the space constraints in urban areas.

Asia Pacific is expected to dominate the global Gas-insulated Switchgear Market

In this report, the Gas-insulated Switchgear Market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period.

The rapid increase in the demand for electricity and an increase in the power generation capacity in developing countries such as India and China, along with the growth in industrial and commercial sectors, will lead to an increase in the number of substations. Growth in the number of substations will propel the demand for gas-insulated switchgears in Asia Pacific. However, COVID-19 has negatively impacted the power industry globally in the past 2 months. The demand curve for electricity has taken up new shapes, mainly in those countries where the impact of COVID-19 is high. The decreasing demand for electricity is caused by lockdowns across countries to mitigate the spread of the virus. This will have a negative impact on the growth of the Gas-insulated Switchgear Market for a considerable period of time.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Gas-insulated Switchgear Market. These include ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Eaton Corporation (Ireland), and General Electric (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.

COVID-19 Impact on Smart Grid Market worth $28.8 Billion by 2021

Post COVID-19, the report "COVID-19 Impact on Smart Grid Market by Component (Hardware, Software and Services) and Region - Global Forecast to 2021" size is estimated to be USD 26.9 billion in 2020 and projected to reach USD 28.8 billion by 2021 at a CAGR of 7.1% from 2020 to 2021.  The major factors driving the growth of the smart grid industry include modernization of aging grid infrastructure, and improved grid reliability and efficient outage response.

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“Smart Grid Market for software to hold the highest market share during the forecast period.”

The software segment is expected to hold the highest market share as it is likely to witness a low impact due to the outbreak of COVID-19.  The software segment is further sub-segmented into advanced meter infrastructure (AMI), smart grid distribution management, smart grid network management, grid asset management, substation automation, smart grid security, and billing and customer information system.  It is estimated that the grid asset management, smart grid security, and billing and customer information system segments are expected to have the least impact during the lockdown of COVID-19.

Browse in-depth TOC on "COVID-19 Impact on Smart Grid Market"

32 – Tables
13 – Figures
57 – Pages

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“Smart Grid Market in North America is expected to hold the highest share during the forecast period”

The smart grid industry in North America is expected to be the largest during the forecast period. This growth is attributed to the rise in demand for smart grid infrastructure to improve service reliability and operating efficiency. The US and Canada are the major two economies in the region that focus on investing in grid modernization. For instance, the US government allocated funds for smart meter units and making installation of smart meters mandatory in several states, including California and Texas. Such initiatives are likely to drive the Smart Grid Market.

Some of the major players in the smart grid industry are GE (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Itron (US), Landis+Gyr (Switzerland), Aclara (US), Cisco (US), OSI (US), IBM (US), Wipro (India), Oracle (US),  Honeywell (US), S&C Electric Company (US), Eaton (Ireland), Kamstrup (Denmark) and Trilliant Holdings (US), among others.

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