The Global Vacuum Circuit Breaker Market size is expected to reach $1.3 billion by 2030, rising at a market growth of 5.5% CAGR during the forecast period

Jul 13, 2023

The vacuum circuit breakers are highly deployed in utilities sector, its need is growing with the increase in the number of construction activities, hence, the utilities generated $335.9 million revenue in the market in 2022.

New York, July 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Vacuum Circuit Breaker Market Size, Share & Industry Trends Analysis Report By Voltage, By Industry, By Installation Location, By Regional Outlook and Forecast, 2023 - 2030" - https://www.reportlinker.com/p06481519/?utm_source=GNW The German government claims that throughout the past few years, the construction sector has contributed to stabilizing the German economy. The total amount invested in the project increased by 3.2% in 2020 and 2021. Private investors own a large amount of this industry’s output. Similarly, the National Association of Building Contractors (ANCE) predicted that the amount spent on construction in Italy would climb by 16.4% in 2021 compared to the year before.Additionally, approximately 1.2 million men & women, or roughly 7% of the labor force, are employed in Canada’s construction industry, which is constantly growing. In addition, there are large-scale construction investments planned around the country. For instance, the governments of Canada & Alberta dedicated more than 52.7 million USD to the completion of many infrastructure projects under the Investing in Canada Infrastructure Program, which was created by them.The major strategies followed by the market participants are Acquisitions as the key developmental strategy to keep pace with the changing demands of end users. For instance, In July, 2022, Eaton Corporation PLC entered into an agreement with Jiangsu Huineng Electric Co., Ltd. to acquire a 50% stake in its circuit breaker business. The alignments of both companies’ products enable Eaton Corporation PLC to capitalize on opportunities in high-growth market segments. Additionally, In February, 2022, Mitsubishi Electric Power Products, Inc. signed an agreement to acquire Computer Protection Technology, Inc. to strengthen Mitsubishi Electric’s service capabilities in the critical power industry. Furthermore, the company would expand its footprints in the North American market by offering one-stop services-from installation to maintenance of UPS systems.Based on the Analysis presented in the KBV Cardinal matrix; Siemens AG, and Schneider Electric SE are the forerunners in the Market. In January, 2020, Siemens AG took over C&S Electric Company, which specializes in switchgear. The addition of C&S Electric’s product complements and strengthens the company’s offering. Additionally, the acquisition would support Siemens portfolio not only in India but also for export to competitive international markets. Companies such as Eaton Corporation PLC and ABB Ltd and Mitsubishi Electric Corporation are some of the key innovators in the Market.Market Growth FactorsRising investment for power generation, especially for renewable energy sourcesGlobal power sector investment is anticipated to climb by around 5% in 2021 to reach more than USD 820 billion, up from a flat 2020, based on the International Energy Agency (IEA). 70% of the USD 530 billion estimated to be spent on all new generation capacity in 2021 will go toward renewables, which currently dominate investment in new power generation. A protective mechanism is necessary for renewable energy sources like solar and wind generators. Consequently, the circuit breaker is needed for connecting power-generating plants to switchyards and the electrical grid. During the projected period, this is anticipated to promote market growth overall.Growing consumption of electricity and growth in electric infrastructure"Smart city" refers to metropolitan areas with advanced general infrastructure, communications, transportation, and market viability. Enhanced energy efficiency, smart water management, a strong transit network, smart grids, and cutting-edge medical and educational facilities are some features of the "smart city." Nowadays, smart city projects are expanding rapidly across most regions. This has increased electricity usage in the home, commercial, and industrial sectors, increasing demand for electrical components. In residential & commercial buildings wherein installed electrical systems and equipment are not regularly checked, there is a heightened risk of electrical overload and short circuits. So, during the forecast period, an increase in electricity consumption will likely fuel market growth.Market Restraining FactorsPossibility of overvoltage during switchingVacuum circuit breakers (VCB)-related switching transients have long been documented. Recently, a substantial number of transformer failures have been attributed to this phenomenon due to the increasing use of vacuum circuit breakers for transformer switching. It is common knowledge that several restrikes in the circuit breaker can happen when switching highly inductive loads like transformers under certain circumstances. Multiple restrikes are brief voltage spikes that travel down the cable and arrive at the transformer terminals. A wave is reflected and absorbed at terminals due to various surge impedances. The risk of overvoltage while switching that is associated with vacuum circuit breakers could impede market growth over the projection period.Voltage OutlookBased on voltage, the market is segmented into medium voltage, and high voltage. In 2022, the medium voltage segment held the highest revenue share in the market. Electric current can be cut off in an emergency using medium voltage (MV) vacuum circuit breakers. It is one of the most crucial parts of any electrical installation since it helps safeguard the machinery against short circuits, overvoltages, and high temperatures. The MV VCBs come in various ratings and varieties, including dry site protection and gaskets for protection against water, fire, and other hazards.Installation Location OutlookOn the basis of installation location, the market is fragmented into indoor, and outdoor. In 2022, the indoor segment witnessed the largest revenue share in the market. In the indoor setting, the vacuum circuit breaker provides benefits like small size, light weight, suitability for frequent operation, and interrupting without maintenance. It is most commonly used in the 3kV-40.5kV distribution network. Also, when a part of the power system fails, it collaborates with protection devices and automatic devices to swiftly eliminate the faulty part from the system, decrease the scope of power outages, prevents accidents from escalating, and protect various electrical equipment in the system, ensuring the safe operation of the fault-free part of the system, which is aiding the segment’s growth.Industry OutlookBy industry, the market is classified into residential, commercial, industrial and utilities. The residential segment garnered a significant revenue share in the market in 2022. This market segment is expanding due to growing disposable incomes, shifting consumer habits, and increasing demand for household appliances. In addition, vacuum circuit breakers are in high demand in this application area due to rising residential building construction as well as modernizing existing properties.Regional OutlookRegion wise, the market is analysed across North America, Europe, Asia Pacific and LAMEA. In 2022, the Asia Pacific region led the market by generating the largest revenue share. The market for this region is primarily being driven by factors such as rising industrialization, electricity demand, urbanization, rising grid stability needs, expansion of renewable energy sources, rising power sector investment, and rising emphasis on transmission and distribution infrastructure.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Ltd, Eaton Corporation PLC, Fuji Electric Co., Ltd., Legrand Group, Schneider Electric SE, Mitsubishi Electric Corporation, Siemens AG, General Electric Company, Toshiba Corporation (Toshiba Energy Systems & Solutions Corporation) and Arteche Lantegi Elkartea, S.A.Recent Strategies Deployed in Vacuum Circuit Breaker MarketPartnerships, Collaborations, and Agreements:Feb-2022: Eaton came into a partnership with LG Electronics, a South Korean multinational conglomerate corporation. Through this partnership, Eaton would combine its intelligent power management technology along with its smart breakers and EV chargers, within LG ThinQ Energy mobile app and LG energy administration solutions to clarify load management in the home.Jan-2022: Eaton formed a partnership with Samsung, a multinational electronics corporation. Under this partnership, Samsung SmartThings Energy platform consumers can use Eaton smart circuit breakers to expand their capabilities to observe and gain intuition into energy use from connected technology beyond Samsung devices all over their homes.Jun-2021: Mitsubishi Electric signed a memorandum of understanding with Siemens, a German multinational conglomerate corporation. This MoU aimed to conduct an expediency study on the joint development of high-voltage switching solutions with zero global-warming potential that replace greenhouse gases with clean air for covering. Additionally, the companies would research methods for climbing up the application of clean-air insulation technology to larger voltages. Moreover, the companies would begin with a 245kV dead-tank circuit destroyer that would boost the accessibility of climate-neutral HV switching solutions for consumers across the globe.Jun-2021: Toshiba Energy Systems & Solutions came into a partnership with Meidensha, a manufacturer and provider of water treatment equipment, electronic equipment, and information equipment. Through this collaboration, the companies aimed to jointly develop gas-insulated switchgear (GIS) for 72kV/84kV utilizing a natural origin gas.Product Launches and Product Expansions:Nov-2022: ABB Ltd. revealed VD4 evo, a new Digital Medium Voltage Vacuum Circuit Breaker. The VD4 evo is an Environmental Product Declaration (EPD) certified product. The new product is fully compatible with existing VD4 breakers, and the installation is easy due to its plug-and-play design.Nov-2022: Siemens AG announced an update to its circuit-breaker portfolio with the launch of a new compact version HB1-Compact. The new compact version uses maintenance-free vacuum switching technology and addresses the most challenging of constraints and is available in L-shape and I-shape designs that can be mounted either vertically or horizontally.Oct-2022: Mitsubishi Electric Power Products, Inc. unveiled 72kV vacuum circuit breaker, the new addition to switchgear product line of the company. The new product offers customers an environmentally responsible, cost-effective, zero global warming potential option to SF6 gas and alternative gas insulating mediums.May-2022: Schneider Electric launched SureSeT MV switchgear in the North American region. Combined with EvoPacT, the combination possesses the capacity to offer various benefits including, compact design, improved operational safety, increased lifetime, etc.Mar-2022: GE Renewable Energy’s Grid Solutions, a subsidiary of General Electric Company, revealed 420 kV, 63 kA g3 gas-insulated substation (GIS) circuit-breaker prototype. The development of GE’s 420 kV g3 circuit breaker would allow the power industries to accelerate the decarbonization of their electrical grids. Furthermore, it would enable the company to offer viable SF6-free alternatives for high-voltage products soon.Feb-2022: Schneider Electric SE released new updates to its EasyPact EXE vacuum circuit breaker series with a new generation thermal monitoring system. The new product offers additional IoT sensors and digital connectivity that provides an easy, more sustainable, and safer customer experience for facility managers, panel builders, and original equipment manufacturers (OEMs).Acquisition and Mergers:Jul-2022: Eaton Corporation PLC entered into an agreement with Jiangsu Huineng Electric Co., Ltd., manufacturers of low-voltage circuit breakers in China, to acquire a 50% stake in its circuit breaker business. The alignments of both companies’ products enable Eaton Corporation PLC to capitalize on opportunities in high-growth market segments.Feb-2022: Mitsubishi Electric Power Products, Inc. signed an agreement to acquire Computer Protection Technology, Inc., a backup power and distribution solution provider. The acquisition would enable the company to strengthen Mitsubishi Electric’s service capabilities in the critical power industry. Furthermore, the company would expand its footprints in the North American market by offering one-stop services-from installation to maintenance of UPS systems.Jan-2022: Eaton took over Royal Power Solutions, a US-based manufacturer of high-precision electrical components. The acquisition of Royal Power Solutions strengthens the acquiring company’s potential to capitalize on trending growth across aerospace, electrical, and eMobility segments.Aug-2021: Mitsubishi Electric Power Products subsidiary of Mitsubishi Electric Corporation completed the acquisition of Smarter Grid Solutions, the UK’s leading dedicated smart grid technology company. Through this acquisition, the company aimed to decarbonize electric power manufacturing and has spent the last decade developing leading products and procedures. Additionally, Mitsubishi Electric Power Products would integrate Smarter Grid Solutions products within their portfolio of grid control products to assist consumers to respond to changes and still get the best achievement from electric grids.Mar-2021: Eaton acquired Tripp Lite, a US-based manufacturer of power supply systems. The addition of Tripp Lite expands the range of acquiring the company’s edge computing and IT product offerings.Jan-2021: Schneider Electric took over DC Systems, a Netherlands-based manufacturer of hybrid AC/DC electrical distribution systems. This acquisition accelerates innovations in electrical distribution and further strengthens the acquiring company’s capabilities to offer sustainable energy infrastructures.Geographical Expansions:Sep-2022: Schneider Electric Infrastructure Ltd planned to expand its geographical footprints by opening a new facility for manufacturing vacuum circuit breakers. The expansion would enable the company to enhance its production capacity of vacuum interrupters and vacuum circuit breakers.Scope of the StudyMarket Segments covered in the Report:By Voltage• Medium Voltage• High VoltageBy Industry• Utilities• Industrial• Commercial• ResidentialBy Installation Location• Indoor• OutdoorBy Geography• North Americao USo Canadao Mexicoo Rest of North America• Europeo Germanyo UKo Franceo Russiao Spaino Italyo Rest of Europe• Asia Pacifico Chinao Japano Indiao South Koreao Singaporeo Malaysiao Rest of Asia Pacific• LAMEAo Brazilo Argentinao UAEo Saudi Arabiao South Africao Nigeriao Rest of LAMEACompanies Profiled• ABB Ltd• Eaton Corporation PLC• Fuji Electric Co., Ltd.• Legrand Group• Schneider Electric SE• Mitsubishi Electric Corporation• Siemens AG• General Electric Company• Toshiba Corporation (Toshiba Energy Systems & Solutions Corporation)• Arteche Lantegi Elkartea, S.A.Unique Offerings • Exhaustive coverage• Highest number of market tables and figures• Subscription based model available• Guaranteed best price• Assured post sales research support with 10% customization freeRead the full report: https://www.reportlinker.com/p06481519/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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