PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1342760
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1342760
The vacuum contactor market is expected to grow from an estimated in USD 4.1 billion in 2023 to USD 5.5 billion by 2028, at a CAGR of 6.1% during the forecast period. The primary drivers of the market include positive economic outlook and growing manufacturing industries in developing countries, infrastructure development, and urbanization are the major factors driving growth of the motors segment.
"The 1-5kV, by voltage rating, is expected to be the largest and the fastest-growing market from 2023 to 2028"
The vacuum contactor market, by voltage rating, is bifurcated into 1-5kV, 5.1-10kV, 10.1-15kV, and 15.1-24kV. The 1-5kV segment is expected to dominate in terms of market share and CAGR during the forecast period and this dominance can be attributed to increase in awareness of reducing harmonic current losses, reducing losses through power factor correction methods, and prevention of commutation failures in both residential and commercial sectors.
"The motors segment, by application, is expected to be the fastest-growing market from 2023 to 2028"
The vacuum contactor market by application is segmented into motors, capacitors, transformers, reactors, resistive loads, and other MV equipment. The motor segment is expected to be the fastest growing segment. Positive economic outlook and growing manufacturing industries in developing countries, infrastructure development, and urbanization are the major factors driving growth of the motors segment
"The Utility segment, by end user, is expected to be the largest and the fastest-growing market from 2023 to 2028"
The vacuum contactor market, by end user type, is bifurcated into industry, mining, commercial, oil & gas, utility, and other MV end users. The utility segment is expected to be the fastest growing market followed by industry during the forecast period. This dominance can be attributed to growing power demand from the industrial and commercial sectors that is attributed by the growth in installation of new power plants and expansion in transmission and distribution facilities in the developing countries.
"The Contactor fuse combination segment, by configuration, is expected to be the largest and the fastest-growing market from 2023 to 2028"
The vacuum contactor market, by configuration type, is bifurcated into in contactor fuse combination, and contactor. The contactor fuse combination segment is expected to be the fastest growing market during the forecast period. Contactor fuse combinations provide a holistic approach to circuit protection. The combination safeguards the connected equipment from a range of electrical abnormalities, making them ideal for critical applications where uninterrupted operation is essential.
By Company Type: Tier 1- 35%, Tier 2- 45%, and Tier 3- 20%
By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
By Region: North America - 40%, Asia Pacific- 30%, Europe - 20%, Middle East & Africa - 5 %, and South America - 5%.
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined based on their total revenue as of 2017. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: <USD 500 million.
The vacuum contactor market is dominated by a few major players that have a wide regional presence. The leading players in the vacuum contactor market are ABB Ltd (Switzerland), Siemens AG (Germany), Eaton Corporation plc (Dublin, Ireland), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (France) and others.
The report defines, describes, and forecasts the vacuum contactor market, by configuration, application, voltage rating, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the vacuum contactor market.
Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the relay market and provides them information on key market drivers, restraints, challenges,and opportunities.