Market Size in 2023 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 2.45 Billion | USD 3.51 Billion | 5.3% | 2023 |
FrequentlyAsked Questions
Rapid expansion of distribution and transmission can boost the market growth. In the future years, transportation and other related industries are likely to see a massive increase in electrification. This would result in a massive rise in the energy demand and, as a result, its generation, necessitating a billion-dollar investment in transmission over the following decade. The electrical transmission and distribution industry might attract more than USD 600 bn in investment. The electric car category is likely to get the majority of this investment. In addition to this expenditure, the existing transmission infrastructure must be maintained and integrated with power generated from renewable sources to fulfill the current electrical demand.
According to the Zion Market Research report, the global vacuum interrupters market was worth about 2.45 (USD billion) in 2021 and is predicted to grow to around 3.51 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 5.3 percent.
Asia Pacific is estimated to be the leading vacuum interrupter market. India, China, South Korea, and Japan are among the key nations regarded to be the primary vacuum interrupter production hubs. This region has experienced remarkable economic development in recent years. According to World Economic and Financial Surveys, the economic momentum in Asia Pacific's top economies is likely to stay robust, indicating policy stimulus in Japan and China, which benefits other Asian countries. The fast expansion of the economy would result in a rise in the demand for electricity. This would need a higher level of investment in electricity producing infrastructure.
Key players operating in the global vacuum interrupters market include ABB, Eaton, Crompton Greaves Limited, Siemens AG, LS Industrial System, Mitsubishi Electric Corporation, Shaanxi Baoguang Vacuum Electric Device Company Limited, Toshiba Corporation, Meidensha Corporation, ACTOM, Chengdu Zuguang Electronics Company Limited, Shaanxi Joyelectric International Company Limited, and Wuhan Feite Electric Company Limited.
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