Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
A vacuum contactor is an electrical device that is used for load breaking with the help of a controlled switch. The switch can make or break an electrical circuit with the help of vacuum interrupter contacts. Vacuum interrupting contacts are enclosed inside a vacuum bottle, which prevents the development of arc when there is a voltage fluctuation. Some of the prominent applications of vacuum contactors are in (3-phase or 4-phase AC motors) capacitors and transformers usually used for voltage fluctuation protection and short-circuit prevention. The increase in power consumption and various delivery channels has stimulated the demand for vacuum contactor.
The global vacuum contactor market will grow from an expected value of USD 6.7 Billion by 2027 with a CAGR of 8.2% from 2017 to 2027. The increasing requirement for enhancing productivity and efficiency of equipment in industries will be one of the key factors in the vacuum contactors market. Modernization of plant & facilities to integrate automation has become an important part of various manufacturing units. The use of technically developed equipment and various control technologies result in efficient and quicker processes.
The global vacuum contactor market can be segmented on the basis of product type, poles type, voltage and application type. The market is segmented on the basis of application, it is segmented into Power, Mining, marine and oil and gas. Vacuum contract are used in many power switching applications such as water pumping, blowers, conveyors and other power switching applications. The rapidly rising distribution of globally, the number of substations will keep on increasing. This process will further boost the demand for vacuum contactor.
By region, global vacuum contactor market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia Pacific dominated the vacuum contactor market. Asia Pacific is anticipated to have the fastest growth rate, on the account of rapidly increasing number of transmission and distribution substations, rapid industrialization, rising power demand and urbanization in developing nations such as China and India in this region. The growing industrialization in some of the countries of North America is also fuelling the demand of vacuum contactor. CLICK TO DOWNLOAD SAMPLE REPORT
Our in-depth analysis segmented the global vacuum contactor market in the following segments:
Global vacuum contactor market is further classified on the basis of region as follows:
Development of efficient and innovative technology, increasing street lighting system, growing demand of HVAC systems across the globe and increasing awareness of to reduce electricity usage are some of the growth drivers of the vacuum contactor market. The increase in demand of circuit breaker in industrial use has parallely regulated the demand for vacuum contactors in various industries. There is a huge demand for power-driven devices in production and manufacturing industries. As a result, the demand for vacuum contactors will increase on the account of their effectiveness in controlling voltage fluctuations. The sustainability and manageability of vacuum contactors has fuel the demand for this product all over the globe.
However, there are certain restraining factors associated with vacuum contactor such as loss of vacuum in the vacuum contactor and they are costlier as compared to conventional systems.
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