Vacuum Contactor Market Segmentation By Product Type (AC Contactor, Reversing AC Contactor, Special Purpose AC Contactor, Latched Contactor, CV Contactor); By Poles Type (One Pole, Two Pole and Three Pole); By Voltage Type (Low Voltage, Medium Voltage and High Voltage); By Application Type (Power Generation, Mining, Marine and Oil and gas) - Global Demand Analysis & Opportunity Outlook 2027
Buy Now Report ID: 1162 | Published Date: Feb 07, 2023
Our in-depth analysis segmented the global vacuum contactor market in the following segments:
By Product Type
By Poles Type
By Voltage Type
By Application Type
By Region
Global vacuum contactor market is further classified on the basis of region as follows:
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.
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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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
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