Covid-19 Impact on Vacuum Contactor Market 2020 Size, Segments, Competitors Strategy, Regional Analysis 2023
Vacuum Contactor Market – Overview
The constant growth in investment and development in process industries is motivating the vacuum contractor market. Reports that investigate the energy and power industry have been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market is projected to gain an 8.02% CAGR in the extent of the forecast period.
The demand from the commercial, manufacturing, and large residential complexes that employ HVAC systems are further driving the vacuum contactor market. The growing demand for fast-switching devices is also estimated to boost the vacuum contactor market in the upcoming period.
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Segmental Analysis
The evaluation of the segments in the vacuum contactor market is carried out on the basis of application, voltage rating, end-user, and region.
The application-based segmentation of the vacuum contactor market comprises of resistive loads, transformers, capacitors, motors, reactors, and other applications such as power transmitter, pumps, generators, variable frequency drive, and switchgears. The motors and transformers segment holds a larger share in the vacuum contactors market due to the system dependability for harsh environments. Similarly, the heavy-duty cycling of motors will entail vacuum contactors for dependable starting and control of the motors.
On the basis of Voltage Rating, the vacuum contactor market is segmented into 5kV to 10kV, 11kV to 15kV, Less than 5kV, and more than 15kV.
Based on the end-users, the vacuum contactor market is segmented into utilities, industrial, commercial, oil & gas, mining, and others.
Based on the regions, the vacuum contactor market is segmented into the Middle East & Africa, North America, Europe, Asia Pacific, and South America.
Regional Analysis
The regional review of the vacuum contactor market includes regions such as the Middle East & Africa, North America, Europe, Asia Pacific, and South America.
The market for vacuum contactor market is anticipated to observe considerable growth throughout the forecast period due to the investment in the HVAC system, government protocols for energy efficiency, and the usage of ecologically friendly refrigerants. Furthermore, an intensifying requirement for the efficacy of electric equipment in industries would be an important trend that will alter the vacuum contactor market in the coming period. The Asia Pacific region is the topmost market for vacuum contactor. The mounting urbanization and important development in the process industries such as cement, paper & pulp, and metal processing are estimated to boost the evolution of vacuum contactor market. The North American region is anticipated to be the following prime market for vacuum contactors in the forecast period. The substitution of aging T&D infrastructure in the US and growing demand for reliable power is motivating the demand for vacuum contactors.
Competitive Analysis
The upgrades in the mining of natural resources are further supporting market expansion advancement. The improvement of substitute raw material resources is likely to further concentrate on the supply demands in the market. The progress in the efficacy of production facilities is buttressing the market’s growth pace in the coming years. The instabilities in global currency are predicted to become stable and consequently place a beneficial impact on the market. The upturn of investment into physical capital is estimated to underpin the market’s growth in the forecast period. The market is being distinguished by the instrumental forces that are applying an imposing influence. Also, inventions in technology are anticipated to exercise a constructive inspiration on the enhancement of the market. The influence of governmental plans is stirring additional evolution of the market. The revivals carried out in the logistic chain are projected to produce favorable possibilities for progress in the coming period.
Prominent Players
The significant players in the vacuum contactor market are Schneider Electric (France), Rockwell Automation (US), General Electric (US), ABB (Switzerland), Siemens (Germany), Eaton Corporation (Ireland), Mitsubishi Electric (Japan), Toshiba Corporation (Japan), Larsen & Toubro (India), and Crompton Greaves (India), among others.
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