Global Vacuum Contactor Market
The global vacuum contactor market is likely to witness a lucrative CAGR of 8.02% during the forecast period. Continuous investments noted in the upgradation of process industries, manufacturing industry, commercial, and large residential complexes that use HVAC systems are expected to foster the vacuum contactor market growth. Further, countries residing in the APAC region are expected to witness higher temperatures in climate, along with the rise noted in urbanization.
A vacuum contactor refers to an electrically controlled switch aids in the making or breaking of an electrical circuit using the vacuum interrupter, relay, and fuse. This switch is generally found to be integrated into motor starters, switch gears, and control gear of medium voltage fast-switching devices. Vacuum contactors are also widely applied in HVAC systems. This application is mainly done because refrigeration, ventilation, and cooling equipment need an AC motor system. Hence, the HVAC systems are expected to be the primary driver of the vacuum contactor market all over the world.
Market Segmentation
The Global Vacuum Contactor Market is segmented by voltage rating, application, end-users, and region. Based on the application, the global vacuum contactor market is segmented into motors, transformers, capacitors, reactors, resistive loads, and other applications. The other applications segment is further segmented into generators, pumps, variable frequency drives, power transmitters, and switchgear.
The motors segment is likely to dominate the global vacuum contactor market over the forecast period. Vacuum contactors aid in the reduction of the possibility of insulation failure on downstream motors and transformers. Further, vacuum contactors also control motors in harsh environments and regulate the power supply for the prevention of a sudden rise in the load of the motor.
Based on voltage rating, the global vacuum contactor market is segmented into less than 5kV, 5kV to 10kV, 11kV to 15kV, and more than 15kV. Whereas, the global vacuum contactor market is studied for various end-users that are poised to aid a higher consumption of vacuum contactors over the forecast period. Such segmentation includes utilities, industrial, commercial, mining, oil & gas, and others.
Regional Analysis
The global vacuum contactor market is studied for detailed regional segmentation of North America, Asia Pacific, the Middle East & Africa, Europe, and Latin America. Asia Pacific is the largest shareholder in the global vacuum contactor market at the beginning of the forecast period. Experts have also estimated that Asia Pacific would be the fastest-growing region within the global vacuum contactor market during the forecast period. This can be mainly owed to the mounting investments noted in the manufacturing sector and various process industries. Such process industries include paper & pulp, as well as metal processing. The growth noted in the vacuum contactors is also accredited to the upscaling demand for the reliability of power supply in severe environments and vigorous growth in the HVAC sector. Rising urbanization in various countries within the region has also contributed to the magnified demand for HVAC products, which has provided momentum to the market
Key Players
Some notable market vendors present in the global vacuum contactor market include General Electric (US), ABB (Switzerland), Schneider Electric (France), Siemens (Germany), Eaton Corporation (Ireland), Toshiba Corporation (Japan), Mitsubishi Electric (Japan), Rockwell Automation (US), Larsen & Toubro (India), and Crompton Greaves (India).
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