The global escalation in power consumption and distribution levels has reflected upon the demand for vacuum contactors. Vacuum contactors are observed as the fundamental components of any electrical circuit that requires voltage switching. Owing to this, the demand for vacuum contactors is highly prominent in various manufacturing and processing units across several industrial verticals. Additionally, the increasing demand for fast-switching devices is considered to have an equally upshifting effect on the demand for vacuum contactors. Moreover, the efficient applicability of vacuum contactors in marine & mining sector, process industries, manufacturing industries, and power distribution systems in the commercial and residential sectors has secured the growth of the global market for vacuum contactors.
Vacuum Contactors Market: Global Trends
- The pervasive use of HVAC systems in manufacturing units is perceived as a key trend driving the need for quality vacuum contactors.
- The technological advancements that develop the efficacy of motors, transformers and capacitors are compelling the greater competency of industrial application of vacuum contactors, encompassing a majority market share of the global market.
- The extensive growth of automotive and electric motor market has resulted in an upsurge in the demand for vacuum contactors, owing to their use in voltage switching devices such as motor starters and switch gears.
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Global Vacuum Contactor Market: Drivers & Restraints
The benefits of the enhanced features derived from the use of vacuum contactors are the most primary factors driving the growth of the market. In addition to this, the growth of the global vacuum contactor market is also driven owing to factors such as,
- Growing requirement for circuit breaker components
Industrial use as well as domestic use of circuit breakers has influenced the demand for vacuum contactors.
- Need for power-driven devices & voltage distribution systems
There is a surplus demand for power-driven devices in every vertical of production and manufacturing. As a result, the demand for vacuum contactors will surge onward, owing to their efficiency in controlling variable voltage range.
- Sustainability & lower power loss
The enhanced operating mechanism of vacuum contactors avoids power wastage. The sustainable mechanical life of vacuum contactors has increased awareness regarding its benefits and fuelled the demand.
On the other end, the global vacuum contactors market faces a major challenge in terms of market expansion. To ensure a robust growth throughout the world, the vacuum contactor market must overcome the restraints arriving from global economic downturns. The unprecedented wave of economic recession is expected to limit the demand in the global vacuum contactor market.
The global market for vacuum contactor is classified on the basis of product type,
- AC Contactor
- Reversing AC Contactor
- Special Purpose AC Contactor
- Latched Contactor
- CV Contactor
On the basis of poles, the global vacuum contactor market is segmented into:
- One Pole
- Two Pole
- Three Pole
The voltage-based segmentation of the global vacuum contactor market includes,
- Low Voltage
- Medium Voltage
- High Voltage
On the basis of application-type, the vacuum contactor market is segmented into,
- Power Generation
- Others (process industries, oil & gas, etc.)
Furthermore, the global market for vacuum contactors is also segmented on the basis of the key geographical regions of the world. Among them, the demand for vacuum contactors is anticipated to witness significant upsurge in Asia Pacific (APAC). The rising power distribution systems and urbanisation in APAC countries such as China, India and South Koreas is fuelling the demand for vacuum contactors. However, the growth in process & manufacturing industries in the U.S. and Canada is expected to regard North America as the largest market for vacuum contactors.
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The growing R&D work on enhancing efficiency of vacuum contactors has consolidated the upgraded technology with manufacturing process. The resulting range of vacuum contactor products are anticipated to expand growth opportunities for the expansion of business by leading global manufacturers. The key players of the global market for vacuum contactors include, Siemens AG, Mitsubishi Electric Corporation, ABB Group, Toshiba International Corporation, Crompton Greaves Limited, Dynapar Corporation & Superior Electric Holding Group LLC, General Electric Company, Schneider Electric SE, Rockwell Automation, Inc., and LSIS Co. Ltd., among others