Vacuum Contactor Market Size to Reach $5.5 billion by 2028 | Eaton, ABB, Schneider Electric, Siemens, GE
According to a research report “Vacuum Contactor Market by Voltage Rating (1-5 kV, 5.1-10 kV, 10.1-15 kV, 15.1-24 kV), Configuration, Application (Motors, Transformers, Capacitors, Reactors, Resistive Loads), End Users (Utilities, Industrial, Oil & Gas) Region – Global Forecast to 2028″ published by MarketsandMarkets, the global vacuum contactor market is estimated to be valued at USD 4.1 billion in 2023 (Estimate Year) and is projected to reach USD 5.5 billion by 2028 (Forecast Year) growing at a CAGR of 6.1% during the forecast period.
The vacuum contactor market has promising growth potential due to the rising production of electric vehicles, initiatives by government, growing R & D investment in lithium-ion batteries.
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By configuration, the contactor fuse combination is anticipated to rule the vacuum contactor market during the forecast period.
The vacuum contactor market is dominated by the contactor fuse combination. Contactor-fuse combinations are pivotal for circuit protection and control. Contactors act as switches for current flow, while fuses prevent damage from overcurrent and short circuits. Integrating these in the vacuum contactor market provides benefits like equipment protection, reduced downtime, and extended component lifespan by maintaining proper operation.
By application, the vacuum contactor market for motors is anticipated to have the highest market share.
Motors make up the largest portion of the vacuum contactor market. Vacuum contactors control electrical current to motors, ensuring seamless start-up, operation, and shutdown of motor-driven systems. They provide precise motor control, optimizing energy usage and minimizing electrical issues. Vital for managing circuits in machinery and equipment, vacuum contactors enable controlled activation and deactivation.
The Asia-Pacific region holds the dominant position in the vacuum contactor market.
North America, Europe, Asia Pacific, the Middle East & Africa, and South America are the five geographic areas in which the vacuum contactor market has been examined in this report. The Asia-Pacific region’s economic growth has spiked demand for energy and electrical equipment, including vacuum contactors, vital for expanding manufacturing and infrastructure. Urbanization fuels projects like commercial buildings, homes, and infrastructure, necessitating dependable electrical systems where vacuum contactors excel in motor control and circuit safety. The region’s thriving industrial sectors – manufacturing, mining, and construction – rely on motor-driven machinery, relying on vacuum contactors for accurate control and protection. The vacuum contactor market in Asia-Pacific is also stimulated by both local and foreign investments across various sectors.
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Key Market Players
The report includes profiles of some of the leading players in the vacuum contactor market to help readers gain a thorough understanding of the market’s competitive environment.
ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Schneider Electric (France), GE (US), and Mitsubishi Electric (Japan) are a few of the major players. The market’s top players are using a variety of tactics to gain market share for vacuum contactor.
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