CHICAGO, Aug. 30, 2023 /PRNewswire/ -- Vacuum Contactor Market is projected to reach USD 5.5 billion in 2028 from USD 4.1 billion in 2023 at a CAGR of 6.1% according to a new report by MarketsandMarkets. 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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297 - Tables
55 - Figures
200 - Pages
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Vacuum Contactor Market Scope:
Report Coverage | Details |
Market Size | USD 5.5 billion in 2028 |
Growth Rate | 6.1% of CAGR |
Largest Market | Asia Pacific |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Configuration, application, voltage rating, end-user, and region |
Geographies Covered | North America, Europe, Asia Pacific, South America and Middle East & Africa. |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Harnessing the Potential of Vacuum Contactors in Smart Grids, IoT, and Emerging Markets |
Key Market Drivers | Empowering Electrical Control |
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.
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The Asia-Pacific region holds the dominant position in the Vacuum Contactor Industry.
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.
Key Market Players:
The report includes profiles of some of the leading players in the Vacuum Contactor Companies 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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Recent Developments
- In July 2022, TDK collaborates with students across diverse universities to cultivate innovative and sustainable mobility visions for the future. Through its sponsorship initiatives, TDK is championing the advancement of concepts encompassing Hyperloop technology, solar-powered solutions, and electric vehicles. TDK's involvement extends beyond mere support, encompassing the provision of components, expertise, and financial backing. Presently, teams at prestigious institutions like ETH Zurich in Switzerland, Leuven University of Technology in Belgium, and Aalen University of Applied Sciences in Germany are reaping the benefits of this comprehensive engagement.
- In January 2023, TDK has revealed its acquisition of Qeexo, Co., a notable pioneer in the realm of automated machine learning (ML) platforms, particularly focusing on tinyML models tailored for low-power, persistent intelligent devices. This strategic acquisition underscores TDK's ambition to fortify its ML prowess and optimize the process of ML application development, positioning the company as a front-runner in furnishing intelligent edge solution.
- In May 2023, Ampcontrol, now under full ownership of investment firm Washington H. Soul Pattinson since 2022, has marked its inaugural acquisition by procuring Androck Engineering & Mining Pty Limited, a Hunter-based enterprise. This deliberate acquisition harmonizes seamlessly with Ampcontrol's strategic trajectory for amplifying its presence and influence in the renewable energy manufacturing arena. It serves as a tangible manifestation of Ampcontrol's dedication to facilitating the worldwide shift toward a low-carbon economy.
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