Global Vacuum Circuit Breakers Market - Growth, Trends, and Forecast (2018 - 2023)
Vacuum circuit breakers are electrical switching devices used on distribution and transmission networks for safety of the equipment and devices. They provide safe and reliable medium-voltage power distribution and stand out for their long service life. They are kind of circuit breakers where the arc quenching takes place in vacuum. They are widely used in industries, like building & construction, utilities, cement manufacturing, mining & metal, etc. The advantage of using a vacuum circuit breaker is that it can be operated frequently or at a place of a multi-breaking short circuit. This technology is mainly used for medium-voltage applications. Normally, medium-voltage circuit breakers are utilized inside switchboards or boards that are situated at the points of the distribution network where the voltage of the electric power is brought down from high to values up to couple of several KV. The consistent requirement for power, expanding access to electricity in developing countries, stringent demands for operational safety, growing need for effective load management and the need of renewable energy to be connected to the grid are expected to drive the vacuum circuit breakers market during the forecast period.
Need for Effective Load Management
Load Management or Demand Side Management (DSM) relies on adjusting the load side, rather than the power station output. This method can be used by power utilities to manage peak period demand without relying on peaking power plant. This technique helps to significantly improve efficiency, and reduce emissions and generation costs. North America and Europe are dominant markets for load management due to increased electrical consumption and implementation of smart grids. With these, vacuum circuit breakers are in demand to implement load management, where it can be triggered using frequency sensitive relays, thereby disconnecting the load. The upcoming large number of smart grid projects and initiatives are expected to supplement the demand for vacuum circuit breakers during the forecast period.
Asia-Pacific to lead the Market
As of 2017, Asia-Pacific was the leader of the market. The growing industrial sector and urbanization are driving the need for new power transmission network in countries, like China and India, where there are issues with load management in power supply due to prevalent utilization of conventional fuses. To address these issues these countries are increasingly moving toward the use of vacuum circuit breakers, which, in turn, is expected to drive the market.
Increase in Investments by Chinese Government
China will be spending USD 315 billion to expand its power grid infrastructure over 2015-2020 period. It has plans to build a safe and environment-friendly smart grid by 2020, to promote the spread of clean energy. Beijing will be building long-distance transmission systems and dynamic power distribution systems to completely utilize hydro-power, wind, and solar. This, in turn, is expected to drive the growth of the vacuum circuit breakers market.
Key Developments in the Market