Market Trends of Asia-Pacific Vacuum Circuit Breakers Industry
This section covers the major market trends shaping the APAC Vacuum Circuit Breakers Market according to our research experts:
Medium-voltage Vacuum Circuit Breakers Expected to Dominate the Market
Vacuum circuit breakers are widely used in industries like building and construction, utilities, cement manufacturing, mining metal, electricity distribution substation, etc.
The medium-voltage category provides superior arc quenching and is majorly used as a result.
In May 2020, ABB completed a six-month project to help Shanghai Waigaoqiao Free Trade Zone create an intelligent industrial park. In the project, ABB improved the electrical stability and digitalized its power management by installing medium-voltage circuit breakers along with other equipment.
Furthermore, medium-voltage vacuum circuit breakers find applications indoors also in buildings, homes, and commercial and industrial facilities.
The region is also witnessing increasing electrification, and medium-voltage vacuum circuit breakers are finding applications in the distribution end of the electricity grid. Owing to the increasing electrification, the medium-voltage vacuum circuit breaker segment is likely to grow.
Therefore, owing to the abovementioned points, the medium-voltage vacuum circuit breakers market is expected to dominate during the forecast period.
China Expected to Dominate the Market
China has been experiencing rapid economic growth due to its significant manufacturing sector, which is resulting in increased electricity demand and consumption.
In 2020, the electricity consumption in China stood at 7,510 TWh compared to 4,702.6 TWh in 2011. This consumption was higher than in any other country in the region. This increase in the consumption of electricity has led to an increase in demand for equipment necessary for the management of electricity during the generation, transmission, and distribution stages, such as vacuum circuit breakers.
China is also one of the largest markets globally for electric vehicles. In 2020, the battery electric vehicle (BEV) sales volume stood at 931.29 thousand units compared to a meager 1.09 thousand units in 2010. This increase in the number of EVs is accompanied by an increase in the number of electric charging stations that employ various equipment to manage electricity, including vacuum circuit breakers.
Furthermore, China is also witnessing rapid adoption of grid-connected renewable energy, which requires vacuum circuit breakers for the effective management of electricity. In 2020, the installed renewable energy capacity stood at 894.88 GW compared to 233.26 GW in 2010.
Considering the abovementioned points, China is likely to dominate the market studied during the forecast period.
