Pune, India, May 2021, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Contractor Market.
The contractor is an electrical device used for switching an electrical circuit. Contractors are generally applicable to heavy electrical load for motors, pumps, lighting, and heating equipment. They are controlled by circuits with low power level than the switched circuit. There are different types of contractors depending on varying features and capacities. The components of contractors include contact, springs, and electromagnets. Contractors are different from relays as they are used for high load electrical devices whereas relays are used for low load electrical devices. It is used in a wide range of industries which includes automotive, power, oil & gas, construction, and mining among other industries.
Asia-Pacific is one of the largest markets for renewable energy sources. According to IRENA, Asia-Pacific accounted for two-thirds of the increase in renewable energy installation capacity in 2017. Hence, increasing investment in power infrastructure, propels the demand for contractor in the Asia-Pacific region. Additionally, According to the American Automotive Policy Council report 2018, the total vehicles manufactured in the US is expected to reach 12 million, per year by 2025. The rise in production of the automotive in the region has led to an increase in the use of contractors for maintaining the effective demand-side load in automotive systems. Such factors are poised to drive the growth of the market for contractors during the forecast period.
Drivers: Global contactor market
Market Research Analysis
In terms of region, the global market for the contractor is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-pacific dominates the global contractor market followed by North America. The increase in demand for renewable energy sources and the rapid development of infrastructure for EVs and HVACs are expected to drive the growth of the contractor market in the region.
China is one of the largest renewable energy generation country. According to Remap 2030 (IRENA), China has a target to increase the share of renewable energy generation sources in the country’s total energy generation from 10% in 2010 to 35% by 2030. Additionally, the National Development and Reform Commission (NDRC), China, has invested USD 219.43 billion for the infrastructure and construction development in the country. Therefore, the increasing investments from the government in power generation drives the need for LMS which drives the demand for contractor during the forecast period.
Access Report Details @ https://www.marketresearchfuture.com/reports/contractors-market-4143
Scope of the Report
This study provides an overview of the global contractor market, tracking five market segments across five geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and share for North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global contractor market by type, product, number of poles, voltage, end-use, and region.
By Number of Poles
The major players operating in the global contractor market are Siemens (Germany), Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Mitsubishi Electric Corporation (Japan), TE Connectivity (Switzerland), Toshiba Corporation (Japan), LSIS Co. Ltd (South Korea), CG Power and Industrial Solutions Limited (India), Larsen & Toubro Limited (India), Phoenix Contact (Germany), Rockwell Automation, Inc. (US), Fuji Electric FA Components & Systems Co., Ltd. (Japan), Crydom Inc. (Japan), and Panasonic Corporation of North America (US).