The CAGR for the Contactor market is expected to be 6.3% during the forecast period.
The Contactor is an electrical device used for switching an electrical circuit. Contactors 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 on Contactors depending on varying features and capacities. Contactors 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 wide range of industries which includes automotive, power, oil & gas, construction, and mining among other industries.
The Prominent Players operating in the global Contactor market are Siemens (Germany), Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Mitsubishi Electric (Japan), TE Connectivity (Switzerland), Toshiba (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).
Rising application of Contactors within HVAC system and increasing use of Contactors in the power distribution network for switching an electrical power circuit for smooth functioning of electrical equipment are the major driving factors responsible for the growth of the global Contactor market during the forecast period. There has been a rise in the demand of Contactors in Asia-Pacific and North America. Moreover, the increase in demand due to the growing population and per capita income creates a huge market opportunity for the growth of renewable energy sources in the Asia-Pacific region. 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 Contactors for maintaining the effective demand side load in automotive systems. Such developments are expected to increase the use of Contactors to maintain stability and ensuring sound demand side load management. Therefore, the increase in the demand for Contactors is driving the global Contactor market demand during the forecast period.
The global Contactor market is segmented based on type, product, number of poles, voltage, end-use and region. On the basis of type, the global Contactor market has been segmented into solid state Contactors, magnetic Contactors, vacuum Contactors, and lighting Contactors. On the basis of product, the global Contactor market has been segmented into DC Contactors and AC Contactors. Based on number of poles, the global Contactor market is segmented as 2 poles, 3 poles, 4 poles and others. On the basis of voltage, the global Contactor market is further segmented as low voltage, medium voltage, and high voltage. Based on End-Use, the global Contactor market is divided into automotive, power, oil & gas, food & beverages, construction, mining, Data Centers, FA Robots, Power Storage Battery Systems, AGV and AMR and others.
Geographically, the global Contactor market is segmented into five major regions, namely North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific is estimated to hold the major market share during the forecast period, owing to increase in demand due to the growing population and per capita income creates a huge market opportunity for the growth of renewable energy sources which propels the demand for Contactors during the forecast period.
The report for global Contactor market of Market Research Future research covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
|Market Size||2030: Significant Value|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Product, Number of Poles, Voltage and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||
|Key Market Drivers||
The global market of contactors can thrive at a high CAGR.
The worldwide market of contactor can attain substantial revenue by 2030.
Siemens (Germany), ABB (Switzerland), Eaton (Ireland), Mitsubishi Electric Corporation (Japan), and Schneider Electric (France) are some reputed names in the contactor market.
Increase in the number of HVAC system installations can propel the contactor market growth.
Power, automotive, food & beverages, oil & gas, mining, construction, FA Robots, and Data Centers are end-users of contractors.
In APAC, the high demand for contractors creates huge market opportunities in the region.