DC
Contactors Market Analysis
Market Research Future
(MRFR) has recently published an in-depth report on the global contactors
market after a thorough analysis of the macro and micro-economic factors that
are likely to affect the growth of the market over the forecast period of
2018-2023. MRFR’s analysis has projected a CAGR of 7.53% over the forecast period.
The need for power is
increasing at a torrid pace. Moreover, there is an increasing need for
effective and efficient load management, which has increased the usage of
contactors. Increasing replacement of air break contacts with vacuum contactors
is a key factor which is boosting the growth of the DC Contactors
Market. In addition, growing investment in aging
transmission and distribution infrastructure is generating demand for
contactors. Contactors are even used as magnetic starters, which is adding to
the demand within the market. Other factors substantiating the growth of the
contactors market include expanding the commercial and industrial sector and
up-gradation of electrical and power infrastructure across the globe.
Conversely, the growth of the
contactors market is likely to be deterred by high costs associated with
contactors and a high level of expertise involved in the designing of
contactors.
DC
Contactors Market Segmentation
The global contactors market
has been segmented based on voltage and end user.
By voltage, the contactors
market has been segmented into low voltage and medium voltage.
By end user, the contactors
market has been segmented into building & construction industry, chemicals
& petrochemicals industry, foods & beverages industry, metals &
mining industry, and other industries.
Regional
Analysis
Region-wise, the contactors
market has been segmented into North America, Rest-of-the-World (RoW), Europe,
and Asia Pacific (APAC).
The APAC is the largest
market for contactors. The growth of the market can be attributed to the
large-scale industrialization and urbanization in the region, which leads to
heightened investment in the power distribution system, which consequently
fuels the growth of the market. The emerging economies of the region are
outlaying massive amounts on the upgradation of power distribution
infrastructure, which is aiding the growth of the market. Moreover, the APAC
has established itself as a major manufacturing hub which generates substantial
demand for contactors. Furthermore, the mining industry also accounts for
considerable demand generation.
North America too is a
significant market for contactors. Expanding manufacturing industry is generating
demand for contactors. Moreover, the region houses a number of leading market
players present who are actively involved in product development, which gives
the region leverage over others.
Competitive
Landscape
ABB Group (Switzerland),
Siemens Ltd. (Germany), L&T Electrical & Automation (India), General
Electric Company (USA), Schneider Electric (France), Crompton Greaves Ltd.
(India), Mitsubishi Electric Corporation (Japan), Rockwell Automation (USA),
Toshiba Corporation (Japan), and Eaton Corporation PLC (Ireland) are the
notable players in the global contactors market.
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