Global 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.
Contactors are the name given to special relays which
are used to switch a large amount of electrical power through its contacts.
They have multiple contacts and are typically used in the control of electrical
motors. Contactors are designed to carry high loads and are equipped with
additional safety features. They are used in applications such as motor
starters, pumps, cranes, welding, resistance furnaces, lighting, and HVAC.
Contactors are capable of breaking current over a wide range of currents, from a
few amperes to thousands of amperes. Plus, these electrical components are
available in varying sizes and designs.
Global 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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