Wednesday 27 May 2020

Contactors Market 2020 to 2024: Trends, COVID – 19 Analysis, Growth Factors and Global Industry Overlook during Forecast Period


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 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. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Contactor Market is included in the present report.
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.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

No comments:

Post a Comment

Oilfield Equipment Rental Services Market Analysis 2020 Global Trends, Share, Emerging Trends and Industry Outlook 2023

Oilfield Equipment Rental Services Market Overview Oilfield equipment is a device used for extracting oil and gas from the reservoir. In o...