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 Share.
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.
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:
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Market Research Future (MRFR), we enable our customers to unravel the
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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.
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