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. A detailed analysis
report of COVID-19 impact on Contactors Market Share is provided with the report.
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.
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.
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.
Industry Updates
April 2018 - ABB, a
company, operating mainly in robotics, power, heavy electrical equipment and
automation technology areas, launched a new ConVac medium voltage vacuum
contactor. The new contactor is ideally suited for a wide range of applications
and is designed to be a multi-standard solution suitable for IEC62271-106,
UL347 and CSA C22.2 standards. The device has a footprint of up to 20 percent
smaller than other competitors available in the market.
Access Full Report at: https://www.marketresearchfuture.com/reports/contactors-market-4143
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