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.
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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.
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