New York, US, March 02, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Contactors Market Analysis Document Information By Product, Region, and End User – Market Forecast Till 2030”, the contactors market is projected to flourish considerably during the assessment era from 2022 to 2030 at a robust growth rate of approximately 6.30%. The market was worth around USD 0.32 billion in the year 2021. The reports further project the market to attain a valuation of around USD 0.52 billion by the end of 2030.
Contactors Market Overview:
A contactor refers to an electrically powered switch for switching an electrical power circuit. A circuit usually controls a contactor with a much lower power level than the switched circuit, such as a 24-volt coil electromagnet controlling a 230-volt motor switch. The vital factor backing the development of the market is the growing application areas of contactors within the HVAC system.
Competitive Analysis
The catalog for the prominent players across the global market for contactors includes companies such as:
- Rockwell Automation Inc. (US)
- Siemens (Germany)
- TE Connectivity (Switzerland)
- Eaton (Ireland)
- Toshiba Corporation (Japan)
- ABB (Switzerland)
- LSIS Co Ltd (South Korea)
- Schneider Electric (France)
- CG Power and Industrial Solutions (India)
- Mitsubishi Electric Corporation (Japan)
- Larsen & Toubro Limited (India)
- Contact (Germany)
- Among others.
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Contactors Market USP Covered
Market Drivers
The vital factor backing the development of the market is the growing application areas of contactors within the HVAC system.
Market Restraints
On the other hand, the high initial capital investment is likely to restrict the market's development.
COVID-19 Impact
The global health crisis in the form of COVID-19 has immensely affected most industry sectors. Considering the fast spread of the infectious disease, various governments across the globe revealed partial or complete lockdowns for a fairly long time.
Contactors Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 0.52 billion |
| CAGR during 2022-2030 | 6.30% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, End User, and Region |
| Key Market Opportunities | Rising Demand for EVs and HEVs |
| Key Market Dynamics | Growing awareness towards maintaining a clean environment |
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Accordingly, industry operations were halted, and some businesses shut down. The contactors market confronted numerous unforeseen challenges during the pandemic due to the abrupt fall in demand for vehicles and the travel restrictions enforced.
Contactors Market Segment Analysis
Among all the product types, the DC contractors segment secured the top place across the global contractors market in 2021 with the largest contribution of almost 56%. The main aspect backing the development of the segment is the escalating demand for end-use applications of DC contactors. Furthermore, the rising usage of contractors in the power distribution network for switching an electrical power circuit for flawless operation of electrical equipment is also considered one of the crucial aspects catalyzing the demand for the segment worldwide. The increase in the production of automobiles across the globe has caused a rise in the usage of DC contractors for preserving the efficiency of demand-side load in automotive systems. Such advancements are likely to raise the usage of DC contractors to maintain stability and guarantee sound demand-side load management.
Among all the end-use industries, the electric vehicles segment secured the top place across the global contractors market in 2021. The reports by MRFR suggest that the segment is anticipated to showcase the maximum growth rate over the coming years. the constant rise in the demand for these vehicles across the globe is believed to be the primary parameter backing the segment's expansion. Electric vehicles cause less environmental harm, are cheaper to maintain, and are less costly. Thus, several vehicle manufacturers are generating electric vehicles and hybrid electric vehicles. Therefore, the escalating application areas for Contactors will also likely influence the segment's growth positively over the coming years.
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Contactors Market Regional Analysis
The MRFR analysis reports that the North American region held the top spot across the global market for contactors in 2021, with the largest contribution of approximately USD 0.13 billion. The reports further anticipate the regional market to thrive considerably during the assessment era. As per the reports by the American Automotive Policy Council 2018, the total number of vehicles produced across the US is anticipated to reach 12 million annually by 2025. The main aspect supporting the development of the regional market is the escalating production of the automotive in the region that has caused a rise in the usage of Contactors for maintaining the effective demand side load in automotive systems. Such advancements are likely to raise the usage of Contactors to maintain stability and guarantee good demand side load management. Thus, the rise in the demand for Contactors is catalyzing the development of the global market.
The European regional contactors market is predicted to display considerable development over the coming years. the main aspect causing a rise in the regional market's performance is the initiative for the target of zero-emission of carbon dioxide by 2050 by several nations across the region. The region is known for the presence of numerous leading participants across the global market, such as Renault, Ford, BMW, Hyundai, and many others, moving towards HEVs and EVs.
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The Asia-Pacific Contactors Market is anticipated to showcase the maximum growth rate over the coming years. the growth of the regional market is ascribed to the aspects such as per capita income, growing population, and growth of renewable energy sources. Furthermore, the region has China as the leading growth contributor.
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