Global Contactors Market - Overview
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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The need for power is increasing at a torrid pace. 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.
Global Contactors Market 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.
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