At a 6.3?GR | Contactor Market 2022 Industry Size, Share, Trends & Forecast To 2030

Market Scope

Market Research Future (MRFR) anticipates the contactor market 2022 to gain high impetus across the globe, at a rate of 6.3% during the forecast period. We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.

COVID-19 Analysis

The impact analysis on COVID-19 reveals that the contact market been severely affected by the falling demand as well as the dropping prices of power across the world. The COVID-19 impact is reflected in the contactor market, given the crash in the energy and power industry along with weakening demand from diverse end-users that are facing economic crunch.

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Focusing on the long-term impact of COVID-19, market players are adopting mitigation strategies to facilitate continuous flow of operations to restrain revenue loss. While countries are rushing to achieve a COVID-19 breakthrough, the lockdown imposed post pandemic has curbed the movement of materials across the energy and power plants, which would affect the demand for contactors in the coming time. The short term impact of the novel coronavirus has managed to ebb the investment capacity of vendors in the market in light of mounting political turbulence.

Main Boosters and Key Challenges

MRFR experts believe that even with the negative impact of SARS-CoV-2, the contact market can do well, as a result of the rapid economic growth as well as urbanization across India, South Africa (BRICS), Brazil, China and Russia. The demand for contactors worldwide on a steady rise as the increasing urbanization across emerging countries like India and China is driving the demand for electricity.

Key companies are mastering the concept of product launches to boost their growth, by introducing a new and innovative product into the contactor market. Product launch strategies are adopted by these companies to build revenues via expansion of their customer base in the market. To illustrate, Sensata Technologies has launched a new GV210 Series of gas-filled, hermetically sealed contactors that are compact and can be extensively used in applications that carry 150A as well as below, which is between 12 and 900 VDC. This series is considered to be the main contactor for increasingly electrifying uses such as home energy storage, small electric vehicles, forklifts and more.

Furthermore, technological innovations are consistently revitalizing the existing contactors and are getting rid of the issues that are generally faced by traditional contactors within the electrical switching space, which be a huge growth booster in the global contactors market.

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Market Segmentation

Contactors market can be considered for type, product, number of poles, voltage as well as end-use.

The types of contactors are magnetic contactors, solid state contactors, lighting contactors and vacuum contactors.

The market categories, with respect to product, include DC contactors as well as AC contactors. 

The segments, depending on the number of poles, are 2 poles, 3 poles, 4 poles and more.

Voltage-wise, the contactor market caters to medium voltage, high voltage and low voltage.

End-users in the market are Data Centers, power, automotive, AGV, oil & gas, mining, AMR FA Robots, Power Storage Battery Systems, construction, food & beverages, and more.

Regional Insight              

The contactor market has been regionally considered for North America, MEA/Middle East & Africa, APAC/Asia Pacific, South America and Europe.

APAC is presumed to be the market leader in the coming years, in view of the population explosion and the surge in people’s disposable income. The rapid growth in the number of distribution and transmission substations, fast paced industrialization, soaring power demand and urbanization across India and China also work in favor of the APAC market.

In North America, the striking expansion of the automotive industry, especially across the United States and Canada has boosted the adoption of contactors. The market here also benefits from the increasing use of contactors in HVAC systems as well as in power distribution networks across the region.

Top Players

Top players proactively seeking new strategies to better their position in the contactor industry are Toshiba Corporation (Japan), Larsen & Toubro Limited (India), Panasonic Corporation of North America (US), Crydom Inc. (Japan), Mitsubishi Electric Corporation (Japan), Schneider Electric (France), CG Power and Industrial Solutions Limited (India), Eaton (Ireland), ABB (Switzerland), Fuji Electric FA Components & Systems Co., Ltd. (Japan), TE Connectivity (Switzerland), Siemens (Germany), LSIS Co. Ltd (South Korea), Rockwell Automation, Inc. (US), Phoenix Contact (Germany), to list a few.

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1 EXECUTIVE SUMMARY

1.1 Market Attractiveness Analysis 18

1.1.1 Global Contactors Market, By Type 18

1.1.2 Global Contactors Market, By Product 19

1.1.3 Global Contactors Market, By Number Of Poles 20

1.1.4 Global Contactors Market, By Voltage 21

1.1.5 Global Contactors Market, By End-Use 22

1.1.6 Global Contactors Market, By Region 23

2 MARKET INTRODUCTION

2.1 Definition 24

2.2 Scope Of The Study 24

2.3 Market Structure 25

2.4 Key Buying Criteria 26

3 MARKET INSIGHTS

4 RESEARCH METHODOLOGY

4.1 Research Process 30

4.2 Primary Research 31

4.3 Secondary Research 32

4.4 Market Size Estimation 32

4.5 Forecast Model 33

4.6 List Of Assumptions 34

5 MARKET DYNAMICS

5.1 Drivers 35

5.1.1 Need For Effective LMS 35

5.1.2 Rise In Use Of Contactors Within HVAC Systems 35

5.2 Restraints 36

5.2.1 High Procurement Cost 36

5.3 Opportunities 36

5.3.1 Demand For Electrical Equipment In Asia-Pacific 36

5.3.2 Investments In Commercial And Industrial Sectors 36

5.4 Evolution Of Production Technology 36

5.5 Technology Trends 37

5.5.1 Switching To Efficient Electrical System 37

5.6 Case Examples 38

5.6.1 Emerson Electric Co (US) – Smart Contactors 38

5.6.2 TE Connectivity (Switzerland) – Hartman Smart AC Contactors 38

5.6.3 Crydom Inc (US) – Hybrid Solid State Contactor 38

5.6.4 Esterline Technologies Corporation (US) – Leach Smart Relays And Contactors 38

5.7 SAFETY STANDARDS 39

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