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The size of the contactors market was estimated at USD 0.32 billion in 2022. The market for contactors is anticipated to increase from USD 0.34 billion in 2022 to USD 0.52 billion in 2030, with a forecasted compound annual growth rate (CAGR) of 7.30%. The main factors boosting market growth include the increasing use of contactors in HVAC systems.
Due to rising fuel prices and government-sponsored incentives, there is a growing demand for EVs and HEVs. To lessen reliance on crude oil and lessen car emissions, governments in many different nations are promoting the use of e-mobility. The market has grown as a result of the several automakers beginning to produce electric or hybrid electric vehicles. To separate the high voltage battery from the high voltage network in EVs or HEVs, these contactors are employed. Electrical circuits employ the contactors. The contractors can be used for anything from high-powered lighting and heating systems to motorised pumps. Various contractors exist, each with their own unique set of skills and abilities. As automobile manufacturing has increased, so too has the need for contactors to maintain the effective demand-side load in the automotive system. Increased reliance on contactors for reliability and effective load management on the demand side is anticipated as a result of these upgrades.
The expansion of renewable energy projects has been fueled by the rising awareness of the importance of keeping a clean environment. The fastest-growing source of renewable energy is generally regarded as solar energy. Additionally, the expansion of solar energy is being aided by the steadily rising need for increased green energy shares. In PV plants, the major use of contactors is to cut off the inverter from the PV strings when the needed output is low. Additionally, by directing other strings to an ideal converter, these contactors are utilised to alter the PV strings' configuration in order to boost the plant's efficiency. As a result, in recent years, the CAGR of the Contactors market has increased globally. The need for energy has increased as a result of the Asia Pacific region's expanding industrialization and urbanisation, particularly in China and India. The region's expanding population has led to an increase in the amount of power consumed per person, which has created a market potential for contactors because they can be crucial in regulating the flow of electricity. Global energy demand is anticipated to rise as a result of increasing urbanisation and population growth. In 2018, 55% of people on the planet lived in urban regions, and by 2050, that number is expected to rise to 68%. Rapid urbanisation is also contributing to the expansion of these links.
However, another reason boosting the expansion of the Contactors market revenue is the rising use of Contactors in the power distribution network for switching an electrical power circuit for the efficient operation of electrical equipment.
DC contractors and AC contractors are included in the segmentation of the contactors market based on product type. In 2021, the DC contractors category contributed the majority of the revenue for the contactors market, at about 56%. Some of the key factors propelling the growth of the DC Contactor Market include the rising demand for end-use applications of DC contactors and the expanding use of contractors in the power distribution network for switching an electrical power circuit for the efficient operation of electrical equipment. The usage of DC contractors to maintain the efficient demand-side load in automotive systems has increased as vehicle production has increased globally. In order to maintain stability and provide good demand-side load management, it is projected that such improvements will lead to an increase in the usage of DC contractors.
Report Coverage
Global Contactors research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Contactors report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Contactors competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Contactors market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Contactors market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Contactors market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Siemens (Germany), Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Mitsubishi Electric (Japan), TE Connectivity (Switzerland), Toshiba (Japan), LSIS Co. Ltd (South Korea), CG Power and Industrial Solutions Limited (India), Larsen & Toubro Limited (India), Phoenix Contact (Germany), Rockwell Automation, Inc. (US), Fuji Electric FA Components & Systems Co., Ltd. (Japan), Crydom Inc. (Japan), and Panasonic Corporation of North America (US)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Contactors market based on the below-mentioned segments:
Global Contactors Market, By Type
DC Contractors
AC Contractors
Global Contactors market, By Application
Electric Vehicles
Renewable Energy & Storage
Aerospace & Defense
Industrial Machinery
Others
Global Contactors market, Regional Analysis
Due to rising fuel prices and government-sponsored incentives, there is a growing demand for EVs and HEVs. To lessen reliance on crude oil and lessen car emissions, governments in many different nations are promoting the use of e-mobility. The market has grown as a result of the several automakers beginning to produce electric or hybrid electric vehicles. To separate the high voltage battery from the high voltage network in EVs or HEVs, these contactors are employed. Electrical circuits employ the contactors. The contractors can be used for anything from high-powered lighting and heating systems to motorised pumps. Various contractors exist, each with their own unique set of skills and abilities. As automobile manufacturing has increased, so too has the need for contactors to maintain the effective demand-side load in the automotive system. Increased reliance on contactors for reliability and effective load management on the demand side is anticipated as a result of these upgrades.
The expansion of renewable energy projects has been fueled by the rising awareness of the importance of keeping a clean environment. The fastest-growing source of renewable energy is generally regarded as solar energy. Additionally, the expansion of solar energy is being aided by the steadily rising need for increased green energy shares. In PV plants, the major use of contactors is to cut off the inverter from the PV strings when the needed output is low. Additionally, by directing other strings to an ideal converter, these contactors are utilised to alter the PV strings' configuration in order to boost the plant's efficiency. As a result, in recent years, the CAGR of the Contactors market has increased globally. The need for energy has increased as a result of the Asia Pacific region's expanding industrialization and urbanisation, particularly in China and India. The region's expanding population has led to an increase in the amount of power consumed per person, which has created a market potential for contactors because they can be crucial in regulating the flow of electricity. Global energy demand is anticipated to rise as a result of increasing urbanisation and population growth. In 2018, 55% of people on the planet lived in urban regions, and by 2050, that number is expected to rise to 68%. Rapid urbanisation is also contributing to the expansion of these links.
However, another reason boosting the expansion of the Contactors market revenue is the rising use of Contactors in the power distribution network for switching an electrical power circuit for the efficient operation of electrical equipment.
DC contractors and AC contractors are included in the segmentation of the contactors market based on product type. In 2021, the DC contractors category contributed the majority of the revenue for the contactors market, at about 56%. Some of the key factors propelling the growth of the DC Contactor Market include the rising demand for end-use applications of DC contactors and the expanding use of contractors in the power distribution network for switching an electrical power circuit for the efficient operation of electrical equipment. The usage of DC contractors to maintain the efficient demand-side load in automotive systems has increased as vehicle production has increased globally. In order to maintain stability and provide good demand-side load management, it is projected that such improvements will lead to an increase in the usage of DC contractors.
Report Coverage
Global Contactors research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Contactors report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Contactors competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Contactors market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Siemens (Germany), Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Mitsubishi Electric (Japan), TE Connectivity (Switzerland), Toshiba (Japan), LSIS Co. Ltd (South Korea), CG Power and Industrial Solutions Limited (India), Larsen & Toubro Limited (India), Phoenix Contact (Germany), Rockwell Automation, Inc. (US), Fuji Electric FA Components & Systems Co., Ltd. (Japan), Crydom Inc. (Japan), and Panasonic Corporation of North America (US) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Contactors Market from 2021 to 2030.
- Market Forecast for Contactors Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Contactors competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Contactors
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Contactors market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Contactors market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Siemens (Germany), Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Mitsubishi Electric (Japan), TE Connectivity (Switzerland), Toshiba (Japan), LSIS Co. Ltd (South Korea), CG Power and Industrial Solutions Limited (India), Larsen & Toubro Limited (India), Phoenix Contact (Germany), Rockwell Automation, Inc. (US), Fuji Electric FA Components & Systems Co., Ltd. (Japan), Crydom Inc. (Japan), and Panasonic Corporation of North America (US)
Primary Target Market
- Market Players of Contactors
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Contactors market based on the below-mentioned segments:
Global Contactors Market, By Type
DC Contractors
AC Contractors
Global Contactors market, By Application
Electric Vehicles
Renewable Energy & Storage
Aerospace & Defense
Industrial Machinery
Others
Global Contactors market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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