Contactors Market Size Overview
The CAGR for the Contactors Market Size is expected to reach USD 530.0 Million with 6.3% CAGR during the forecast period.
A contractor is an electrical device used for switching an electrical circuit and fined its application in heavy electrical load for motors, pumps, heating, and lighting equipment. Different types of contractors have different features capacities and are controlled by low power circuits in place of the switched circuit. Contactors are very different from relays as relays are used for low-load electrical devices.
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Report Attribute/Metric | Details |
CAGR | 6.3% (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Product, Number of Poles, Voltage and End-Use |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Market Segmentation
Looking at the latest research analysis, the contactor industry can be bifurcated based on type, product, voltage, end-use, and several poles. Out of all the segments of this market, the vacuum contactor segment will witness tremendous growth during the forecast period. Also, the rising demand for an HVAC system that has inbuilt vacuum contractors by the processing industries, manufacturing industries, commercial large residential complexes will be another factor responsible for the upliftment of this segment by the end of the forecast period.
If we look at this industry then based on type, it is categorized into solid-state contactors, magnetic contactors, vacuum contactors, and lighting contactors.
Further based on product, it has DC contactors and AC contactors.
Based on several poles, it has 2 poles, 3 poles, 4 poles, and others.
Based on voltage, it has low voltage, medium voltage, and high voltage.
Lastly based on end-use, it has automotive, power, oil, gas, food beverages, construction, mining, data centers, FA robots, power storage battery systems, AGV, AMR, and others.
Regional Analysis
If we look at Contactors Market Size share and other details, this industry is remarkably working in five major regions of the world that is Asia Pacific, Europe, North America, South America, and Middle East Africa. During the forecast period, the Asia Pacific region will dominate this market due to the rise in demand for contractors owing to the growing population in its developing countries like China and India. Also, the increase in the per capita income of people in this region is another factor that will propel the demand for a contractor to a great extent during the forecast period. Lastly with the rising number of automotive in this region which in turn has led to an increase in the application of contactors in maintaining the effective load on the demand side of automotive systems
Based on the data obtained from contactor industry analysis, the prominent players of this market are Panasonic Corporation of North America, Rockwell Automation, Inc. Larsen Toubro Limited, CG Power and Industrial Solutions Limited, Mitsubishi Electric Corporation, Toshiba Corporation.
Industry News
According to the latest report of the American automotive policy council, the number of vehicles manufactured in the United States of America is anticipated to reach 12 million by the mid of forecast period that is 2025. The key players of this market are trying to develop an effective learning management system so that contractors can work efficiently.
Key Players
- Siemens (Germany)
- Eaton (Ireland)
- ABB (Switzerland)
- Schneider Electric (France)
- Mitsubishi Electric Corporation (Japan)
- TE Connectivity (Switzerland)
- Toshiba Corporation (Japan)
- LSIS Co Ltd (South Korea)
- CG Power and Industrial Solutions (India)
- Larsen Toubro Limited (India)
- Phoenix Contact (Germany)
- Rockwell Automation Inc. (US)
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