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Contactor Market Size

  • Report ID: GMI7008
  • Published Date: Oct 2023
  • Report Format: PDF

Contactor Market Size

Contactor Market was valued USD 982.2 million in 2022 and is set to grow at a 6% CAGR between 2023 and 2032. Increasing use of contactors in conjunction with HVAC systems, as well as integrating these contactors with electric vehicles (EVs), will lead to a significant boost in the deployment and adoption of these products. For instance, in August 2023, as per India Brand Equity Foundation, the contry witnessed over 120% growth in EVs and is expected to surge in the future owing to increasing EV adoption.

 

Contactor Market

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In the context of HVAC, contactors play a crucial role in starting and stopping various components, which is essential for the efficient operation of heating and cooling systems. The rising application of contactors with HVAC systems suggests an increasing need for these devices in the HVAC industry, potentially driven by the growing demand for energy-efficient and smart HVAC solutions.

 

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of contactor was worth USD 1 billion in 2023 and will register over 6.2% CAGR from 2024 to 2032, due to increasing usage in conjunction with HVAC systems and rising application in electric vehicles.

Contactor market size from the DC product type segment is expected register gains at nearly 6.1% up to 2032, on account of the rise of industrial automation coupled with the increasing concern for safety & reliability across electrical terminals in various end-user industries.

Asia-Pacific contactor market is projected to register over 6.4% CAGR from 2023 to 2032, owing to the rising economic and industrial growth, environmental considerations, and technological advancements in the region.

TE Connectivity, Siemens, Toshiba International Corporation, Schneider Electric, Fuji Electric FA Components & Systems Co., Ltd., LS ELECTRIC, Curtiss-Wright, GEYA Electrical Equipment Supply, and Eaton are some of the major contactor companies worldwide.

Contactor Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 18
  • Tables & Figures: 281
  • Countries covered: 16
  • Pages: 250
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