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Contactor Market Trends

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

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Contactor Market Trends

The contactor industry is being shaped by a focus on increasing concern towards energy efficiency along with bolstering digitalization across various end use verticals will augment the industry dynamics. Contactors are increasingly designed to minimize power consumption and reduce environmental impact, aligning with global efforts to combat climate change. In addition, contactors were being integrated with digital control systems, enabling remote monitoring, predictive maintenance, and enhanced automation, which improved operational efficiency, thereby complementing the industry scenario.

Increasing adoption of electric vehicles coupled with rising innovation in contactor technology will influence the product adoption across the automotive industry. The product plays a crucial role in EV charging infrastructure and power distribution within EVs, which resulted in a higher demand for specialized contactors. In addition, innovations in contactor technology are driving advancements in reliability and safety owing to the use of Arc-resistant and solid-state contactors for their enhanced safety features and long-term performance.

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.