Contactors market Market

The demand for global contactors is growing rapidly owing to various factors, including the need for effective LMS and rise in the use of contactors within HVAC systems.

The global contactors market is projected to grow at 6.88% CAGR during the forecast period, 2018–2024. In 2018, the global contactors market was led by Asia-Pacific with a 38.15% share, followed by North America and Europe with shares of 25.05% and 14.98%, respectively.

The global contactors market has been segmented based on type, product, poles, voltage, end-users, and region. On the basis of type, the contactors market has been segmented into solid state contactors, magnetic contactors, vacuum contactors, and others. The vacuum contactors segment is expected to grow at the fastest rate during the forecast period. In 2018, the vacuum contactors segment held a 37.16 % share of the global contactors market. On the basis of product, the contactors market has been segmented into DC contactors and AC contactors. The AC contactors is expected to grow at the faster rate during the forecast period. In 2018, the AC contactors segment held a 61.29% share of the global contactors market. On the basis of number of poles, the contactors market has been segmented into 2 poles, 3 poles, and 4 poles. The 3 pole is expected to grow at the fastest rate during the forecast period. In 2018, the 3 pole segment held a 37.13% share of the contactors market. On the basis of voltage, the contactors market has been segmented into low voltage, medium voltage, and high voltage. The low voltage is expected to grow at the fastest rate during the forecast period.

In 2018, the low voltage segment held a 48.19% share of the contactors market. On the basis of end use, the contactors market has been segmented into automotive, power, oil & gas, food & beverages, construction, mining, and others. The power segment is expected to grow at the fastest rate during the forecast period. In 2018, the power segment held a 31.65% share of the contactors market. On the basis of region, the global contactors market has been segmented into the North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2018, Asia-Pacific held a 38.15% share of the global contactors market.