Pune, India -- (SBWIRE) -- 11/16/2017 -- Market Highlights
Contactors are electrical controlled switch used for switching an electrical power circuit with higher current ratings. Growing application of medium voltage contactors in industries where it is well suited for heavy duty applications and harsh environment including metals & mining industry, chemicals & petrochemicals industry and others.
The constant need for electricity, the growing need for efficient and effective load management and the need of renewable energy to be connected to the grid will aid in the growth of the contactors market over the forecast period. However, the high cost of contactors and high level of intricacy involved in the design for module level protection will restrain the Contactors Market globally.
Contactors Market is expected to grow over the CAGR of around 7.53% during the period 2017 to 2023.
Market Research Analysis
Medium voltage segment of contractors is expected to grow at the highest rate in the contactors market from 2017-2023.
The industrial usage of medium contactors currently holds a large share of total volume of contactors and is expected to dominate the market during forecast period. Growing application of medium voltage contactors in industries where it is well suited for heavy duty applications and harsh environment including metals & mining industry, chemicals & petrochemicals industry and others. Medium voltage contractors are majorly used in applications that have larger current requirements and high operations counts. Medium voltage contractors are compact, electrically maintained and used to efficiently protect and control motors, transformers and breakers for many different applications. The increase in industrial development across the globe leading to the wide application of small and medium voltage contactors in industries for safe operations, will further enhance the industrial contactors market during the forecast period.
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Key Players:
The key players of Global Contactors Market are
- ABB Group (Switzerland),
- Siemens Ltd. (Germany),
- General Electric Company (USA),
- Crompton Greaves Ltd. (India),
- Rockwell Automation (USA),
- Schneider Electric (France),
- Mitsubishi Electric Corporation (Japan),
- L&T Electrical & Automation (India),
- Toshiba Corporation (Japan)
- Eaton Corporation PLC (Ireland).
A contractor is an electrically controlled switch used for converting an electrical power circuit, similar to a relay excluding with higher current ratings and limited differences. Contactor is typically controlled by a circuit which has a much lower power level than the switched circuit. Growing application of medium voltage contactors in industries where it is well suited for heavy duty applications and harsh environment including metals & mining industry, chemicals & petrochemicals industry and others. Medium voltage contractors are majorly used in applications that have larger current requirements and high operations counts. Medium voltage contractors are compact, electrically maintained and used to efficiently protect and control motors, transformers and breakers for many different applications.
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The constant need for electricity, the growing need for efficient and effective load management and the need of renewable energy to be connected to the grid will aid in the growth of the contactors market over the forecast period. However, the high cost of contactors and high level of intricacy involved in the design for module level protection will restrain the contactors market globally.
The global contractors market has been analyzed based, voltage, end-users and regions. Based on voltage, it is classified as, low voltage and medium voltage and based on end-users, it is further classified as building & construction industry, chemicals & petrochemicals industry, foods & beverages industry, metals & mining industry and other industries.
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