New York, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Sealed Contactor Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Sealed Contactor Market Size:
The global sealed contactor market is estimated to grow at a CAGR of ~7% over the forecast period. Electrical contactors are used to turn on and off any electrical circuit. To ensure long-term dependability, sealed contactors have an epoxy-sealed resin container and an inert gas in the contact chamber. The market's expansion can be ascribed to the increasing usage of the sealed contactor for direct-current circuits in electric vehicles (EVs) and direct-current power distribution systems. Given that sealed contactors are more compact, safer, and contact-reliable, EVs use direct-current circuit high voltage contactors. As a result, the increasing EV production is estimated to favorably impact the development of the sealed contactor market over the forecast period. According to recent data sales of electric vehicles surpassed over 2 million globally in 2019. Furthermore, the enhanced safety provided by sealed contactor is anticipated to surge its demand over the years.
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Global Sealed Contactor Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Electric cars segment to dominate the revenue graph
- DC contactors segment remains prominent in the type segment
Increasing Demand for Sealed Contactor in Mining Sector and Growing Safety Awareness among Industries to Boost Market Growth
Owing to the rising awareness and safety precautions in the sectors, the mining sector's growing need for sealed contactors is the primary reason fueling the market's expansion. As mining is a hazardous industry, the sealed contactor offers dependable power switching and motor functionality as needed. Control motors are made possible in sub-surface mining equipment by sealed contactors. Additionally, with the rising mining industries, the growth of the sealed contactor market is anticipated to bloom over the forecast period. It was noticed that more than 38 mining corporations in the world, which make up for substantial majority of the sector, generated about 650 billion dollars in revenue in 2020. Moreover, sealed contactors can withstand weather conditions both within and outside the mine and this characteristic is anticipated to spur market expansion during the forecast period.
In addition to this, industries are becoming more aware of the benefits of using sealed contactors in settings where the air may be contaminated with dirt, dust, gas, and other particles. These hazardous conditions are drastically reduced when the arc is covered, which is further fueling the global sealed contactor market's expansion over the forecast period. Further, the increasing investment by industries in health and safety is predicted to boost market growth over the ensuing years. It is believed that for every dollar invested in workplace safety measures, firms typically get a return of around USD5 to USD7.
Global Sealed Contactor Market: Regional Overview
The global sealed contactor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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Increasing Investment in Electronic Sector to Drive Growth in the Asia Pacific Region
The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period owing to increasing investment in the semiconductor and electronics sector, backed by the rapid development in technology in the region. It was noticed that in 2020, the market for electronics globally was estimated to be approximately worth USD 3 Tn and countries such as India contributed to the manufacturing of electronic systems which was almost worth 4% in 2019. Additionally, the growing mining sector and industrial development in the region are anticipated to boost the market growth over the forecast period.
Growing Adoption of Electric Vehicles to Drive Growth in the North America Region
On the other hand, the market in North America region is anticipated to gain the largest market share throughout the forecast period owing to the growing adoption of electric vehicles (EVs), backed by the increasing sales of EVs in the region. For instance, in 2021, the U.S. sold over 600,000 plug-in battery and hybrid electric vehicles, more than double the amount from the year before. Further, the presence of key market players and rising investment into research and development sector in the region are predicted to accelerate market growth over the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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Global Sealed Contactor Market, Segmentation by Application
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- Telecommunication Equipment
- Solar Energy System
- Engineering Machinery
- Electric Cars
- Others
Out of these, the electric cars segment is estimated to hold a substantial market share over the forecast period owing to the growing demand for electric cars and increasing manufacturing and sales of electric cars across the globe. It was found that around 2,270,660 brand-new plug-in electric passenger cars were registered in Europe in 2021 and it is more than 65% growth from 1.35 million units in 2020. In addition to this, the rising investment by automobile industries into development of next generation electric cars is anticipated to propel the segment growth over the forthcoming years.
Global Sealed Contactor Market, Segmentation by Type
-
- DC Contactors
- AC Contactors
Among these, the DC contactors segment is estimated to gain a significant market share over the forecast period as DC contactors have a wide range of applications, namely, electric vehicles, hybrid vehicles, fuel cell vehicles, DC charging stations, semiconductors, wind energy generation systems, cloud server power, battery charging stations, and discharging systems. Moreover, the increasing battery charging stations, backed by the rising sale of EVs across the globe are estimated to fuel the segment growth. It was observed that in China, there were around 1.5 million public charging sites as of July 2022, including more than 68,000 DC piles, 889,000 AC piles, and over 480 DC-AC integrated charging piles.
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Few of the well-known market leaders in the global sealed contactor market that are profiled by Research Nester are Emerson Electric Co., Waytek, Inc., Trombet, Inc., Nijkerk Electronics BV, Zhejiang Dongya Electronics Co., Ltd., YueQing Nanfeng Electric Co, Ltd., Sensata Technologies, Inc., Fuji Electric Co., Ltd., TE Connectivity Corporation, Comeup Industries Inc., and others.
Recent Developments in the Global Sealed Contactor Market
- In June 2020, Sensata Technologies announced the launch of new GV210 series contactors that enable safe and efficient operation in electrification applications.
- In November 2021, in order to help data centres and communication base stations save energy, Fuji Electric Co., Ltd. has introduced its 2nd-generation discrete SiC-SBD* Series of power semiconductors.
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