Pune, India, March 08, 2022 (GLOBE NEWSWIRE) -- The global DC contactor market is expected to grow during the forecast period owing to the increasing demand for HVAC systems in the automobile sector. Fortune Business Insights™ publishes this information in a report titled, "DC Contactor Market, 2021-2028". According to the report, the DC contactor market size was at USD 320.5 million in 2020. The market size is expected to rise from USD 306.8 million in 2021 to USD 521.7 million by 2028 at a CAGR of 7.9% during the projected period.
DC contactors are used in the electrical sector for switching the devices and handling the voltage levels fluctuating from high to low or vice versa. These contractors are highly utilized in mobile equipment and are reliable and cost-effective.
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Companies Profiled in the DC Contactor Market:
- Siemens AG (Germany)
- Rockwell Automation (U.S.)
- TE Connectivity (Switzerland)
- Mitsubishi Electric (Japan)
- Ametec Switch (U.S.)
- Hotson International Ltd. (China)
- Schaltbau Company (Germany)
- Cotronics BV (Netherland)
COVID-19 Impact:
Halt on Project Development to Restrict Market Growth
The outbreak of the COVID-19 virus has affected various industries globally. The government has imposed stringent restrictions on import/export policies that affected the market growth during the pandemic. Several industrial and commercial projects were on halt due to lack of supply and lack of workforce required to accomplish the goals. These factors have restricted the market growth during the pandemic. Key players in the market have faced challenges to acquire raw materials and produce goods at an average production rate.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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REPORT SCOPE & SEGMENTATION:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021-2028 CAGR | 7.9% |
| 2028 Value Projection | USD 521.7 Million |
| Base Year | 2020 |
| Market Size in 2020 | USD 320.5 Million |
| Historical Data for | 2017-2019 |
| No. of Pages | 180 |
| Segments covered | Type, End-User, By Region |
| Growth Drivers | Rising Energy Demand in Asia Pacific to Augment Market Growth |
| Rising HVAC System Installations to Boost Market Development | |
| Climate Change and Growing Renewables Deployment to Favor Market Growth | |
| Pitfalls & Challenges | Increasing Cost of DC Contactors and Availability of Alternatives to Limit Product Adoption |
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Segments:
By type, the market is bifurcated into general-purpose DC contactors and definite-purpose DC contactors.
On the basis of end-user, the market is segmented into electric vehicles, renewable energy & storage, aerospace & defense, industrial machinery, and others. The category of electric vehicles includes passenger vehicles, commercial vehicles, and buses.
Finally, by geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report for DC contactor market contains factual data and in-depth research for business development including the latest developments and advancements in the industry. Key trends adopted by the major players such as partnerships, mergers, acquisitions, and strategic alliances are elaborated further in this report. Also, innovation strategies implemented to enhance the product portfolio of the companies and attract a global customer base are highlighted. These developments and technological advancements in the industry allow the companies to gain a competitive advantage in an emerging market.
Drivers & Restraints:
Increasing Urbanization to Stimulate Market Growth in Electronics Sector
The market is anticipated to witness significant growth in the market owing to the rising demand for the installation of HVAC systems. Rising adoption to a comfortable lifestyle and ease of availability of the products is expected to increase product demand in segmented regions. Furthermore, growing industrialization and commercialization in developing countries are likely to foster market growth and expand business reach globally. Increasing urbanization and the adoption of technologically equipped application is likely to boost the market in coming years. These factors are expected to ensure DC contactor market growth.
However, high initial investments and maintenance cost is expected to hinder the market growth.
Regional Insights:
Asia Pacific Dominates Global Market Due to Rising Industrialization
Asia Pacific holds the most prominent global DC contactor market share during the forecast period owing to the increasing industrialization and commercialization in the region. Furthermore, increasing urbanization in developing countries is one of the major contributing factors for market growth.
North America holds the second-largest global market share owing to the increasing sales of electronic vehicles. The increasing adoption of renewable energy projects is expected to drive the market in this region.
Competitive Landscape:
Strategic Acquisitions Allows Key Players to Maintain Market Position
Key players in the market focus on implementing strategic plans for business development to ensure high productivity and profitability. These strategies are partnerships, mergers, strategic alliances, and implementing innovation activities for product development and differentiation. Furthermore, the companies focus on adopting technological advancements to increase their production and sales rate in the global market.
- June 2021: Standard Motor Products Inc is a leading distributor and manufacturer in the automotive sector. The company strategically acquired Trombetta for USD 108 million. Implementing this acquisition the company has entered into the switching and power management products.
- June 2020: Sensata Technologies introduced a new product range GV210 series of hermetically sealed gas-filled contactors. This allows the company to increase its sales rate by expanding its product portfolio.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Key Developments: Mergers, Acquisitions, Partnership, etc.
- Latest Technological Advancement
- Regulatory Landscape
- Porter’s Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on DC Contactor Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global DC Contactor Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- General-Purpose DC Contactor
- Definite-Purpose DC Contactor
- Market Analysis, Insights and Forecast – By End-User
- Electric Vehicles
- Passenger Vehicles
- Commercial Vehicles
- Buses
- Renewable Energy and Storage
- Aerospace & Defense
- Industrial Machinery
- Others
- Electric Vehicles
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America DC Contactor Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- General-Purpose DC Contactor
- Definite-Purpose DC Contactor
- Market Analysis, Insights and Forecast – By End-User
- Electric Vehicles
- Passenger Vehicles
- Commercial Vehicles
- Buses
- Renewable Energy and Storage
- Aerospace & Defense
- Industrial Machinery
- Others
- Electric Vehicles
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe DC Contactor Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- General-Purpose DC Contactor
- Definite-Purpose DC Contactor
- Market Analysis, Insights and Forecast – By End-User
- Electric Vehicles
- Passenger Vehicles
- Commercial Vehicles
- Buses
- Renewable Energy and Storage
- Aerospace & Defense
- Industrial Machinery
- Others
- Electric Vehicles
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