Market Research Future (MRFR) anticipates the contactor market 2020 to gain high impetus across the globe, at a rate of 6.88% between 2017 and 2024 (evaluation period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.
The impact analysis on COVID-19 reveals that the contact market been severely affected by the falling demand as well as the dropping prices of power across the world. The COVID-19 impact is reflected in the contactor market, given the crash in the energy and power industry along with weakening demand from diverse end-users that are facing economic crunch.
Focusing on the long-term impact of COVID-19, market players are adopting mitigation strategies to facilitate continuous flow of operations to restrain revenue loss. While countries are rushing to achieve a COVID-19 breakthrough, the lockdown imposed post pandemic has curbed the movement of materials across the energy and power plants, which would affect the demand for contactors in the coming time. The short term impact of the novel coronavirus has managed to ebb the investment capacity of vendors in the market in light of mounting political turbulence.
Main Boosters and Key Challenges
MRFR experts believe that even with the negative impact of SARS-CoV-2, the contact market can do well, as a result of the rapid economic growth as well as urbanization across India, South Africa (BRICS), Brazil, China and Russia. The demand for contactors worldwide on a steady rise as the increasing urbanization across emerging countries like India and China is driving the demand for electricity.
Key companies are mastering the concept of product launches to boost their growth, by introducing a new and innovative product into the contactor market. Product launch strategies are adopted by these companies to build revenues via expansion of their customer base in the market. To illustrate, Sensata Technologies has launched a new GV210 Series of gas-filled, hermetically sealed contactors that are compact and can be extensively used in applications that carry 150A as well as below, which is between 12 and 900 VDC. This series is considered to be the main contactor for increasingly electrifying uses such as home energy storage, small electric vehicles, forklifts and more.
Furthermore, technological innovations are consistently revitalizing the existing contactors and are getting rid of the issues that are generally faced by traditional contactors within the electrical switching space, which be a huge growth booster in the DC contactor market.
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Contactors market can be considered for type, product, number of poles, voltage as well as end-use.
End-users in the market are Data Centers, power, automotive, AGV, oil & gas, mining, AMR FA Robots, Power Storage Battery Systems, construction, food & beverages, and more.
The contactor market has been regionally considered for North America, MEA/Middle East & Africa, APAC/Asia Pacific, South America and Europe.
APAC is presumed to be the market leader in the coming years, in view of the population explosion and the surge in people’s disposable income. The rapid growth in the number of distribution and transmission substations, fast paced industrialization, soaring power demand and urbanization across India and China also work in favor of the APAC market.
In North America, the striking expansion of the automotive industry, especially across the United States and Canada has boosted the adoption of contactors. The market here also benefits from the increasing use of contactors in HVAC systems as well as in power distribution networks across the region.
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Top players proactively seeking new strategies to better their position in the contactor industry are
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