Wilmington, Delaware, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Low Voltage Contactor Market by Type (AC Contactor and DC Contactor), Application (Motor Application, Power Switching, Telecommunication, Automation, Renewables and Others), End-User (Industrial, Residential and Commercial), Current Rating (Below 100A, 100A-250A, 250A-500A, 500A-750A and Above 750A): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the low voltage contactor market was valued at $5.6 billion in 2023, and is estimated to reach $8.0 billion by 2033, growing at a CAGR of 3.7% from 2024 to 2033.
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Prime determinants of growth
The global low-voltage contactors market is experiencing growth due to government regulations and safety standards and expansion of security and surveillance systems. However, high initial investments hinder market growth to some extent. Moreover, the rising demand for smart city initiatives opens avenues for the development of innovative solutions present additional opportunities for the low-voltage contactors market.
Report coverage and details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $5.6 billion |
| Market Size in 2033 | $8.0 billion |
| CAGR | 3.7% |
| No. of Pages in Report | 300 |
| Segments Covered | Type, Current Rating, Application, End-User, and Region |
| Drivers |
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| Opportunity |
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| Restraint |
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AC contactors segment is expected to lead the trail by 2033
Based on type, the AC contactors segment held the highest market share in 2023 and is estimated to dominate during the forecast period. This dominance is primarily due to the widespread use of alternating current (AC) in electrical systems worldwide, including residential, commercial, and industrial applications. AC contactors are essential for controlling AC motors, lighting, heating, and other equipment, making them highly versatile and in constant demand. Additionally, advancements in AC contactor technology have improved efficiency, reliability, and safety features, further cementing their position as the preferred choice in most electrical installations. AC contactors segment is expected to maintain its dominant market presence as AC power continues to be the standard in global infrastructure.
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Below 100A segment is expected to lead the trail by 2033
Based on current rating, the below 100A segment held the highest market share in 2023 and is estimated to dominate during the forecast period. This dominance can be attributed to several factors such as technological advancements that have led to the development of more compact and energy-efficient devices that fall within this lower current rating range. There is a growing demand for smaller, modular systems in various applications, including industrial machinery, HVAC systems, and smaller-scale automation projects. Cost-effectiveness and ease of integration make low voltage contactors below 100A particularly attractive for a wide range of end-users, contributing to their market dominance.
Automation segment is expected to lead the trail by 2033
Based on application, automation segment held the highest market share in 2023 and is estimated to dominate during the forecast period. This dominance is driven by the increasing adoption of automation across various industries, including manufacturing, automotive, and logistics. Automation demands reliable and efficient control of electrical currents, where low voltage contactors play a pivotal role in switching and protecting circuits. As industries strive for greater operational efficiency, reduced downtime, and enhanced safety protocols, the demand for advanced low voltage contactors capable of seamless integration with automated systems continues to rise, solidifying automation as the leading application segment in the market.
Industrial segment is expected to lead the trail by 2033
Based on end user, the industrial segment held the highest market share in 2023 and is estimated to dominate during the forecast period. This is primarily due to the extensive use of contactors in industrial machinery, manufacturing processes, and infrastructure projects. Industries require robust and reliable electrical components like contactors to manage heavy electrical loads, ensure operational continuity, and protect equipment from electrical faults. Moreover, industrial applications often involve complex automation systems where contactors play a critical role in controlling motors, pumps, and other essential machinery. As industrial sectors continue to modernize and adopt advanced automation technologies, the demand for low voltage contactors is expected to remain strong, reinforcing their dominance in the market.
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Asia-Pacific is expected to experience the fastest growth throughout the forecast period
Based on region, Asia-Pacific is the fastest-growing region in terms of revenue in 2023. The region's increasing population, urbanization, and expanding middle class are driving higher demand for telecom services and infrastructure. Moreover, governments across Asia-Pacific are investing heavily in digital transformation initiatives, fostering the deployment of advanced telecom technologies. This includes 5G networks, IoT (Internet of Things) solutions, and cloud computing, which require robust and reliable telecommunications equipment. As a result, the low-voltage contactor market in Asia-Pacific is projected to experience the fastest growth, driven by both consumer demand and strategic government investments in digital connectivity.
Leading Market Players: -
- Schneider Electric
- Siemens
- ABB Group
- Rockwell Automation
- Mitsubishi Electric Corporation
- Fuji Electric
- C&S Electric Limited
- Durakool
- Yueqing Liyond Electric Co., Ltd.
- Sensata Technologies, Inc.
The report provides a detailed analysis of these key players in the global low-voltage contactors market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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