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Sealed Contactor Market

Segmentation by Type (DC Contactors, AC Contactors, and Others); and by Application (Telecommunication Equipment, Solar Energy System, Engineering Machinery, Electric Cars, and Others) – Global Demand Analysis & Opportunity Outlook 2031

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Report ID: 4012 | Published On: Feb 06, 2023
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Global Sealed Contactor Market Regional Synopsis

On the basis of geographical analysis, the global sealed contactor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing investment in semiconductor and electronics sector, backed by the rapid development in technology in the region.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of growing adoption of electric vehicles in the region. As per the data by the IEA, 0.33 million electric cars were sold in the United States in 2019. Presence of major manufacturers of electric vehicles in the region, is further estimated to boost the market growth.

Sealed Contactor Market Share

The global sealed contactor market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook


Sealed Contactor Market
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Major Macro-Economic Indicators Impacting the Market Growth
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Research and Development Expenditure (% of GDP), 2015-2018

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.


Market Segmentation

Our in-depth analysis of the global sealed contactor market includes the following segments:

By Type

  • DC Contactors
  • AC Contactors
  • Others

By Application

  • Telecommunication Equipment
  • Solar Energy System
  • Engineering Machinery
  • Electric Cars
  • Others

Growth Drivers

  • Increasing Application in Electric Vehicles
  • Higher Current Capacity of Sealed Contactors

Challenges

  • Rising Competition from Relays and Vacuum Contactor
  • Lack of Awareness amongst Electricians


Research and Development Expenditure (% of GDP), 2015-2018
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Top Featured Companies Dominating the Market

    • Emerson Electric Co.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Waytek, Inc.
    • Trombet, Inc.
    • Nijkerk Electronics BV
    • Zhejiang Dongya Electronic Co., Ltd.
    • YueQing Nanfeng Electric Co, Ltd.
    • Sensata Technologies, Inc.
    • Fuji Electric Co., Ltd.
    • TE Connectivity Corporation
    • Comeup Industries Inc.

In The News

  • January 11, 2022: Sensata Technologies announced the launch of the new GXC and MXC series of Smart-Tactor contactors for improved system performance, reliability, and diagnostics in military, battery system, energy storage, and commercial vehicle.

  • January 24, 2021: Sensata Technologies BV announced the acquisition of Denmark based company Lithium Balance, by acquiring 75% of the company shares.


Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the sealed contactor market?

Ans: Increasing demand for sealed contactor in electric vehicles is estimated to boost the market growth.

2) What would be the CAGR of sealed contactor market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.

5) Who are the major players dominating the sealed contactor market?

Ans: The major players in the market are Waytek, Inc., Trombet, Inc., Nijkerk Electronics BV, Zhejiang Dongya Electronic Co., Ltd., YueQing Nanfeng Electric Co, Ltd., Sensata Technologies, Inc., and Fuji Electric Co., Ltd.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the sealed contactor market?

Ans: The market is segmented by type, application, and by region.

8) Which segment captures the largest market size in application segment in the sealed contactor market?

Ans: The electric cars segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.

8) What are the challenges affecting the market growth?

Ans: Rising competition from relays, and lack of awareness amongst electricians are estimated to hamper the market growth.

8) Which region will provide more business opportunities for growth of the sealed contactor market in future?

Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the growing adoption of electric vehicles in the region.

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