Global Sealed Contactor Market Highlights over 2022 – 2031
The global sealed contactor market is estimated to grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Contactors are electrical devices that are used to turn any electrical circuit on or off. Sealed contactors contain an inert gas in the contact chamber, and an epoxy-sealed resin case to provide long-term reliability. The growth of the market can be attributed to the growing application of sealed contactor for direct-current circuits in direct-current power distribution systems and electric vehicles. EVs utilize the direct-current circuit high voltage contactors, as they are smaller in size, safer and contact reliable. As a result, the growing production of EVs is projected to positively impact the growth of the sealed contactor market. According to the data by the International Energy Agency (IEA), in the year 2020, 969,034 PHEV and 2,008,024 BEV were sold globally. Furthermore, the enhanced safety provided by sealed contactor is estimated to surge its demand over the years. Additionally, factors such as, higher current capacity of sealed contactors, maximum DC switching voltage, and maximum switching current, are projected to boost the market growth.
The market is segmented by application into telecommunications equipment, solar energy system, engineering machinery, electric cars, and others, out of which, the electric cars segment is anticipated to hold a substantial share in the global sealed contactor market over the forecast period on account of growing sale of electric vehicles, along with rising awareness amongst people regarding the use of EVs. As sourced by the IEA, 6,850,327 battery-electric vehicles were being used globally in 2020. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
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.
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.
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
Our in-depth analysis of the global sealed contactor market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Increasing demand for sealed contactor in electric vehicles is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
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.
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.
The market is segmented by type, application, and by region.
The electric cars segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Rising competition from relays, and lack of awareness amongst electricians are estimated to hamper the market growth.
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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