Sealed Contactor Market size is anticipated to reach USD 700 Million by the end of 2035 , growing at a CAGR of 6% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of sealed contactor was USD 300 Million. The primary reason for the expansion of the global sealed contactors market during the forecast period is the rising mining industry across the globe which requires effective safety measures to prevent any mishaps. The mining industry carries a hazardous nature owing to which the demand for sealed contactors is anticipated to increase as it provides reliable power switching and motor starting as per the requirement. Furthermore, sealed contactors are efficient in controlling motors in subsurface mining equipment. Thus, with the rapid expansion of the mining industries and mining activities, it is estimated to bring lucrative growth opportunities in the upcoming years. For instance, the global mining industry amounted to almost USD 925 billion in 2021 and is further expected to grow in the future.
A sealed contactor is an electrical product that is used for controlling the flow of electricity through a circuit. Usually, a sealed contactor is designed with two or more metal plates that are separated by an insulator. When a voltage is applied to the plates, they will close and allow current to flow through the circuit. A sealed contactor is widely used in various applications owing to its numerous advantages including the ability to provide protection from environmental factors such as water, dust, gas, and other particles that can fill the air. Furthermore, the growing awareness about environmental protection along with the rising number of renewable energy projects across the world also some of the factors that are anticipated to propel the market growth during the forecast period.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 300 Million |
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Forecast Year Market Size (2035) |
~ USD 700 Million |
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Regional Scope |
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Application (Heaters, Lighting Equipment, Motor Control, Air Conditioners, Refrigerator)
The global sealed contactor market is segmented and analyzed for demand and supply by application into heaters, lighting equipment, motor control, air conditioners, refrigerator, and others. Out of these segments, the air conditioners segment is estimated to gain the largest market share of about ~38% in the year 2035. The main factor for segment growth is the rise in disposable income which has propelled the adoption of luxuries such as air conditioners. Also, air conditioners are designed with a complex electrical circuit which needs to be handled with efficiency through the integration of a sealed contactor in the system.
End-user (Telecommunication Equipment, Solar Energy Systems, Engineering Machinery, Electric Cars)
The global sealed contactor market is also segmented and analyzed for demand and supply by end-user into telecommunication equipment, solar energy system, engineering machinery, electric cars, and others. Amongst these segments, the electric cars segment is expected to garner a significant share of around ~34% in the year 2035. The major factor attributed to segment growth is the rising preference for electric vehicles over traditional cars and the utilization of sealed contactors for isolating the high-voltage battery from the high-voltage network. It has been estimated that around 145 million electric vehicles are supposed to be present on the roads of the world by 2030. Furthermore, the constantly increasing crude oil price and the rising awareness about the benefits of electric mobility are also estimated to help in segment growth. In addition, the number of rising government initiatives to cut down the dependency on crude oil and reduce vehicle pollution are also some of the factors that are anticipated to positively contribute to the expansion of segment size in the future.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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By End User |
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North American Market Forecast
The market share of the sealed contactor in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~35% by the end of 2035, on the back of the growing adoption of electric vehicles in the region. As per the data from the International Energy Agency (IEA), 0.33 million electric cars were sold in the United States in 2019. The presence of major manufacturers of electric vehicles in the region is further estimated to boost the market growth. Also, the rising investments in the research and development sector for introducing novel sealed contractors that could be used in numerous end-use industries along with the rapid expansion in various sectors in the region are anticipated to bring positive opportunities for market growth.
APAC Market Statistics
The Asia Pacific sealed contactor market is estimated to be the second largest, registering a share of about ~24% by the end of 2035. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing investment in the semiconductor and electronics sector, backed by the rapid development in technology in the region. Also, the increasing demand for electricity and industrial machinery, especially in China, India, Japan, South Korea, and Taiwan is anticipated to drive the growth of the market in the future. Furthermore, the high requirement for electric equipment along with motors & transformers across various applications is estimated to generate favorable opportunities for key players.
Europe Market Forecast
Further, the market in the European region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The favorable initiatives started by the European region for the introduction of the sealed contactor for various applications in numerous industries. In addition to the other factors, the growing industrialization is exhibited by augmenting industrial output as well as increasing investment in the electrification & automation of the automotive sector backed by expanding technical expertise, resources, and competitive edge of the existing electronic manufacturing company in the region.
Author Credits: Abhishek Verma, Hetal Singh
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