DC Contactor Market Size [2023-2030] worth $827.15 Million | Exhibiting a CAGR of 9.40%
Fortune Business Insights
Updated 6 min read
Fortune Business Insights
Global DC Contactor Market to Experience 9.40% CAGR during 2023-2030; Companies Focus on Producing Hi-Tech Products to Strengthen Position: Fortune Business Insights™
Pune, india, June 20, 2023 (GLOBE NEWSWIRE) -- The global DC contactor market size was valued at USD 400.08 million in the year 2022 and is forecast to grow from USD 441.00 million in 2023 to USD 827.15 million by the end of the year 2030, and the market is estimated to exhibit a Compound Annual Growth Rate (CAGR) of 9.40% during the forecast period 2023-2030. A DC contactor is an electrically controlled device that regulates current in DC circuits by simultaneously turning power on and off and closing and opening internal contacts. The driving power needed to seal the contacts is provided by the electromagnet. Fortune Business Insights presents this information in their report titled "Global DC Contactor Market, 2023–2030."
Key Industry Development:
January 2022 - Schaltbau announced that it is going to launch the C310 series contactors. Schaltbau offers an alternative to gas-filled devices and has been widely used to date. Due to the new technology, the C310 contactors work without insulating gas.
Rising HVAC System Installations to Propel Market Growth
Rising Energy Demand to Augment Market Growth
Drivers & Restraints:
Growing Installations of HVAC Systems to Drive Market Growth
HVAC systems are being installed more frequently as a result of consumers' growing need for comfort. In order to satisfy consumer demand, numerous businesses are creating items that offer a variety of advantages. The HVAC system also warns customers about system faults, maintenance schedules, and odd behavior to cut down on repair expenses. The development of HVAC systems in the commercial and residential sectors is also being fueled by abrupt climate change. Since, these contactors are primarily employed in HVAC systems to regulate the voltage provided to the loads, the expanding HVAC system stimulates the development of these devices. These factors are anticipated to increase the DC contactor market share during the forecast period. However, high cost of these contactors is leading consumers to choose relays and solenoids which may stifle the global DC contactor market growth.
COVID-19 Impact:
DC Contactor Market's Growth has Been Significantly Affected by COVID
The market's expansion has been limited by the COVID outbreak. The global sales of electric vehicles in 2020 are also a two-act play. Lockdown procedures in 2020 froze consumer demand as well as manufacturing facilities and supply chains on the one hand. It was widely anticipated that EV market share would likely be more resilient than the larger vehicle sector as the pandemic started to intensify in early 2020. Even though the predicted fall in EV sales was expected to be less than that of overall auto sales.
Acceptance of Definite Purpose of the Product in HVAC Sector Dominates the Segment
Depending on the type, the market is segmented into general-purpose and definite-purpose DC contactors. Global market trends in 2020 were dominated by general-purpose contactors because of their widespread use in the HVAC sector. The end users of motors, power switching, process automation, and voltage fluctuation prevention all require general-purpose DC contactors.
Growing Adoption of Electric Vehicle Segment Retains Majority Market Share
By end users, the market is segmented into electric vehicles, renewable energy & storage, aerospace & defense, industrial machinery, etc. Due to growing demand for low carbon emissions, the electric vehicle market segment has dominated global market demand.
Regional Insights
Asia Pacific Dominates the Market due to Presence of Influential Economies in this Region
Japan and China are regarded as the world's two biggest markets for electric vehicles in the Asia-Pacific area. These contractors are used to connect and disconnect the power supplies in these EVs and HEVs. Furthermore, North America is anticipated to expand gradually, with the U.S. dominating the market there. Increased EV sales and renewable energy initiatives are anticipated to rule the market.
Large Corporations Concentrate on Creating High-Performance Products to Sustain their Positions
With several competitors active at the national, regional, and international levels, the global market is highly fragmented. For the purpose of securing their position within the industry, the key companies are concentrating on the research and development of high-performance motor systems with enhanced operational features. Due to its increased focus on providing these contactors for a range of applications, Schaltbau Group is anticipated to generate a sizeable market share. The company has developed a strong brand as well. This is primarily due to the wide selection of cutting-edge, highly effective DC contactors it offers with optional customized delivery.
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