Magnetic Contactor Market Size, Share & Industry Analysis, By Product Type (Magnetic starter, Star-Delta starter, Mercury-wetted contactor), By Duty Cycle (One-Direction, Reversing), By Voltage Rating (Low, Medium, High), By End User (Construction, Energy and Power, Industrial Manufacturing) And Regional Forecast, 2024-2032

A magnetic contactor can be referred to as a specialized relay or a safety switch used to establish or break the electric connection between the main power supply and the electric load utilizing the power. Magnetic contactors are generally installed at higher current carrying locations to balance the power supply and protect the electric-powered motors from fluctuation in the power supply. Magnetic contactors safeguard the overload protection and avert any possible instance of the short circuit by breaking the contact when any unusual anomaly is detected. Increased awareness regarding the electrical safety standards bolstering the sales of magnetic contactors. Technological developments in the magnetic contactor is another critical factor reinforcing the sales of said equipment across the globe.                             

The extensive safety offered by magnetic contactors bolsters the sales of contactors in the global market. The magnetic contactors can function automatically or can be operated from a remote location, increasing their suitability in harsh environments or at the confined workplaces that are difficult to access physically. Additionally, the magnetic contactors provide considerable ease in operation and substantially reduce the power consumption required to open and close the circuit. Lower consumption makes these contactors highly efficient, spurring the growth of the market. The increasing application of the magnetic contactor in the industrial sector is boasting its development across diverse geographies. The integration of multiple electrical devices in almost every industry due to the digitalization and incorporation of automation will foster the demand for safety devices like magnetic contactors.                                             

Due to the COVID-19 outbreak, a significant reduction in the development of electrical installations and low cash liquidity in the market hurt the market's progress. Considerable reduction in the operations of the end-use industries such as industrial manufacturing, automotive, and construction will hurt the magnetic contactor manufacturers' growth and current revenue generation. Although sectors such as agriculture and printing, and packaging will see a noteworthy increment in their market share, these industries had little to no impact on their operations due to a pandemic outbreak. The abrupt and unplanned closure of the manufacturing facilities completely disrupted the supply-demand ratio of the magnetic contactor. Unstable and constant fluctuations in the market due to the stringent lockdowns and multiple regulations on the operations of non-essential services also disturbed the value chain and supply chain operations curbing the growth of the market by a massive extent

Key Market Driver -

• Considerable development pertaining to electrical safety standards • Development of advanced and robust magnetic contactors to withstand higher payload

Key Market Restraint -

• Components are susceptible to corrosion makes in unsuitable for moist environments

Key Players Covered:

Key players operating in the global Magnetic Contactor market are Siemens, Fuji Electric FA Components & Systems Co., Ltd., ABB Ltd., Schneider Electric, LS Electric, Eaton Corporation, Hubbell Industrial Controls. Mitsubishi Electric, Andeli Group Company, Tianshui 213 Electrical Apparatus Group Co. Ltd, Go to the GHISALBA, Greegoo Electric Co. Ltd., Shihlin Electric & Engineering Corporation, Bestact Solutions Inc., Lovato Electric, CHINT Group, Digi-Key Electronics, etc.

Regional Analysis

North America is expected to cater a promising share in the global market due to the decent presence of numerous global manufacturers in the regional market. The increasing consumption of electricity and substantial development in the electric power grids is projected to drive the market's growth in the region.

Spearheaded by China, Asia Pacific is expected to register the fastest pace of growth, outpacing the rest of the global market regions. Developing a new set of rules and regulations to inculcate more safety in electrical operations boosts the market growth. The infrastructural development in the developing countries in the region and the current projects such as smart cities and the revolution of old electrical systems cement the sales of magnetic contactors across regions.

Europe is estimated to have a considerable chunk of the market pie due to the increasing demand for better and technologically advanced products. The higher installations of HVAC systems will also provide swift growth for the regional market. The noteworthy increment in the operational safety concerns will further offer a significant boom to the market in the region.

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Segmentation

Key Industry Developments

• March 2018: Havells India and Hyundai Electric signed a Memorandum of Understanding (MOU) to finalise their agreement pertaining to the initiation of manufacturing magnetic contactors. The MoU provides Havells India a leverage to manufacture, market and sale magnetic contactors in the market of India. The agreement will further provide both the companies to utilise manufacturing facilities and distribution network of Havells India for the regional market. 


• May 2018: TDK Corporation announced extension of its existing portfolio with introduction of high voltage contactors suitable for high current capabilities. The product portfolio can be used mainly in battery management systems or at charging station of electric vehicles. The customers looking for the uninterrupted power supply and elevated safety for switching in higher voltages is anticipated to provide swift growth to the market.