DC Contactor Market to Experience 9.40% CAGR during 2023-2030; Big Firms Concentrate on Manufacturing Cutting-Edge Products to Secure Position

The global DC contactor market was valued at USD 400.08 million in 2022. The market size is projected to grow from USD 441.00 million in 2023 to USD 827.15 million by 2030, exhibiting a CAGR of 9.40% during the forecast period. Fortune Business Insights™ presents this information in its report titled “DC Contactor Market Size, Share & COVID-19 Impact Analysis, By Type (Definite-Purpose DC Contactors and General Purpose DC Contactors) By End-User (Electric Vehicle, Renewable Energy and Storage, Aerospace and Defense, Industrial Machineries, and Others), Regional Forecasts, 2022-2030”.

As opposed to AC circuits, DC contactors have considerably less control over voltages, and they also have the benefit of having very little arcing occur when the circuit is opened and closed. Power contacts, auxiliary contacts, and contact springs all function as the contactor's current-carrying components. To push the connections closed, an electromagnet is used. In low-voltage DC circuits, they offer a reliable and affordable means of power switching. Electric cars, renewable energy sources (solar and wind), and other industrial machines are a few end-use sectors that employ DC contactors.

Growth of the DC Contactor Market has Been Significantly Affected by COVID

The COVID outbreak has prevented the market from expanding. Market expansion had been hampered by stringent government constraints during the pandemic. The development of these shooters has been constrained by some industrial projects that have been put on hold or completely shut down. Additionally, the global sales of electric vehicles in 2020 constitute a two-act play. In 2020, lockdown procedures stopped consumer demand while also paralyzing supply chains and manufacturing plants. It was widely predicted that EV market share would probably be more resilient than the whole car sector as the pandemic started to intensify in early 2020. Though smaller than overall auto sales, the general expectation was that EV sales would drop.

Corporations Concentrate on Manufacturing Advanced Products

In April 2022, the OMRON Corporation announced the global release of K7TM, a condition monitor that, with no special training, can identify the deterioration trends of heaters commonly used in the production of semiconductors and cars. K7TM also helps to realize predictive maintenance.

Increased Energy Demand will Boost Market Growth

Global industrialization and urbanization are intensifying, especially in nations like China and India, which have increased demand for power. As the population in the area has grown, so has the per-person usage of power. As a result, there is a market opportunity for contactors because they might be crucial in regulating the flow of energy. Global energy demand is probably going to rise as a result of population expansion and rising urbanization rates. 55% of the world's population currently resides in urban areas, and by 2050, that percentage is expected to climb by 68%. Rapid urbanization also promotes the expansion of these guardians. These factors are expected to increase the global DC contactor market share.

On the contrary, consumers are choosing other alternatives such as relays and solenoids over DC contactors due to its high cost, which may impede the market growth.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/dc-contactor-market-106379

Competitive Landscape

Big Businesses Concentrate on Creating High-Performance Products to Maintain Position

The international market is highly fragmented, with numerous firms doing business on a local, regional, and international scale. To gain a foothold in the business, the leading companies are concentrating their efforts on the research and development of high-performance motor systems with enhanced operational features. Due to its growing emphasis on providing DC contactors for a variety of applications, Schaltbau Group is anticipated to generate a sizable market share. The company has developed a strong brand value as a result of offering a wide selection of cutting-edge, highly effective DC contactors with optional customized delivery all over the world.

Notable Industry Development:

• May 2022 - OMRON Corporation announced that it is going to launch a new high-voltage DC relay, “G9KB”, for high-capacity home power storage systems. The G9KB safely interrupts the direct current in increasingly powerful household storage devices.

List of Key Players Profiled in the Report:

• Omron Corp. (Japan)
• Siemens AG (Germany)
• Rockwell Automation (U.S.)
• ABB (Switzerland)
• TE Connectivity (Switzerland)
• Mitsubishi Electric (Japan)
• Sensata Technologies Inc. (U.S.)
• Ametec Switch (U.S.)
• Hotson International Ltd. (China)
• Trombetta Inc. (U.S.)
• Schaltbau Company (Germany)
• Cotronics BV (Netherlands)

Further Report Findings:

• China and Japan are thought to be the two biggest markets for electric vehicles globally in the Asia Pacific area. The power supplies are connected and disconnected in these EVs and HEVs using these contractors.
• Furthermore, it is anticipated that North America would expand gradually, with the U.S. dominating the market there. The industry is anticipated to be dominated by rising EV sales and renewable energy initiatives.
• By setting the goal of having no carbon emissions in all of Europe by the year 2050, nations like Argentina, France, Germany, and others will increase the number of renewable energy projects in the area and spur market expansion.
• The Middle East and Africa are anticipated to have tremendous growth as numerous nations engage in extensive development initiatives.

Table of Segmentation