NEW YORK, Oct. 20, 2023 /PRNewswire/ — The Motor Control Contactors Market size is expected to grow by USD 72.43 million, accelerating at a CAGR of 4.75% during the forecast period. The replacement of outdated electric motors is being driven by the Industrial Internet of Things (IIoT), which gained prominence after 2016. Industries have recognized the advantages of implementing IIoT, and the desire to gain a competitive edge is fueling its adoption. This trend has also led to the development of smart equipment and machinery, improving industrial processes and profitability. Consequently, there is a growing demand for intelligent high-voltage motors and motor control contactors, contributing to the motor control contactors market growth. The report also covers information on the trends and challenges. Explore detail information by purchasing report
Motor Control Contactors Market 2023 – 2027: Key Highlights:
- The report recognizes the following as some of the key players in the motor control contactors market: ABB Ltd., AMETEK Inc., Danfoss AS, Eaton Corp. Plc, Emerson Electric Co., Fuji Electric Co. Ltd., GlobalSpec LLC, HIMEL Hong Kong LTD., Mitsubishi Electric Corp., Panasonic Holdings Corp., Rockwell Automation Inc., S and P Global Inc., Schaltbau Holding AG, Schneider Electric SE, Siemens AG, TAIGENE inc., TECO GROUP, Toshiba Corp., WEG Equipamentos Eletricos S.A., and Zhejiang CHINT Electrics Co. Ltd.
- The Motor Control Contactors Market is fragmented in nature.
- Market to observe 3.83% YOY growth in 2023.
Motor Control Contactors Market 2023 – 2027: Market Dynamics:
Trend
- Miniature contactors, ideal for space-constrained areas, are favored due to their compact size.
- They are commonly used with overload relays to remotely control motors and provide protection.
- Auxiliary contactors play a significant role in safeguarding various control circuits.
- The combination of miniature and auxiliary contactors is expected to significantly boost market growth during the forecast period.
Challenges
- Asian countries attract investors with cheap labor, land, and materials.
- Companies are partnering with cost-effective subcomponent suppliers.
- Increased imports from China and Asia challenge established American and European companies.
- Asian manufacturers produce motor control contactors at much lower costs, affecting global market dynamics.
The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample Report
Motor Control Contactors Market 2023 – 2027: Key Segments
The market is segmented by End-user (Process industries and Discrete industries), Type (IEC standard and NEMA standard), and Geography (North America, APAC, Europe, Middle East and Africa, and South America).
The process industries segment is expected to significantly contribute to the motor control contactors market’s growth. In the oil and gas segment, motors are seeing increased utilization in drilling, mooring, service rigs, pumping stations, and drawing works. Consequently, there is a growing demand for motor control contactors in this industry to mitigate the risk of high current surges during switching operations.
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Motor Control Contactors Market 2023 – 2027: Geographical Analysis
North America is projected to contribute 50% of the market’s growth. In 2020, North America held a dominant position in the global motor control contractor market, primarily driven by the growth of key end-user industries like oil and gas, chemicals, petrochemicals, and automotive within the region. The automotive segment especially in Mexico, is expected for growth due to its strategic location near the US and Canada, as well as its accessibility to South American markets and favorable government policies and tax incentives. As a result, Mexico plays a significant role as a production hub for automobiles, both in domestic and international markets.
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TOC:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Sizes
- Five Forces Analysis
- Market Segmentation by End-User
- Market Segmentation by Type
- Market Segmentation by Geography
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, & Trends
- Company Landscape
- Company Analysis
- Appendix
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