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Contactor Market Size
- Report ID: GMI7008
- Published Date: Oct 2023
- Report Format: PDF
Contactor Market Size
Contactor Market was valued USD 982.2 million in 2022 and is set to grow at a 6% CAGR between 2023 and 2032. Increasing use of contactors in conjunction with HVAC systems, as well as integrating these contactors with electric vehicles (EVs), will lead to a significant boost in the deployment and adoption of these products. For instance, in August 2023, as per India Brand Equity Foundation, the contry witnessed over 120% growth in EVs and is expected to surge in the future owing to increasing EV adoption.
In the context of HVAC, contactors play a crucial role in starting and stopping various components, which is essential for the efficient operation of heating and cooling systems. The rising application of contactors with HVAC systems suggests an increasing need for these devices in the HVAC industry, potentially driven by the growing demand for energy-efficient and smart HVAC solutions.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Contactor Market Size in 2023: | USD 1 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 6.2% |
| 2032 Value Projection: | USD 1.7 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 281 |
| Segments covered: | Product Type, End Use, & Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
Contactor Market Scope
