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Industrial Machinery Contactor Market Trends

Report ID: GMI11392
Published Date: Sep 2024
Report Format: PDF

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Industrial Machinery Contactor Market Trends

Increasing emphasis on reducing environmental impact and improving energy efficiency within industrial operations will contribute to the product adoption. Contractors are tasked with upgrading existing machinery and installing new systems that comply with stringent environmental regulations and sustainability goals. This includes implementing energy-efficient technologies, waste reduction systems, and renewable energy solutions. In addition, there is a trend toward more compact and modular contactors that can easily be integrated into modern machinery with limited space is further adding to the overall market growth.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

Market size for industrial machinery contactor was worth USD 189.1 million in 2023 and will expand at a 5.2% CAGR between 2024 and 2032, driven by rising industrial automation, increasing demand for energy-efficient systems, and advancements in manufacturing processes.

The DC contactor segment will achieve 4.5% CAGR through 2032 due to its critical role in controlling high-voltage direct current circuits.

Asia Pacific industry will exceed USD 116.5 million by 2032, owing to region's strong manufacturing base, expanding energy sector, and the growing adoption of electric vehicles and renewable energy systems.

Key players operating in the industrial machinery contactor industry are ABB, Carlo Gavazzi, Curtiss-Wright, Eaton Corporation, GEYA Electrical Equipment Supply, K.A. Schmersal GmbH & Co. KG, LOVATO Electric S.p.A., LS ELECTRIC, Mitsubishi Electric Corporation, Rockwell Automation, Schneider Electric, Siemens Energy, Solid State Supplies, TE Connectivity, and Toshiba International Corporation, among others.