For 2021 to 2026,Global Electromagnetic Contactor Market Size is Expected to Grow at a CAGR of 6.6%

Electromagnetic Contactor or magnetic contactor is an electromagnetic type contactor and it can operate automatically. When electricity flows through the magnetic contactor, it causes the electromagnet to generate a strong magnetic field. This field pulls the iron core into the coil, and creates an electrical arc. Electricity passes in through one contact and into the contactor’s parent device in this manner. To deactivate, the contactor can be physically pulled from the parent device. Also, in the absence of electrical current, the spring pushes the core away from the coil, breaking the connection.

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The global Electromagnetic Contactor size is estimated to be USD 3151.6 million in 2026 from USD 2438.6 million in 2020. The global Electromagnetic Contactor market size is expected to grow at a CAGR of 6.6% for 2021 to 2026.

Asia-Pacific accounted for the largest sales share of the Electromagnetic Contactor market in 2020. The region is characterized by the presence of a large number of service providers, especially in the China. On the other hand, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period.

At present, the major players of Electromagnetic Contactor in the world include: Schneider Electric, ABB, Siemens, Eaton, CHINT Group, Fuji Electric, Delixi Electric, LS ELECTRIC, Mitsubishi and Tengen Group, among which Schneider Electric is the world’s largest Electromagnetic Contactor manufacture. There are companies adding new capacities and aims at the cost and quality leadership which shall improve profitability. As the same time, companies are focusing on technological innovation, equipment upgrades, and process improvements, to reduce costs and improve quality.

Affected by COVID-19, policies such as home isolation and factory shutdown have inhibited the development of the Electromagnetic Contactor market.

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