The global lighting contactor market is estimated to be USD 737.8 million in 2018 and is projected to reach USD 1,111.0 million by 2023, at a CAGR of 8.53% from 2018 to 2023.
According to the new market research report "Lighting Contactor Market by End-User (Smart Residential Complexes, Commercial, Industrial, and Municipal), Type (Electrically Held and Mechanically Held), Application (Indoor and Outdoor), and Region - Global Forecast to 2023", published by MarketsandMarkets™, The lighting contactor market is expected to grow from an estimated USD 737.8 million in 2018 to USD 1,111.0 million by 2023, at a CAGR of 8.53% from 2018 to 2023. This growth can be attributed to the increasing adoption of energy-efficient lighting, growing demand for smart controls in lighting systems, and increasing adoption of IoT in the lighting industry.
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Commercial segment is expected to hold the largest share of the lighting contactor market, by end-user, during the forecast period.
Lighting contactors are used widely in commercial setups such as corporate offices, healthcare and retail complexes, hotels, restaurants, and educational institutes. Increasing need for energy efficiency is the major objective for governments, organizations, building owners, and other stakeholders.
The governments in different countries are adopting LEDs to increase energy efficiency as it can directly reduce the maintenance and utilization cost. Lighting control systems reduce the energy consumption by optimizing ambient light levels to suit the user’s needs, thereby reducing the overall demand for lighting energy.
Lighting control systems require lighting contactors for controlling lights, which require frequent on and off operation. Thus, the increase in the adoption of energy-efficient lighting is likely to boost the lighting contactor market.
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Electrically held segment is expected to grow at the fastest rate in the lighting contactor market, by type, during the forecast period.
The electrically held segment is expected to grow at the fastest rate in the lighting contactor market during the forecast period. These contactors require an uninterrupted flow of power for continuous operation.
If the power is lost, the contactors isolate the light from the circuit. A constant current flow is required to keep the contactor energized.
These contactors are noiseless and consume less amount of control power than other contactors. They are mainly used in smart residential complexes and commercial and industrial segments.
Thus, the adoption of electrically held contactors is more than mechanically held contactors.
Europe: the leading market for lighting contactors
In this report, the lighting contactor market has been analyzed on the basis of 5 regions, namely, Asia Pacific, Europe, North America, South America, and Middle East & Africa. The market in Europe is expected to lead the global lighting contactor market in 2018 and is projected to have the largest market share by 2023.
The growing demand for lighting control systems in Europe makes it a potentially growing market for lighting contactor providers. The drive for green city projects has brought into the focus on energy efficiency in most of the EU countries.
This has created a market opportunity for the manufacturers of LED and energy-efficient lighting control systems and solutions. Moreover, historical buildings, architectural sites, and hospitality businesses contribute to the increased demand for innovative lighting solutions.
Thus, the demand for lighting control systems in commercial, residential, and industrial sectors is increasing which is likely to drive the lighting contactor market.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the lighting contactor market. The key players in the market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), and Eaton (Republic of Ireland).
The leading players are trying to expand in developing economies and are adopting various strategies to increase their market shares.
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