- Commercial segment is expected to hold the largest share of the lighting contactor market, by end-user, during the forecast period.
- Electrically held segment is expected to grow at the fastest rate in the lighting contactor market, by type, during the forecast period.
- Europe will be the leading market for lighting contactors.
The global lighting contactor market is projected to reach $ 1.1 billion by 2023, at a CAGR of 8.53%, from an estimated $737.8 million in 2018, by value. The growth of the lighting contactor market is mainly driven by a focus on the growing demand for smart controls in the lighting system, increasing adoption of energy-efficient lighting, and increasing implementation of IoT in the lighting industry.
The major players in the lighting contactor market are ABB (Switzerland), Siemens (US), Schneider Electric (France), Eaton (Ireland), and Rockwell Automation (US). Growth strategies adopted by these key players in the lighting contactor market include new product launches, investment & expansion, mergers & acquisitions, and partnership & collaborations. New product launch was the most widely adopted strategy by market players from 2014 to July 2018. Partnership & collaborations was the second most widely adopted strategy by the market players to increase their market share.
New product development activities carried out by the key players in the lighting contactor market have helped them to expand their market shares. As the lighting control system adoption rises, the demand for lighting contactors increases.
Asia Pacific is estimated to be the fastest market for lighting contactors. The region has been segmented, by country into China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. The major factors driving the growth of the market are the increasing investments in energy efficiency, power management, and the development of smart cities in the region. Increasing adoption of energy-efficient lighting systems in China, Japan, and India would provide growth opportunity to lighting contactor manufactures. Thus, increasing requirement for efficient lighting solutions would drive the growth of the lighting control systems in the region, and the growing requirement for lighting control systems would drive the market for lighting contactors.
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The lighting contactor market, by application, is segmented into indoor and outdoor. The indoor segment is expected to grow at the highest CAGR during the forecast period. The indoor segment includes the lighting which is done in commercial offices, smart homes, manufacturing facilities, and industrial facilities. Indoor applications have been segmented into lighting for residential, commercial, industrial, and others. The demand for lighting control systems is triggered by the increasing awareness to reduce energy consumption as well as the rising need to adhere to environmental regulations in commercial offices, smart residential complexes, and industrial areas. Thus, the rise in demand for lighting control systems is likely to drive the lighting contactor market during the forecast period.
The report segments the lighting contactor market, by end-user, into commercial, smart residential complexes, industrial, and municipal. The commercial segment is expected to grow at the highest CAGR during the forecast period. Controls and connectivity enable the personalization of lighting as well as allow users to reduce energy consumption, optimize spaces, and lower maintenance costs, thereby driving the commercial segment of the light management system market. The segment is also driven by factors such as the increasing adoption of energy-efficient lighting systems and growing demand for IoT in the lighting industry.