The global lighting contactor market is expected to grow from an estimated USD 737.8 million in 2018 to reach USD 1,111.0 million by 2023, growing at a CAGR of 8.53% from 2018 to 2023. The factors driving the market include the growing adoption of lighting control and management systems by commercial and industrial end-user segments in Asia Pacific. Also, government authorities in many countries across Europe are adopting smart street lighting to reduce energy cost and increase energy efficiency.
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.
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Market Dynamics :
- Drivers
- Growing Demand for Smart Control in the Lighting System
- Increasing Adoption of Energy-Efficient Lighting
- Increasing Adoption of Internet of Thing (IoT) in the Lighting Industry
- Restraints
- Higher Installation Cost and Limited Awareness About the Payback Period
- Opportunities
- Government Initiatives for Energy Saving
- Development of Smart Cities
- Challenges
- Lack of Standard Regulatory Framework
End-User Sectors:
- Commercial
- Industrial
- Smart Residential Complexes
- Municipal
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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.
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).
