Market Overview —
Market Research Future (MRFR), in its research report, emphasizes that the global market 2020 is expected to grow exponentially over the review period, ensuring substantial market valuation and a healthy CAGR over the review period.
Drivers and Restraints
Increasing the adoption of lighting contactor as a lighting control solution based on a smart network is a major driving factor in the growth of the global lighting contactor market. Growing preference among end-users for smart light control systems, improving safety and security, as well as efficient interior decoration are some of the other factors that help global market development.
Growing use of lighting contactor in smart lighting system is also expected to boost target market growth over the review period in order to reduce energy costs and carbon emissions. Furthermore, growing adoption for advanced technologies such as internet of things in lighting contractor is anticipated to bolster growth of the Covid-19 Impact on Lighting Contactor Market in the near future. Growing use of smart lighting systems in industrial complexes, homes, and government premises is expected to fuel target market growth over the next few years.
Nevertheless, lack of awareness of the benefits of smart lighting systems, particularly in emerging countries, is a factor that may hinder the growth of the global lighting contactors market. Nonetheless, smart city development can create high revenue opportunities for key players in the target market during the forecast period.
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The key players of the global Lighting Contactor Market are Siemens AG (Germany), Rockwell Automation (US), ABB Ltd (Switzerland), Schneider Electric SE (France), Legrand (France), Eaton (Ireland), Acuity (US), Sprecher Schuh (US), Hager (Germany), and Federal Electric (US).
Global lighting contactor market has been segmented based on installation, type, end- user, and region. Based on type, the market is divided into indoor and outdoor. Indoor segment is market leader and has the largest market share, mainly due to the growing need for a proper lighting control system in commercial, residential , and industrial applications. The market is bifrucated into electrically and mechanically held, based on type. The market is dominated by the electrically held segment as these contactors work quietly and consume less energy. Increasing the adoption of electrically retained lighting contactors, due to its low power consumption, is a driving factor for the growth of the target market segment. The global lighting contactor market is further segmented based on end-user, comprising industrial, residential, commercial, and other segments. The global market for Lighting Contactor, commercial and industrial segments are estimated to record the highest market share during the forecast period.
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The global business regional analysis was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world.
During the forecast period, it is slated that Europe region will continue to dominate the market, mainly due to the increasing demand for energy-efficient lighting systems in the region. The region is targeting energy savings of 20 per cent by 2020. Growing green city project in the region's countries is a key driving factor in Europe's market for lighting contractors. in addition, government initiatives to use smart lighting system for efficient power consumption is another factor supporting growth of the target market in Europe. North America is the second largest market, with lighting contactor system, particularly in the US, accounting for a significant share of the entire lighitng control system. Asia-Pacific region has been estimated to grow at the highest rate during the forecast period. Middle East & Africa and the markets in Latin America are expected to record moderate revenue growth over the forecast period.
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