ID: MRFR/E&P/5502-HCR | February 2021 | Region: Global | 111 pages
Lighting Contactor market is expected to grow at 8.25% CAGR during the forecast period.
Global Lighting Contactor Market
Global Lighting Contactor market is expected to witness substantial growth during the forecast period, as the systems are mainly based on increasing need for energy efficiency. European region targets 20% energy savings target by 2020. North America is the second largest market, with lighting contactor system accounting for a significant share in the entire lighitng control system, especially in the US. It has been estimated that Asia-Pacific region will grow at the highest rate during the forecast period.
The key players of global turboexpanders 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).
Lighting contactor is an electrically as well as mechanically operated device used for switching an electrical power circuit. Lighting contactors can be divided in three broad categories, namely, feeder disconnect type 2, type 3, and 4-pole lighting contactors rated up to 2,250 amperes. These contactors are used to control large blocks of load with low-voltage control for individual branch circuit or lighting control. Moreover, it is estimated that there will be a substantial growth of the global lighting contactor market mostly because of the developed economies.
Energy-efficiency has become the major driver for the growth of the global lighting contactor market. Additionally, governments around the globe are developing policies to encourage the use of energy-efficient devices, due to their benefits including reduced energy consumption and savings in cost. According to International Energy Efficiency (IEA), global energy demand rose by 1.9% in 2017 led by strong economic growth, ultimately driving energy efficiency.
Indoor segment is becoming popular with users as there is increasing need for proper lighting control system in commercial, residential, and industrial applications. Outdoor installation is usually preferred in the open areas mainly available in developing nations. A major advantage of outdoor lighting contactor is its simple design and construction featuring a controller. The outdoor lighting contactor are comparatively low-cost solutions for outdoor lighting. A major disadvantage of outdoor lighting contactor is a space constraint. In most of the developed economies, space can be a big hindrance compelling the end-users to go for indoor lighting contactors.
Global lighting contactor market has been segmented based on type, installation, end- user, and region. Based on type, the market is classified into indoor and outdoor. Indoor segment is leading the market and has the largest market share, mainly due to increasing need for proper lighting control system in commercial, residential, and industrial applications. Based on type, the market is segmented into electrically and mechanically held. Electrically held segment dominates the market as these contactors operate quietly and consume less energy. The global lighting contactor market is further segmented based on end-user, including residential, industrial, commercial, and other segments. Commercial and industrial segments of the global Lighting Contactor market are estimated to register the highest market share during the forecast period.
The global lighting contactor market is projected to grow at a high rate during the forecast period, mainly due to the growing demand for energy efficiency and adoption of IoT in lighting control system. Governments around the world have developed attractive incentives, rewarding the use of energy-efficient equipment, which further drives the growth of the global lighting contactor market, globally.
|Market Size||2027: Significant Value|
|CAGR||8.25% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Installation, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||Reduced energy consumption and savings in cost|
Frequently Asked Questions (FAQ) :
The market is expected to achieve a growth rate of more than 8% in the following years.
The market value by 2023 is expected to increase significantly, based on a number of factors and prevailing trends that can induce massive growth in the near future.
The most significant players in the global market for lighting contactor are Acuity (US), Sprecher Schuh (US), Federal Electric (US), Siemens AG (Germany), ABB Ltd (Switzerland), Hager (Germany), Rockwell Automation (US), Legrand (France), Schneider Electric SE (France), Eaton (Ireland), to name a few.
The indoor type of installation has gained high popularity in the market, given the rising need for proper lighting control system in residential, industrial and commercial applications.
The primary types of lighting contactor considered in the report are electrically held as well as mechanically held.