Lighting Contactor Market Analysis:
Lighting Contactor Market is expected to grow at 8.25% CAGR during the forecast period.
The lighting contactor market refers to the market for electrical devices used to control lighting systems in various applications such as industrial, commercial, and residential buildings. Lighting contactors are used to switch on/off and dim lights in a lighting system. They are essential components in lighting control systems and are widely used for energy conservation and improving lighting efficiency.
is expected to be valued at USD 1,111.0 Million, with a CAGR of 8.25% Forecast by 2027. The study presents the strengths, opportunities, challenges, and future business risks and provides a systematic analysis of the global market climate with the effects of COVID-19.
The lighting contactor is electrically as well as the mechanically operated device used for switching an electrical power circuit. Lighting contactors can be classified into three broad groups: type 2, type 3, and 4-pole lighting contactors rated at 2,250 amperes. These contactors control large blocks of load with low-voltage control for individual branch circuits or lighting control. It is also projected that there will be a substantial increase in the global lighting contactor market, primarily due to the developed economies.
Request Sample Report @ https://www.marketresearchfuture.com/sample_request/6967
Market Dynamics
Energy efficiency has been the key driver of the development of the global market for lighting contactors. In addition, governments across the globe are developing policies to promote the use of energy-efficient devices because of their advantages, including reduced energy usage and cost savings. According to the International Energy Efficiency (IEA), global energy demand increased by 1.9% in 2017, driven by strong economic growth, ultimately driving energy efficiency.
The indoor segment is becoming increasingly popular with users as there is a growing need for proper lighting control systems in commercial, residential, and industrial applications. Outdoor installation is typically preferred in open areas primarily available in developing countries. The key benefit of the outdoor lighting contactor is its simple design and construction with a controller. Outdoor lighting contactors are relatively low-cost outdoor lighting solutions. The space restriction is a big drawback of the outdoor lighting contactor. In most developed economies, space can be a significant hindrance, forcing end-users to turn to indoor lighting.
The global market for lighting contactors is expected to develop at a high rate during the forecast period, mainly due to the increasing demand for energy efficiency and the adoption of IoT in the lighting control system. Governments around the world have created attractive incentives, rewarding the use of energy-efficient equipment that further drives the development of the global market for lighting contactors worldwide.
Regional Analysis
The global lighting contactor market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The European region had a target to save 20% of energy by 2020. North America is the second-largest market, with the lighting contactor system accounting for a significant share of the entire lighting control system, especially in the US. It has been projected that the Asia Pacific region will rise at the highest rate during the forecast period.
Key Players
Notable players in the global lighting contactor market are Siemens AG (Germany), Legrand (France), Rockwell Automation (US), ABB Ltd (Switzerland), Schneider Electric SE (France), Hager (Germany), Eaton (Ireland), Acuity (US), Sprecher Schuh (US), and Federal Electric (US).
Market Segmentation
The global lighting contactor market has been segmented based on type, installation, and end-user.
Based on the installation, the global lighting contactor market has been classified into indoor and outdoor. The indoor segment is leading the market and has the largest market share, mainly due to the increasing need for the proper lighting control system in commercial, residential, and industrial applications.
Based on type, the global lighting contactor market has been segmented into electrically and mechanically held. The electrically held segment dominates the market as these contactors operate quietly and consume less energy.
Based on end-user, the global lighting contactor market has been segmented into 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.