$1.1 Billion Lighting Contactor Market - Global Forecast to 2023
DUBLIN, Oct. 15, 2018 /PRNewswire/ --
The "Lighting Contactor Market by End-User (Smart Residential Complexes, Commercial, Industrial, and Municipal), Type (Electrically Held and Mechanically Held), Application (Indoor and Outdoor), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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The global lighting contactor market is estimated to be USD 737.8 million in 2018 and is projected to reach USD 1,111.0 million by 2023, at a CAGR of 8.53% from 2018 to 2023.
Increasing adoption of IoT in the lighting industry and rising demand for energy-efficient lighting systems are the major drivers of the lighting contactor market.
The report segments the lighting contactor market, by end-user, into commercial, smart residential complexes, industrial, and municipal. Governments across the world are working toward introducing regulations that encourage the adoption of energy-efficient lighting systems, with the eventual goal of mandating the use of such technology and completely phasing out old lighting systems. Moreover, lighting control systems integrated with dimmers and switches are playing an important role in reducing the energy consumption. Thus, the demand for lighting contactor is likely to increase with the rising adoption of lighting control systems.
Based on the type, the lighting contactor market has been segmented into mechanically held and electrically held. The electrically held segment is expected to hold the largest market share in 2018. Electrically held contactors operate quietly and consume very less amount of control power. They are cost-effective than mechanically held contactors. Electrically held contactors are majorly used in smart residential complexes, commercial, and industrial sectors.
Based on application, the lighting contactor market has been segmented into indoor and outdoor. The indoor segment is estimated to lead the market in 2018 and is expected to grow at the fastest rate during the forecast period as the demand for lighting control systems is triggered by the increasing awareness to reduce energy consumption as well as the growing need to adhere to environmental regulations in commercial offices, smart residential complexes, and industrial areas.
In this report, the lighting contactor market has been analyzed on the basis of 5 regions, namely, Asia Pacific, Europe, North America, South America, and Middle East & Africa. Europe is expected to hold the largest market share in 2018, and Asia Pacific is estimated to be the fastest growing market from 2018 to 2023. Factors such as increasing demand for smart controls in lighting systems and rising adoption of energy-efficient lighting systems are driving the lighting contactor market in the European region.
Government initiatives for energy saving and development of smart cities is expected to create opportunities in the lighting contactor market. However, higher installation cost and limited awareness about the payback period could restrain the growth of the market, leading to declining profits.
Some of the leading players in the lighting contactor market are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), and Eaton (Republic of Ireland). New product launches was the most widely adopted strategies by players to ensure their dominance in the market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Lighting Contactor Market, By Country
4.2 Lighting Contactor Market, By Type
4.3 Lighting Contactor Market, By End-User
4.4 Lighting Contactor Market, By Application
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand for Smart Control in the Lighting System
5.2.1.2 Increasing Adoption of Energy-Efficient Lighting
5.2.1.3 Increasing Adoption of Internet of Thing (IoT) in the Lighting Industry
5.2.2 Restraints
5.2.2.1 Higher Installation Cost and Limited Awareness About the Payback Period
5.2.3 Opportunities
5.2.3.1 Government Initiatives for Energy Saving
5.2.3.2 Development of Smart Cities
5.2.4 Challenges
5.2.4.1 Lack of Standard Regulatory Framework
6 Lighting Contactor Market, By Type
6.1 Introduction
6.2 Electrically Held
6.3 Mechanically Held
7 Lighting Contactor Market, By Application
7.1 Introduction
7.2 Indoor
7.2.1 Residential
7.2.2 Commercial
7.2.3 Industrial
7.2.4 Others
7.3 Outdoor
7.3.1 Highways & Roadways Lighting
7.3.2 Lighting for Public Places
7.3.3 Others
8 Lighting Contactor Market, By End-User
8.1 Introduction
8.2 Commerical
8.3 Municipal (Public)
8.4 Industrial
8.5 Smart Residential Complexes
9 Lighting Contactor Market, By Region
10 Competitive Landscape
10.1 Introduction
10.2 Ranking of Players, 2017
10.3 Competitive Scenario
10.3.1 Partnerhip & Collaboration
10.3.2 New Product Developments
10.3.3 Investments & Expansions
10.3.4 Mergers & Acquisitions
11 Company Profiles
11.1 Company Benchmarking
11.2 ABB
11.3 Siemens
11.4 Acuity
11.5 Legrand
11.6 Rockwell Automation
11.7 Schnieder Electric
11.8 Eaton
11.9 Ripley Lighting Controls
11.10 Sprecher Schuh
11.11 Federal Electric
11.12 Hager
11.13 NSI Industries
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