According to Market Research Future (MRFR), the global lighting contactor market is estimated to grow at 8.25% CAGR from 2018 to 2023 (forecast period). 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.
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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.
The global lighting contactor market has been segmented based on type, installation, and end-user.
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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.
Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
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