The lighting contactor market size is projected to reach US$ 1967.83 million by 2031 from US$ 973.57 million in 2023. The market is expected to register a CAGR of 9.2% during 2023–2031. Growth in smart city projects and the need for smart lighting solutions are likely to remain key trends in the market.
The demand for lighting contractors is gaining traction due to the demand for control lighting systems across large-scale industrial and commercial applications. The growing residential and commercial sector is driving the demand for the lighting contactor. The rising smart cities and government investment in smart cities are complementing the market growth.
Lighting contactors are important components in any lighting system in the residential, industrial, and commercial sectors. It allows for efficient control of large lighting loads. They are used in situations where the power supply is frequently and repeatedly turned off and on. They are usually used in industrial and commercial lighting applications where a large number of lights need to be controlled.
Development of smart cities
The governments in various countries are focused on the development of smart cities as it complements sustainability. The growing urbanization further demands the development of smart cities. Smart cities demand smart lighting solutions for streets and roadways, parking lots, commercial buildings, and public transportation. Thus, the smart lighting solutions for the smart cities demand lighting contactors for the lighting control system.
The demand for smart lighting solutions in the residential, industrial, and commercial sectors encourages smart lighting providers to launch solutions, which further foster the demand for lighting contactors. For example, in June 2023, URC launched its new all-in-one, combined lighting solution – branded URC Lighting LT-3300. This next generation of smart lighting allows installers to select either dimmers or switch configurations and easily program to create unique atmospheres for entertaining or quiet family events.
Key segments that contributed to the derivation of the lighting contactor market analysis are type, end-user, and application.
The geographic scope of the lighting contactor market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America region held the largest market share in 2023. The presence of a vast number of market players is one of the prime reasons for the growth of the market. The aging infrastructure is one of the prime reasons for the smart cities’ development in the region. For this, the government authorities are widely investing in smart city projects that drive smart lighting solutions and complement the market growth in the region. For example, according to AXA, in March 2024, over the next 20 years, US municipal governments will invest approximately US$ 41 trillion in solutions ranging from smart grids that optimize energy transmission and recovery to intelligent traffic management and parking systems.
The regional trends and factors influencing the Lighting Contactor Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Lighting Contactor Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 973.57 Million |
| Market Size by 2031 | US$ 1967.83 Million |
| Global CAGR (2023 - 2031) | 9.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Lighting Contactor Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Lighting Contactor Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The lighting contactor market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the lighting contactor market are listed below:
The "Lighting Contactor Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The estimated value of the lighting contactor market will be US$ 1967.83 million by 2031.
ABB Limited; Eaton Corporation; Hager Group; Hitachi Industrial Equipment Systems Co., ltd; Larsen and Toubro Ltd; NSI Industries, LLC; Ripley Lighting Controls; Rockwell Automation, Inc.; Schneider Electric SE; and Siemens AG are some of the key players operating in the lighting contactor market.
Growth in smart city projects and the need for smart lighting solutions are the key driving factors impacting the lighting contactor market.
Government investment in smart city projects in developing nations is considered a key trend in the online exam-proctoring market.
The global lighting contactor market is estimated to register a CAGR of 9.2% during the forecast period 2023–2031.