Lighting Contactor Market Size Dynamics by 2031
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.
Lighting Contactor Matechrket Analysis
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 Contactor Market Overview
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.
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Lighting Contactor Market: Strategic Insights
Market Size Value in US$ 895.62 Million in 2022 Market Size Value by US$ 1,479.39 million by 2028 Growth rate CAGR of 8.7% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Lighting Contactor Market: Strategic Insights
| Market Size Value in | US$ 895.62 Million in 2022 |
| Market Size Value by | US$ 1,479.39 million by 2028 |
| Growth rate | CAGR of 8.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Lighting Contactor Market Drivers and Opportunities
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.
Need for Smart Lighting Solutions
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.
Lighting Contactor Market Report Segmentation Analysis
Key segments that contributed to the derivation of the lighting contactor market analysis are type, end-user, and application.
- Based on the type, the lighting contactor market is segmented into electrically held and mechanically held. The electrically held segment held the largest share of the market in 2023.
- By end-user, the market is segmented into commercial, residential, and industrial. The residential segment held a significant share of the market in 2023.
- By application, the market is segmented into indoors and outdoors. The indoor segment held a significant share of the market in 2023.
Lighting Contactor Market Share Analysis by Geography
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.
Lighting Contactor Market Report Scope
Lighting Contactor Market News and Recent Developments
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:
- Rockwell Automation, the world’s largest company dedicated to industrial automation and digital transformation, announced the complete revision of its Allen‑Bradley Branch Motor Control & Protection Solutions of motor control components. The recent overhaul of its motor control components within its Branch Motor Control & Protection Solution was brought on by the need for updating full systems where components are used to turn on and off motors of all sizes while helping protect the motors from overloading during operation. Basic across-the-line motor starters remain ubiquitous in industrial applications despite the proliferation of solid-state motor starting technologies. These components comprise motor starting contactors, motor-specific circuit breakers and motor-overload relays, where, depending on the application, the motor overload functionality can be incorporated into the circuit breaker or applied as a separate component. (Source: Rockwell Automation, Press Release, February 2023)
Lighting Contactor Market Report Coverage and Deliverables
The "Lighting Contactor Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Lighting contactor market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Lighting contactor market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Lighting contactor market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the lighting contactor market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, End-User, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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