Lighting Contactor Market Size, Share & Industry Analysis, By Type (Mechanically Held, Electrically Held), By Application (Residential, Industrial, Commercial, Others) and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
A lighting contactor delivers safe and reliable means for local and remote switching applications. The lighting contactor not only optimizes the performance of equipment but also saves an ample amount of energy. The world energy outlook seems to be dominated by oil and gas. The increasing use of fossil fuel severely affecting the environment and causing an increase in earth temperature. Therefore, governments and private agencies are taking stringent steps in the interest of energy saving. They are promoting energy-efficient devices and phasing out old lighting systems. Energy saving is more important than energy production as it not only emphasizes the importance of energy-saving but also supports sustainable development. In the coming years, many countries around the world aiming at achieving balance between environment and development. This is only possible through use of energy-efficient devices and promoting energy saving.
The lighting contactor market is segmented into type and application. Type is further divided into mechanically held and electrically held. An electrically held contactor is cost-effective than mechanically held contactor and also consumes less power that may offer a lucrative market for the growth of the lighting contactor. Increased consumption of energy-efficient devices by commercial buildings and complexes to save an ample amount of energy may strength growth of the lighting contactor in the commercial segment.
Key Market Driver -
Key Market Driver – Government and private entities initiatives for energy saving
Key Market Restraint -
Key Market Restraint – Lack of awareness and highly expensive
Many government and private organizations are working on energy-saving programs by adopting energy-efficient devices that may bolster the demand for lighting contactors. The recent trend of smart cities and digitalization may boost the growth of the lighting contactors. The lack of awareness among consumers about the payback period and high installation cost is projected to retard the growth of the lighting contactor market.
Key Players Covered:
The major companies for the lighting contactor market are ABB, Siemens, Schneider Electric, Legrand, Emerson, Eaton, Rockwell Automation, Federal Electric, Hager, NSi Industries LLC, and Sprecher+Schuh.
Regional Analysis:
The global lighting contactor market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The United States is forecasted to dominate the lighting contactor market owing to extensive growth in information and communication technology. The residential and commercial sector is playing a key role in uplifting the lighting contactor market. Several organizations are committed to energy saving by embracing energy-efficient devices which expected to leverage the growth of the lighting contactor. Europe is already battling against serious concern over global warming and amending guidelines for energy saving.
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Germany, UK, Italy, and Russia among others are strenuously on energy saving, which projected to bolsters the growth of the market. Asia Pacific is expected to offer lucrative market for the growth of the lighting contactor market due to emerging economies such as India and China. These countries are playing crucial role in many industry verticals and making massive investments for energy security, which underpin the growth of the lighting contactor market.
Segmentation
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Key Industry Developments
- In October 2019, The BBVA Group reduced its energy consumption by 7% per employee between January 2016 and December 2018. The group is committed to making energy-saving for an environmental cause.
- Ongoing
- 2023
- 2019-2022
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