Global Lighting Contactor Market Forecasts to Progress Promisingly at a CAGR of 8.5% to Jump to US$ 1.6 Billion by 2034 | Future Market Insights, Inc.
Surging EV production drives lighting contactor demand, fueled by Indoor Environmental Quality emphasis. Energy-efficient lighting adoption and smart controls amplify demand, highlighting their vital role in sustainable indoor environments and automotive electrification.
NEWARK, Del, March 27, 2024 (GLOBE NEWSWIRE) — According to a Future Market Insights (FMI), the global lighting contactor market is estimated to grow at a CAGR of 8.5% to reach a US$ 1.6 Billion market size by 2034. This promising jump is from a market valuation of US$ 702.1 Million in 2024.
The main driving force for the subject market is indoor environmental quality (IEQ). The increasing infrastructure has been focused on maintaining individual health and safety. Due to this, lighting systems are designed to sustain supreme air quality, giving consumers comfort.
Various businesses and governments have prioritized energy efficiency, which has surged the demand for sustainable options for lighting systems that can save energy. Therefore, this drives the subject market.
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The growing automotive sector creates lucrative opportunities to utilize intelligent lighting systems, driving the market drastically.
The increasing population demands urbanization. Due to rapidly increasing urbanization, lucrative opportunities have been created for interior and exterior lighting systems. Hence, this is another essential market driver pushing the said market.
Key Takeaways from the Market Study:
- The South Korean market has the highest growth rate. The market is seen to advance at an impressive CAGR of 10.9%, the highest among all the leading countries.
- The United States of America is forecasted to have the largest market size of US$ 283.7 Million by 2034.
- The electrically held top-type market segment leads the sector, estimating a CAGR of 8.3%. Due to reduced accidental risks, this segment is highly exploited.
- The indoor installation market segment competes with the market segment mentioned above equally, with a CAGR of 8.1%. An enhanced energy-efficient approach favors the subject market’s growth.
“Despite technological evolution, the cost of producing and maintaining cutting-edge technology might prove to be a key challenge for the global lighting contactor market,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
Given the global lighting contactor market competition, various key players have used market expansion strategies to promote their businesses. Market diversification, international expansion, innovation, mergers and acquisitions, and partnerships are key strategies that can be employed in the market to gain a competitive advantage.
Key Developments:
- In March 2024, Rockwell Automation partnered with Aquatic Life Ltd. This strategic initiative will guide the organization in innovating water automation. Moreover, it can offer sustainable solutions to its customers in diversified channels.
- In February 2024, ABB Ltd. acquired SEAM Group. This acquisition will leverage modernization and optimization of assets to deliver sustainable solutions to customers.
- In August 2023, Schneider Electric SE and Samridhi Group Pvt. Ltd. signed a Memorandum of Understanding (MoU). This collaboration will help the organization expand its market and create a niche in the smart home sector.
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Key Companies Profiled:
- Siemens AG
- Rockwell Automation
- ABB Ltd
- Schneider Electric SE
- Legrand
- Eaton
- Acuity
- Sprecher Schuh
More Valuable Insights Available:
Future Market Insights offers an unbiased global lighting contactor market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The lighting contactor market is segmented by Type (Electrically and Mechanically held), Installation (Indoor and Outdoor), End User (Residential, Industrial, Commercial, and Others), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and Middle East and Africa).
Lighting Contactor Market Segmentation Analysis:
By Type:
- Electrically
- Mechanically held
By Installation:
- Indoor
- Outdoor
By End User:
- Residential
- Industrial
- Commercial
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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About the Industrial Automation Division at Future Market Insights
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one Billion+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI):
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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