The lighting contactors market is expected to experience an annual growth rate of 8.7% from 2023 to 2030. Lighting contactors play a crucial role in lighting control systems utilized in residential, commercial, and industrial settings. These devices allow for convenient remote control of multiple lighting circuits and are frequently paired with photo sensors or timers to enhance energy efficiency.
The widespread adoption of LED lighting systems and sustainable energy management practices are at the center of this growth.
Market Size and Forecast
The market growth is being driven by several factors, with two major ones being the increasing demand for convenience and the rising awareness about the environmental impact of products. On one hand, consumers are seeking products that are easy to use and carry, which is expected to contribute significantly to the market growth in the future. On the other hand, consumers are becoming more conscious of the impact of their consumption on the environment and are opting for eco-friendly products.
The Lighting Contactors market is geographically segmented into North America (United States, Canada), Europe (Germany, France, U.K., Italy, Russia), Asia-Pacific (China, Japan, South Korea, India, Australia, Indonesia, Thailand, Malaysia), Latin America (Mexico, Brazil, Argentina, Colombia), and Middle East & Africa (Turkey, Saudi Arabia, UAE). The market is expected to witness significant growth in Asia-Pacific due to the increasing population and rising economic opportunities.
Recent Mergers and Acquisitions
ABB, a giant in the power and automation technology segment, has expanded its business portfolio by acquiring GE Industrial Solutions. The deal will help ABB in strengthening its position in the digital and energy industries. Siemens has also made headlines with the acquisition of Enlighted, a smart building IoT technology company. This acquisition will provide the company with a platform to offer data-driven services for the smart office market.
To expand its technology offerings, Acuity Brands acquired Distech Controls, a manufacturer of building automation and energy management systems. Similarly, Legrand, a French industrial group specializing in electrical and digital building infrastructures, purchased Universal Electric Corporation as the company continues to expand its power distribution capabilities.
Other companies such as Rockwell Automation, Schneider Electric, Eaton, Federal Electric, Hager, and NSI Industries have also made significant strides in the market.
US and China
Recent market research reports project substantial growth in the global lighting contactors market in regions including North America, Europe, and Asia-Pacific, particularly in the US and China. These regions are expected to maintain their prominent position in the market due to the high adoption of lighting contactors in commercial and residential buildings. Additionally, the Asia-Pacific region is expected to emerge as a key regional market due to increasing construction activities.