The global lighting contactor market is expected to grow from an estimated USD 737.8 million in 2018 to reach USD 1,111.0 million by 2023, growing at a CAGR of 8.53% from 2018 to 2023. The factors driving the market include the growing adoption of lighting control and management systems by commercial and industrial end-user segments in Asia Pacific. Also, government authorities in many countries across Europe are adopting smart street lighting to reduce energy cost and increase energy efficiency.
The major players in the lighting contactor market are ABB (Switzerland), Siemens (US), Schneider Electric (France), Eaton (Ireland), and Rockwell Automation (US). Growth strategies adopted by these key players in the lighting contactor market include new product launches, investment & expansion, mergers & acquisitions, and partnership & collaborations. New product launch was the most widely adopted strategy by market players from 2014 to July 2018. Partnership & collaborations was the second most widely adopted strategy by the market players to increase their market share.
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Eaton is a power management company offering a wide range of products related to electrical and mechanical systems. Lighting contactors are offered under the lighting solution and control division of the electrical product segment. The electrical product segment held a 35.3% share of the company’s total revenue in 2017. The company is investing approximately 3% of its revenue for the past 3 years in research and development. Also, the company has expanded its manufacturing plant in Morocco. It is the newest addition to the company’s manufacturing footprint in Europe and the Middle East & Africa (EMEA). This plant is strategically positioned at key manufacturing locations that can serve customers in Europe and the Middle East & Africa. With established and fast transport links within Morocco and across the region, the site is ideally located to provide a rapid response and lead times to customers in the region.
Schneider Electric is one of the leading energy management and automation companies globally. The company provides products and solutions for the energy and infrastructure industry, data centers, buildings, and residential sectors. The company provides lighting contactors under the contactor segment. The company has been focusing on the inorganic growth strategies to strengthen its position in the lighting contactor market. For Instance, in October 2017, the company has signed an agreement to acquire ASCO Power Technologies for USD 1.25 billion. This acquisition is expected to strengthen the position of Schneider Electric in the low-voltage (Building) business.
Lighting Contactor Market by End-User (Smart Residential Complexes, Commercial, Industrial, and Municipal), Type (Electrically Held and Mechanically Held), Application (Indoor and Outdoor), and Region - Global Forecast to 2023
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