Lighting Contactor Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Electrically Held and Mechanically Held), End-User (Commercial, Residential, and Industrial), and Application (Indoors and Outdoors)

Lighting Contactor Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Electrically Held and Mechanically Held), End-User (Commercial, Residential, and Industrial), and Application (Indoors and Outdoors)

The Lighting Contactor market is expected to grow from US$ 895.62 million in 2022 to US$ 1,479.39 million by 2028; it is estimated to grow at a CAGR of 8.7% from 2022 to 2028. Nowadays, lights come with a variety of features, such as software-enabled control, Bluetooth, and Wi-Fi. The IoT in lighting is expected to transform the industry in the future. The IoT-enabled lights are connected to the network and can be a game changer for the lighting contactor market. Some of these lights have sensors that help provide information. For instance, light with sensors can detect how long a customer spent in a retail store aisle looking at a particular product. These lights can be managed via mobile app or web to increase or reduce the brightness, color changing, etc. IoT-enabled lights find significant demand in the commercial sector. Due to increasing demand, various companies, such as Philips and Wipro, are offering a variety of IoT-enabled lights, which is contributing towards the lighting contactor market growth. In August 2021, Signify launched Wiz smart light range, including LED smart downlighter, T-Bulb, T-Beamer, and Batten. The company expanded its Philips smart Wi-Fi ecosystem in India with this launch. Such IoT-enabled light launches are increasing the demand for contactors, therefore contributing towards the lighting contactor market growth.

Impact of COVID-19 Pandemic on Lighting Contactor Market Size

The devastating and unprecedented effects of the COVID-19 pandemic negatively impacted the MEA lighting contactor market. Reduction in oil demand negatively impacted economic growth in the region. Moreover, the contraction of the economy due to the COVID-19 pandemic also decreased investments in lighting system developments. In spite of major challenges, such as semiconductor shortage and supply chain disruption, the lighting contactor market has begun to recover significantly. The region’s governing bodies have uplifted the travel restrictions, which enabled transportation but with all safety measures and social distancing norms. Adoption of lighting systems in new construction projects for the outdoor and indoor market in the MEA witnessed growth in 2021. This was mostly due to the ongoing projects and government initiatives for energy efficiency. With rising environmental consciousness, Middle East has created opportunities to expand and lead in terms of energy optimization with the introduction of technologically advanced energy-efficient lighting systems and the application of sustainable energy technology. As a result, the lighting contactor market is growing steadily.

The lighting contactor market in Asia Pacific is segmented into India, China, Japan, South Korea, Australia, and the Rest of Asia Pacific. Different energy-saving programs conducted by governments and commercial sectors make China, India, and Australia the major contributors to the APAC lighting contactor market size. Increasing government initiatives in the region, such as Make in India and Make in China, promote energy-efficient lighting solutions in increasing smart city projects. Owing to such initiatives, major semiconductor industry manufacturers introduce energy efficient devices with lower energy consumption. For instance, in January 2020, Opple lighting launched a new lineup of lighting solutions in India. Along with this product line, the company launched its Smart Bulb with a lifetime of 15,000 hours, making it efficient for offices, shopping centers, conference halls, airports, lobbies, etc. Asia Pacific is witnessing a rise in urbanization along with the increasing population and energy needs as the region accounts for more than 50% of global energy consumption. Developments for sustainable energy are propelling the growth of lighting contactor market in the region.

China's lighting industry has grown significantly in the previous 20 years, and the country has risen to become a world leader in lighting type ion and consumption. Lighting is required in infrastructure facilities, including airports, railways, ports, and urban rail transportation systems. Floodlighting has extended from significant to small and medium-sized cities in city squares, green areas, roadways, and buildings. The potential demand for public lighting projects in towns and cities in China is enormous as the country continues to urbanize. China is set to become the leading semiconductor superpower as it has witnessed growing demand in the semiconductor industry for domestic applications. As reported by Semiconductor Industry Association and Boston Consulting Group, China accounts for ~60% of growth in the global semiconductor industry. Moreover, City planners in the country are planning to install smart connected lighting systems to reduce carbon emissions. China's dual carbon strategy aims to make advancements where the lighting upgrades are carried out as they are the cheapest and fastest way for China to achieve its goals. These factors are bolstering the demand for lighting contactors used in lighting upgrades in China.

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 a few companies profiled in the lighting contactor market study. The market players are following organic and inorganic growth strategies to sustain the competitive edge. For instance, in 2021, Eaton acquired 50% stake in HuanYu Group’s subsidiary HuanYu High Tech. HuanYu High Tech manufactures contactors and low-voltage circuit breakers.

The overall lighting contactor market analysis has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the lighting contactor market size with respect to all market segments. Also, industry participants and commentators have conducted multiple primary interviews to validate the data and gain more analytical insights. Participants typically involved in the lighting contactor market study include VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the market.

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