New York, Aug. 22, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “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 global lighting contactor market growth is driven by the penetration of IoT in lighting control systems, smart lighting solutions and increasing trend of horticulture lights.
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| Market Size Value in | US$ 0.895 Billion in 2022 |
| Market Size Value by | US$ 1.47 Billion by 2028 |
| Growth rate | CAGR of 8.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 169 |
| No. Tables | 86 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Type, End-User, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Lighting Contactor Market: Competitive Landscape and Key Developments
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 key lighting contactor market players. Several other major market players were also analyzed for a holistic view of the lighting contactor market and its ecosystem.
In 2022, ELKO EP, S.r.o. announced that it is participating in an exhibition organized by Light+Building to showcase its installation contactor.
In 2019, ABB launched a new contactor that provide PV power plants an easy way to introduce 1500 V DC architectures.
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The Russia-Ukraine conflict impaired the supply lines of the semiconductor sector, which were already disrupted due to COVID-19 pandemic. Supply chains in several industries, including the semiconductor industry, faced a shortage of raw materials essential for the lighting systems. Power management integrated circuits, enterprise-based networking chips, and field-programmable gate arrays are a few devices that have already been short due to the pandemic. This has had a negative impact on the lighting contactor market size.
The rise in demand for switch lighting systems in outdoor applications, such as streetlights; spike in infrastructure needs in emerging economies; increase in urbanization; surge in wireless technology acceptance; and continuous advancements in technologies are among the major factors supporting the expansion of the lighting contactor market. Governments and private agencies are taking steps to develop electrical devices that will increase energy savings. Promoting energy-efficient devices and replacing old lighting systems with new technology are more important than energy production for sustainable development. Moreover, government regulations have also played a major role in prospering the usage of lighting contactors in various applications. Stringent rules proposed by the government and regulatory bodies of the US, Canada, and the European Union on less efficient lighting have increased the use of lighting contactors in various applications. The huge adoption of IoT in lighting systems would also positively impact the development of lighting fixtures and eventually propel the lighting contactor market growth.
Lighting Contactor Market Analysis: Impact of COVID-19 Pandemic
The high number of COVID-19 cases and associated deaths in major SAM countries, such as Brazil, Peru, Chile, Ecuador, and Argentina, slightly affected the lighting contactor market in these countries in 2020. Lockdowns imposed in various cities compelled production plant operators to suspend their operations temporarily, which led to severe economic distress. The long-term demand prospects are expected to show moderate growth since most countries in this region are facing significant challenges under tremendous economic slowdown. Thus, the COVID-19 pandemic is expected to have a relatively long-lasting effect on the lighting contactor market in this region. The growing population, increasing construction projects, and a significant focus on digital transformation are a few key factors expected to boost the lighting contactor market growth in SAM. Moreover, smart city initiatives in Latin America are paving the way toward the region’s development. As the market emerges from the COVID-19 pandemic, smart city initiatives are now gaining new traction across Latin America. Cities across Latin America have been developing technologies to meet sustainability targets. For instance, the Rio lighting project will have far-reaching sustainability impacts by decreasing energy use by up to 60%, and such lighting projects are expected to boost the demand for the use of lighting contactors in the region during the forecast period.
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Europe consists of several developed economies, including Germany, France, Italy, the UK, and Russia. Increasing adoption of lights due to urbanization across Europe is influencing different industries to maximize their capabilities and invest in technological advancements for the integration of IoT in lighting products. In 2022, Dutch cities decided to choose inteliLIGHT’s ZHAGA NB-IoT smart lighting controllers, further improving their smart city infrastructure. Aiming toward net-zero emissions by 2050, most European nations, especially the UK, are focused on sustainable alternatives of lighting systems, such as halogen incandescent lights, compact fluorescent lamps (CFL), and light-emitting diodes (LED), instead of traditional lights. As a result, the industrial sector is investing in improvements for lighting solutions for better energy efficiency. This has led the lighting contactor manufacturers to adopt and innovate products to adhere to environmental standards.
The demand for newly installed lighting systems in Europe is increasing due to the construction of various new buildings and public facilities across all industrial verticals. Further, the European government has launched several smart city programs and strict energy laws. For instance, in 2022, the sustainable products initiative (SPI) was proposed, wherein the European Commission approved a new comprehensive legislative package. The SPI seeks to guarantee that only essential environment-friendly products should be marketed in Europe as part of the Commission’s flagship Green Deal. This proposal by SPI for Ecodesign is particularly pertinent to the lighting industry. Such factors are expected to boost the lighting contactor market size in Europe during the forecast period.
Increasing initiative by government to strengthen and convert the traditional light bulbs, lamps to modern smart lighting systems integrated with IoT is expected to fuel the lighting contactor market size in Germany. Since 2021, the residential development activity had benefited from favourable financing conditions. The rise in a residential and commercial building in Germany is expected to raise the demand for lighting contactors and propel the lighting industry forward. The presence of key market players, including Honeywell and Osram GmbH, would also augment the lighting contactor market growth in the coming years. In January 2022, Mila announced its collaboration with LEDVANCE. Mila employs over 10,000 technicians across Switzerland, Germany, Austria, France, and the UK, they will provide services to LEDVANCE customers in Germany. This partnership between these companies will further propel the adoption of smart lighting solutions for residential and commercial installations. Germany is leading the way in the development of green technology and has the most vigorous energy saving program in energy consumption and a 30% share of energy efficiency in all of Europe. Moreover, to contribute to the lighting contactor market, solutions are made possible by Germany’s progress in energy efficiency and missed opportunities to accelerate it within the scope of 2020 to 2030 targets.
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Based on type, the global is segmented into electrically held and mechanically held. The electrically held segment led the lighting contactor market share in 2021. An electrically held contactor is more affordable than a mechanically held contactor. Thus, a cost-effective feature drives the lighting contactor market growth for the segment. The electrically held lighting contactors are usually applicable for smart residential, commercial, and industrial sectors that use lighting systems extensively.
Based on end user, the global lighting contactor market is segmented into commercial, residential, and industrial. The commercial segment led the lighting contactor market in 2021. The constantly rising investments in commercial infrastructures, such as shopping malls, healthcare centers, and office premises, are increasing the demand for lighting solutions and switches over the years. The Federal Energy Management Program (FEMP) initiative provides acquisition guidance for commercial light emitting diode (LED) luminaires product categories covered by FEMP efficiency requirements. Increased consumption of energy-efficient lighting solutions by commercial buildings and saving ample energy will grow the demand for lighting contactors in the commercial segment during the forecast period.
Based on application, the global lighting contactor market is bifurcated into indoor and outdoor. The indoor segment led the lighting contactor market share in 2021. Using lighting contactors in smart lighting systems is expected to boost the demand for lighting contactors in the indoor segment. Wipro announced the lineup of smart lighting solutions for indoor applications. Indoor lighting solutions developed for a soothing experience can be utilized for productivity and energy efficiency in numerous places, such as workspace, corridors, meeting rooms, and recreational rooms.
The trend of horticulture lights is steadily growing. Horticulture light is installed above plants to stimulate their growth when natural light is not enough. A few countries, including Germany and Kazakhstan, largely depend on agriculture. However, these countries have fewer sunny days during winter. In such cases, horticulture lights can be a good solution. Samsung Electronics, Ushio Group, and many prominent companies are offering horticulture lights. In April 2021, Agnetix launched Zenith, a horticulture lighting series with built-in sensor and imaging technologies. This lighting series is said to be the first horticulture light with plant health sensors. It also provides images. A few of the lighting contactor market players, such as EDEN Horticulture, are offering a variety of contactors specially designed for horticulture lights. The trend of artificial light for plants will increase installations in the coming days, subsequently propelling the lighting contactor market growth.
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Lighting Contactor Market Analysis: End-User Overview
Based on end-user, the lighting contactor market is segmented into commercial, residential, and industrial. The commercial segment held the largest market share in 2021, and the residential segment is anticipated to register the highest CAGR during the forecast period. The growing adoption of automation and smart and advanced lighting solutions across commercial and residential complexes is expected to drive the growth of the lighting contactor market size during the forecast period. For residential applications, indoor smart lighting developments have been witnessed in the market. For instance, in 2022, Sunricher partnered with Prince Bay for the deployment of smart lighting in Central Business District CBD urban residences in Shenzhen. Also, industrial sector has experienced significant growth over the years, leading to a rise in investment by private and public bodies to invest in the globalization of their operations. With rising construction of industrial complexes, the demand for proper lighting systems, such as lighting contactors and other lighting solutions, is growing across the globe. For instance, Saudi Delta Group installed Flashnet’s lighting cabinet controllers in Dammam, Saudi Arabia.
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