Press release
Lighting Contactor Market is Estimated to Grow at a CAGR of 8.7% from 2022 to 2028
According to our latest market study on "Lighting Contactor Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, End-User, and Application," the 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.Lighting contactor is developed as a safe, convenient means of switching tungsten filament or ballast lamp loads. Lighting contactors are also developed for other loads, such as low-pressure and high-pressure sodium lamp loads. The contactor is provided for simple control schemes or as an integral component in smart lighting control systems. Lighting contactors are used when there is a need for remote, reliable, and convenient control of indoor and outdoor lighting.
The adoption of smart lighting systems is growing rapidly, and it is successfully transforming the definition and the scope of lighting technology. The energy-efficient lightings provide high-quality with a longer lifespan. Usage of contactors offers isolation from high electric currents, acting as a protection for workers and equipment.
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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 report. Organic and inorganic growth strategies adopted by these companies to expand their product portfolio and global presence are expected to contribute to the lighting contactor market growth in the coming years.
Impact of COVID-19 Pandemic on Lighting Contactor Market
Owing to the shutdown of businesses, Europe witnessed an economic slowdown in 2020 and most likely recovered in 2021-the lockdown measures imposed due to the COVID-19 pandemic substantially affected the demand for lighting contactors. Different European countries had different COVID-19 protocols. Countries such as Italy, Germany, and France established rigorous containment measures, whereas other countries, such as Sweden and Switzerland, took a softer approach. The COVID-19 pandemic hindered the manufacturing & construction industries. The imposition of lockdowns closed various businesses and industrial operations. High spending on installing lighting contactors in residential and commercial buildings, and industries contributes to the lighting contactor market size. The awareness regarding the importance of smart lighting is increasing due to the COVID-19 pandemic.
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Type-Based Insights
Based on type, the lighting contactor market is bifurcated into electrically held and mechanically held. The electrically held segment held a larger lighting contactor market share in 2021 and is anticipated to register a higher CAGR during the forecast period. The need for energy efficiency across the globe increased the adoption of legislation to encourage the use of energy-efficient gadgets that provide lower energy usage and cost efficiency, which is expected to boost the market growth for the electrically held segment. In July 2021, TE Connectivity unveiled a small but powerful high-voltage contactor for fulfilling defense, marine, commercial, and military aerospace application requirements with latching coils and reduced power consumption.
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https://www.marketwatch.com/press-release/tailgating-detection-system-market-to-hit-us-995-million-worldwide-by-2028-exclusive-study-by-the-insight-partners-2022-08-15
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