Lighting Contactor Market to hit US$ 1,479.39 million, Globally, by 2028: The Insight Partners

According to the new research report published by The Insight Partners, titled "Lighting Contactor Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 1,479.39 million by 2028, registering a CAGR of 8.7% from 2022 to 2028. The global industry penetration of IoT in lighting control systems and smart lighting solutions are major driving factors contributing towards the growth of lighting contactor market

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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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.

Key Findings of Lighting Contactor Market Study

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.

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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.

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.

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