Lighting Contactor Market is expected to reach US$ 1,479.39 Million by 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.

According to the Department of Climate Change, Energy, the Environment and Water, the Government of Australia, if households replace 10 halogen bulbs with LEDs, they can save up to US$ 650 in 10 years on electricity bills. Furthermore, the Government of India’s Street Light National Programme (SLNP) is the world’s largest street light replacement program, under which over 1.3 million smart LED lights have been installed as of 2020. Moreover, in March 2022, the Global Infrastructure Facility (GIF) collaborated with the Federal Government of Brazil and World Bank Group to launch a Street Lighting Structuring Guide. Under this collaboration, the GIF will assist public administrators in structuring street lighting projects for 10 Brazilian municipalities. Such government initiatives would increase the installation of lighting contactors during the forecast period and contribute towards the growth of lighting contactor market share.

Component providers, lighting contactor manufacturers, distributors, and end users are among the key stakeholders in the lighting contactor market. Component providers provide various components/parts, including coil, material, metal, and screw, to lighting contactor manufacturers. Contactors are required in all the commercial, residential, and industrial sectors, where lights are installed. ABB Ltd.; Eaton; Rockwell Automation, Inc.; Schneider Electric SE; and Siemens AG are a few leading lighting contactor manufacturers operating in the lighting contactor market. Due to rising smart lighting solutions, the growth of lighting contactor market is increasing globally. However, the shortage of electricity leads to the increasing usage of portable lights, which restrains the lighting contactor market size. Stringent standards, such as NEMA Standards Publication 250-2003 (Enclosures for Electrical Equipment (1000 volts maximum)) and ANSI/ IEC 60529-2004 (Degrees of Protection Provided by Enclosures (IP Code)) are few major industry standards developed for the installation of the best possible safe lighting contactor. The lighting contactor manufacturers are required to comply with these standards. The steady growth in the smart lighting industry would continue to influence 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. Hence, the demand for lighting contactors is expected to rise in the upcoming years and contribute towards the growth of lighting contactor market growth during the forecast period. Moreover, advancements in wireless technology that can be integrated with lighting contactors in the lighting systems helped the lighting contactor market in Europe to recover from the setback caused by the pandemic. Further, the energy efficiency initiative in Europe contributed to the lighting contactor market growth. For instance, the European Council (EC) agreed and initiated a massive European Union (EU) recovery fund to support the member states that have been severely impacted by the pandemic.

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. For instance, in October 2021, Schneider Electric announced the launch of new products at the Innovation Summit and NECA Nashville. The company introduced a new generation of high current contactors under the name of TeSys Giga designed for AC-3 applications.

Lighting Contactor Market Share – by Region, 2021