Lighting Contactor Market Demand Supply Growth Factors Latest Rising Trend and Forecast to 2028

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.

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Companies Profiled in this report includes:

  • 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
  • Siemens AG

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.

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Lighting Contactor Market Segmentation:

By Type:

  • Electrically Held
  • Mechanically Held

By End-User:

  • Commercial
  • Residential
  • Industrial

By Application:

  • Indoor
  • Outdoor

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.

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