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The Insight Partners adds “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)” research report to the Electronics and Semiconductor category of its store.
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.
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Key Recent Developments: Lighting Contactor Market
The lighting contactor market players are majorly adopting the strategy of market initiatives, which involves the expansion of footprint across the world and meeting the surge in customer demand. The market players are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.
North America led the global lighting contactor market share in 2021. The huge presence of lighting contactor manufacturers, such as Acuity, Rockwell Automation, and Automation Direct, across the region is one of the factors contributing to the lighting contactor market growth in North America. Moreover, the adoption of streetlight monitoring and controlling with IoT are increasing. Many cities are already working to install smart streetlights; some have already begun the installation of smart lighting systems in North America. For the upgradation of the existing lighting system with a new smart lighting system, governments can opt for diverse smart street lighting control systems and streetlight remote control software solutions to establish connected street lighting infrastructures. Contactors are incorporated with the lamp driver and power cabinets in such lighting systems.
Technological advancements from major players in the lighting industry is expected to increase the demand for lighting contactors in the US. In July 2021, American Lighting introduced its new product type in whole home smart lighting for residential indoor applications. Moreover, in October 2021, Nokia announced the launch of its first smart lighting in the US. The lineup consists of IoT-powered lighting and electrical control types with high-end design, advanced technology, and wide-ranging capabilities at a reasonable price. The types of smart lighting are offered for residential and commercial applications. With prospects in the residential, commercial, and industrial sectors, the lighting contactors would have great opportunities for their utilization in the lighting control segment during the forecast period.
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The report segments the global Lighting Contactor market as follows:
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Expert Opinions on Lighting Contactor Market:
During the course of the research study, various leading industry experts, global sales managers, key opinion leaders, and industry veterans shared their valuable and critical insights about global and regional trends related to the Lighting Contactor market. As a result, the figure below summarizes a few expert opinions collected during the primary research for the global Lighting Contactor market.
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