Report : Asia-Pacific Lighting Contactor Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Electrically Held and Mechanically Held), End-User (Commercial, Residential, and Industrial), and Application (Indoors and Outdoors)
At 9.7% CAGR, the APAC Lighting Contactor Market is speculated to be worth US$ 377.87 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC lighting contactor market was valued at US$ 217.40 million in 2022 and is expected to reach US$ 377.87 million by 2028, registering an annual growth rate of 9.7% from 2022 to 2028. Increasing trend of horticulture lights and government initiatives to fuel lighting contactor uptake are the critical factors attributed to the market expansion.
The trend of horticulture lights is steadily growing. Horticulture light is a light designed to be installed above plants to stimulate their growth when natural light is not enough. However, these countries have fewer sunny days during the winter season. In such cases, horticulture lights can be a good solution.Prominent companies, such as Samsung Electronics and Ushio Group, 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. Some of the light 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 bring more installations in the coming days, subsequently increasing the demand for lighting contactors in the market.
On the contrary, rising usage of portable lights hurdles the growth of APAC lighting contactor market.
- Based on type, the APAC lighting contactor market is segmented into electrically held and mechanically held. The electrically held segment held 65.0% market share in 2022, amassing US$ 141.41 million. It is projected to garner US$ 251.48 million by 2028 to expand at 10.1% CAGR during 2022–2028.
- Based on end- user, the APAC lighting contactor market is segmented into commercial, residential, and industrial. The commercial segment held 38.8% market share in 2022, amassing US$ 84.35 million. It is projected to garner US$ 139.50 million by 2028 to expand at 8.7% CAGR during 2022–2028.
- Based on application, the APAC lighting contactor market is segmented into indoor and outdoor. The indoor segment held 53.2% market share in 2022, amassing US$ 115.66 million. It is projected to garner US$ 193.16 million by 2028 to expand at 8.9% CAGR during 2022–2028.
- Based on country, the APAC lighting contactor market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. Our regional analysis states that China captured 31.6% market share in 2022. It was assessed at US$ 68.66 million in 2022 and is likely to hit US$ 121.14 million by 2028, exhibiting a CAGR of 9.9% during the forecast period.
Key players dominating the APAC lighting contactor market are ABB Ltd.; Eaton; Hager Group; Hitachi Industrial Equipment Systems Co., Ltd; Ripley Lighting Controls; Rockwell Automation, Inc.; Schneider Electric SE; and Siemens AG among others.
- In 2019, ABB launched a new contactor that provide PV power plants an easy way to introduce 1500 V DC architectures le.
- In 2021, Eaton acquired 50% stake in HuanYu Group’s subsidiary HuanYu High Tech. HuanYu High Tech manufactures contactors and low-voltage circuit breakers.
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