Report : Europe 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 8.3% CAGR, the Europe Lighting Contactor Market is speculated to be worth US$ 407.68 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe lighting contactor market was valued at US$ 252.07 million in 2022 and is expected to reach US$ 407.68 million by 2028, registering an annual growth rate of 8.3% from 2022 to 2028. Smart lighting solutions boosts market growth and penetration of IoT in lighting control systems are the critical factors attributed to the market expansion.
Smart lightings can be fixed into the existing sockets and controlled with the help of a mobile phone. These lights respond to motion, voice commands, or location. Smart switches can turn lights on and off, whereas smart dimmers can adjust light brightness levels. It is expected that by 2030, the smart lighting market will increase US$ ~43 billion, which was around US$ 11 billion in 2020. With the increasing disposable incomes, people are shifting towards smart homes. A smart home includes all the electronic appliances, such as lights, that runs on either internet, sensor, hand gestures, or voice command. Companies, such as Schréder; General Electric Company, and Cree, Inc., are the providers of smart lighting solutions. Strategic developments, such as product launches and regional expansions, implemented by these companies are driving the lighting contactors market. In July 2021, SmartLabs, a smart lighting and electric control provider, announced the launch of its Nokia Smart Lighting.
On the contrary, rising usage of portable lights hurdles the growth of Europe lighting contactor market.
- Based on type, the Europe lighting contactor market is segmented into electrically held and mechanically held. The electrically held segment held 65.1% market share in 2022, amassing US$ 164.03 million. It is projected to garner US$ 271.16 million by 2028 to expand at 8.7% CAGR during 2022–2028.
- Based on end- user, the Europe lighting contactor market is segmented into commercial, residential, and industrial. The commercial segment held 39.7% market share in 2022, amassing US$ 100.19 million. It is projected to garner US$ 153.93 million by 2028 to expand at 7.4% CAGR during 2022–2028.
- Based on application, the Europe lighting contactor market is segmented into indoor and outdoor. The indoor segment held 52.6% market share in 2022, amassing US$ 132.50 million. It is projected to garner US$ 205.67 million by 2028 to expand at 7.6% CAGR during 2022–2028.
- Based on country, the Europe lighting contactor market is segmented into Germany, France, Italy, Russia, UK, and Rest of Europe. Our regional analysis states that Germany captured 31.4% market share in 2022. It was assessed at US$ 79.09 million in 2022 and is likely to hit US$ 137.72 million by 2028, exhibiting a CAGR of 9.7% during the forecast period.
Key players dominating the Europe 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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