Report : North America 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 9.0% CAGR, the North America Lighting Contactor Market is speculated to be worth US$ 536.07 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America lighting contactor market was valued at US$ 319.66 million in 2022 and is expected to reach US$ 536.07 million by 2028, registering an annual growth rate of 9.0% from 2022 to 2028. Penetration of IoT in lighting control systems and smart lighting solutions boosts market growth are the critical factors attributed to the market expansion.
Nowadays, lights come with a variety of features, such as software-enabled control, Bluetooth, and WiFi. The IoT in lighting is expected to transform the industry in the near future. These lights are connected to the network. The IoT-enabled lights can be a game changer for the lighting 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. Thus, IoT-enabled lights are driving the lighting contactor market. In August 2021, Signify launched Wiz smart light range, including LED smart downlighter, T-Bulb, T-Beamer, and Batten. The company expanded its Philips smart WiFi ecosystem in India with this launch. Such IoT-enabled light launches are increasing the demand for contactors and, thus, driving the lighting contactor market.
On the contrary, rising usage of portable lights hurdles the growth of North America lighting contactor market.
- Based on type, the North America lighting contactor market is segmented into electrically held and mechanically held. The electrically held segment held 62.5% market share in 2022, amassing US$ 199.67 million. It is projected to garner US$ 342.83 million by 2028 to expand at 9.4% CAGR during 2022–2028.
- Based on end- user, the North America lighting contactor market is segmented into commercial, residential, and industrial. The commercial segment held 40.5% market share in 2022, amassing US$ 129.47 million. It is projected to garner US$ 206.75 million by 2028 to expand at 8.1% CAGR during 2022–2028.
- Based on application, the North America lighting contactor market is segmented into indoor and outdoor. The indoor segment held 57.2% market share in 2022, amassing US$ 182.78 million. It is projected to garner US$ 295.51 million by 2028 to expand at 8.3% CAGR during 2022–2028.
- Based on country, the North America lighting contactor market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 73.2% market share in 2022. It was assessed at US$ 234.12 million in 2022 and is likely to hit US$ 404.90 million by 2028, exhibiting a CAGR of 9.6% during the forecast period.
Key players dominating the North America lighting contactor market are ABB Ltd.; Eaton; Hager Group; Hitachi Industrial Equipment Systems Co., Ltd; NSi Industries, LLC; Ripley Lighting Controls; Rockwell Automation, Inc.; Schneider Electric SE; and Siemens AG among others.
- In 2021, Rockwell Automation announced the discontinuation of the Contactor,23 A,240V 60 Hz, AC,3 for sale.
- 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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