The market is anticipated to increase from US$ 895.62 million in 2022 to US$ 1,479.39 million by 2028, growing at an estimated CAGR of 8.7% from 2022 to 2028, according to our most recent market study, "Lighting Contactor Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, End-User, and Application."

According to the Department of Climate Change, Energy, the Environment and Water, the Government of Australia, homes can save up to US$ 650 in electricity costs over the course of ten years by switching 10 halogen bulbs out for LEDs. Additionally, the Street Light National Programme (SLNP) of the Government of India is the largest street light replacement initiative in the world, with over 1.3 million smart LED lights installed as of 2020. Additionally, a Street Lighting Structuring Guide was released in March 2022 thanks to a partnership between the World Bank Group, the Federal Government of Brazil, and the Global Infrastructure Facility (GIF). In accordance with this partnership, the GIF will support public officials in structuring street lighting projects for ten communities in Brazil.

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The main players in the lighting contactor market are component suppliers, lighting contactor manufacturers, distributors, and end users. Manufacturers of lighting contactors receive a variety of components/parts from component suppliers, including coil, material, metal, and screw. All commercial, residential, and industrial sectors with installed lighting must have contactors. Several of the industry's top lighting contactor producers are ABB Ltd., Eaton, Rockwell Automation, Inc., Schneider Electric SE, and Siemens AG. The market for lighting contactors is expanding globally as a result of the rise of smart lighting solutions. However, the growing use of portable lights as a result of the electricity deficit limits the market growth for lighting contactors. A few important industrial standards designed for the installation of the best possible safe lighting contactor are NEMA Standards Publication 250-2003 (Enclosures for Electrical Equipment (1000 volts maximum)) and ANSI/ IEC 60529-2004 (Degrees of Protection Provided by Enclosures (IP Code)). Manufacturers of lighting contactors must adhere to these requirements. In the upcoming years, the market for lighting contactors will continue to expand under the continuous influence of the smart lighting sector.

Effect of COVID-19 Pandemic on the Market for Forklift Batteries

The closure of enterprises caused a slump in the European economy in 2020, which most likely rebounded in 2021. The COVID-19 pandemic's lockdown measures had a significant impact on the demand for lighting contactors. Different COVID-19 protocols were used in various European nations. Rigid containment measures were put in place by nations like Italy, Germany, and France, whilst Sweden and Switzerland adopted a more accommodative strategy. The building and manufacturing industry were hampered by the COVID-19 pandemic. Lockdowns were imposed, which shut down a number of enterprises and industrial processes. The lighting contactor market size is influenced by high installation costs for lighting contactors in homes, businesses, and industries. Increasingly more people are becoming aware of the value of smart lighting as a result of the COVID-19 outbreak. Therefore, it is anticipated that the market for lighting contactors would expand throughout the next years thanks to an increase in consumer demand. Additionally, developments in wireless technology that may be combined with lighting contactors in lighting systems have assisted the European lighting contactor market in recovering from the pandemic-related setback. Additionally, the European push for energy efficiency supported the expansion of the lighting contactor business. For instance, in order to assist the member states that have been significantly damaged by the pandemic, the European Council (EC) decided to establish a sizable European Union (EU) recovery fund.

Some of the companies profiled in the lighting contactor market report include 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, and Siemens AG. In the upcoming years, the lighting contactor market is anticipated to rise as a result of both organic and inorganic growth methods followed by these businesses to diversify their product offerings and increase their global footprint. For instance, Schneider Electric announced the introduction of new products at NECA Nashville and the Innovation Summit in October 2021. Under the brand TeSys Giga, the company unveiled a new line of high current contactors created for AC-3 applications.

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