PORTLAND, Ore., Feb. 2, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Light Control Switches Market by Product Type (Switches and Dimmer), Solution Type (Standalone Light Control Solutions and Integrated Light Control Solutions), Communication Technology (Wired Technology and Wireless Technology), Light Source (Incandescent, Fluorescent, High-intensity Discharge, Light Emitting Diode, and Compact Fluorescent Lamp (CFL)), and Application (Residential, Commercial, Industrial, Highways & Roadways Lighting, Architectural Lighting, and Lighting for Public Places): Global Opportunity Analysis and Industry Forecast 2021–2030.” According to the report, the global light control switches industry was estimated at $7.2 billion in 2020, and is anticipated to hit $12.5 billion by 2030, registering a CAGR of 5.7% from 2021 to 2030.
Drivers, restraints, and opportunities-
Growth in urbanization & industrialization, surge in usage of LEDs, CFLs & other lights, and rise in concerns toward industrial safety drive the growth of the global light control switches market. On the other hand, increase in trend of artificial intelligence impedes the growth to some extent. However, obligatory governing regulations, focus on energy saving, and flexibility of light control switches are expected to create multiple opportunities in the industry.
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- The construction industry was highly affected during the pandemic, especially during the initial period. This, in turn, led to a sharp decline in sale of light control switches across the world, thereby impacting the global light control switches market negatively.
- However, the market is expected to revive soon.
The switches segment to retain the lion’s share-
By product type, the switches segment contributed to the highest share in 2020, holding more than two-thirds of the global light control switches market. The same segment is also expected to cite the fastest CAGR of 5.8% from 2021 to 2030. Developments in electric infrastructure across the globe has led to an increase in demand for lights, which, in turn, has heightened the demand for switches too, thereby reinforcing the segment growth.
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The wired technology segment to dominate by 2030-
By communication technology, the wired segment held the major share in 2020, garnering more than four-fifths of the global light control switches market. High-end real estate developments have given a way to increase in demand for light control switches, thus boosting the growth of the segment. The wireless technology segment, however, is anticipated to witness the fastest CAGR of 5.8% from 2021 to 2030. This is because rapid infrastructural development and expansion of cities have led to surge in demand for smart homes and wireless technology.
Asia-Pacificfollowed by North Americaheld the major share in 2020-
By region, Asia-Pacificfollowed by North America, held the highest share in 2020, generating nearly two-fifths of the global light control switches market, owing to rapid urbanization in the region. The market across Europe, on the other hand, is anticipated to cite the fastest CAGR of 6.1% throughout the forecast period. Expansion of real-estate, road network, rail network, and other technologies have increased the demand for lights, which boosts the light control switches market in Europe.
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Key players in the industry-
- Eaton Corporation
- Honeywell International Inc.
- Ideal Industries
- Legrand SA
- Acuity Brands, Inc.
- Schneider Electric and Signify (Philips Lighting)
- Lutron Electronics
- General Electric Company
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