Lighting control switch market to reach $12.5 billion globally by 2030 at a CAGR of 5.7%: Allied Market Research
PORTLAND, Oregon., February 2, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “lighting control switch market by product type (switches and dimmers), solution type (stand-alone lighting control solutions and integrated lighting 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, Highway and Roadway Lighting, Architectural Lighting and Lighting for Public Places): Global Opportunities Analysis and Industry Forecast 2021 -2030. » According to the report, the global lighting control switch industry was estimated at $7.2 billion in 2020, and should reach $12.5 billion by 2030, registering a CAGR of 5.7% from 2021 to 2030.
Drivers, constraints and opportunities –
Growing urbanization and industrialization, increasing usage of LEDs, CFLs, and other lamps, and rising concerns over industrial safety are driving the growth of the global control switch market ‘lighting. On the other hand, the increase in the trend of artificial intelligence is hampering the growth to some extent. However, the prevailing mandatory regulations, emphasis on energy saving and flexibility of lighting control switches are expected to create multiple opportunities in the industry.
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- The construction industry has been heavily affected during the pandemic, especially during the initial period. This, in turn, led to a sharp drop in the sales of lighting control switches across the globe, which negatively impacted the global lighting control switches market.
- However, the market should recover soon.
The segment of switches to retain the lion’s share-
By product type, the switch segment contributed the highest share in 2020, holding more than two-thirds of the global lighting control switch market. The same segment is also expected to cite the fastest CAGR of 5.8% from 2021 to 2030. Developments in electrical infrastructure across the globe have led to increased demand for lighting, which, in turn, has also increased the demand for switches, which will strengthen the growth of the segment.
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Wireline segment will dominate by 2030-
By communication technology, the wired segment held the largest share in 2020, attracting more than four-fifths of the global light control switch market. High-end real estate developments have given way to increased demand for lighting control switches, thereby driving the growth of the segment. The wireless technology segment, however, is expected to witness the fastest CAGR of 5.8% from 2021 to 2030. Indeed, rapid infrastructure development and expanding cities have led to an increase in demand for homes smart and wireless technology.
Asia Pacificfollowed by North Americaheld most of it in 2020-
By region, Asia Pacificfollowed by North America, held the highest share in 2020, generating nearly two-fifths of the global lighting control switch market, owing to the region’s rapid urbanization. The market through Europe, on the other hand, is expected to quote the fastest CAGR of 6.1% throughout the forecast period. The expansion of real estate, road network, rail network and other technologies has increased the demand for lighting, which is driving the lighting control switch market in Europe.
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Key Industry Players-
- Eaton Company
- Honeywell International Inc.
- Ideal Industries
- Legrand S.A.
- Brands Acuity, Inc.
- Schneider Electric and Signify (Philips Lighting)
- Lutron Electronics
- General electricity company
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