Light Control Switches Market Size to Boost US$10.4 billion by 2027 | CAGR 6.5% – IndustryARC
Increasing consumer awareness and appeal of smart houses is positively impacting the market growth for Light Control Switches.
HYDERABAD, TELANGANA, INDIA, September 2, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that the global light control switches market size is forecast to reach $10.4 billion by 2027, growing at a CAGR of 6.5% from 2022 to 2027. Growing demand for varied lighting solutions like fluorescent, high-intensity discharge, and compact fluorescent lamp (CFL) from consumers, alongside significant advancement towards integrated lighting control have been driving the market growth. In addition, rising adoptability of LEDs, high investments or government initiatives towards supporting smart city infrastructure projects, is further catering to the market demand of lighting control switches. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Key Takeaways:
This IndustryARC report on the light control switches market highlights the following areas –
1. LEDs (Light Emitting Diodes) light source is analysed to grow with the highest CAGR of 7.1% during the forecast period 2022-2027 due to increased government attention on energy-saving solutions, smart lighting, and increasing consumer awareness.
2. Residential sector is analyzed to witness the fastest growth with a CAGR of 6.8% during 2022-2027, owing to factors like integration with sophisticated lighting solutions, increasing shift towards smart homes and so on.
3. APAC Light Control Switches Market held the largest share of xx% in 2021, owing to rising demand for smart home appliances among consumers as well as government initiatives or regulations to cut down energy wastage.
4. Increasing consumer awareness and appeal of smart houses along with growing demand for energy-efficient lighting systems is analyzed to significantly drive the market growth of light control switches during the forecast period 2022-2027.
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Segmental Analysis:
1. LEDs (Light Emitting Diodes) light source is analyzed to grow with the highest CAGR of 7.1% in the global Light Control Switches Market during the forecast period 2022-2027.
2. Residential sector is analyzed to witness the fastest growth with a CAGR of 6.8% in the global Light Control Switches market during 2022-2027, attributing to factors like growing shift towards home automation trends, as well as significant investment on residential building construction projects. Increasing consumer awareness for energy efficient solutions, high spending on luxury smart home gadgets, alongside growing emphasis on wireless technology solutions in households, is also driving the market forward.
3. APAC region dominated the Light Control Switches Market with a share of around 38% in 2021, and is also analyzed to witness a significant market growth during the forecast period 2022-2027. Rising investments in infrastructure development across different sectors such as residential, commercial, and industrial have attributing to its market growth towards lighting control switches.
4. Additionally, growing utilization of smart control or connected devices alongside high investments on smart city projects can further drive the market growth forward. Under the Indian Government, a proposal was passed for the development of 100 smart cities till 2020.
Competitive Landscape:
The top 5 players in the light control switches industry are –
1. Legrand S.A.
2. Leviton
3. Lutron Electronics
4. Hubbell Lighting
5. Honeywell International Inc.
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