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Light Control Switches Global Market Report 2023
Major players in the lighting control switches market are Acuity Brands Inc., Honeywell International Inc., General Electric Company, Leviton Manufacturing Company Inc., Lutron Electronics, Panasonic Holdings Corporation, Schneider Electric SE, Signify N.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Light Control Switches Global Market Report 2023" - https://www.reportlinker.com/p06285810/?utm_source=GNW
V., Havells India Ltd., Hubbell Inc., Cooper Industries, Daintree Networks Inc., LightwaveRF PLC , Synapse Wireless Inc., and Rockwell Automation Inc.
The global light control switches market grew from $6.43 billion in 2022 to $7.24 billion in 2023 at a compound annual growth rate (CAGR) of 12.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The light control switches market is expected to grow to $10.59 billion in 2027 at a CAGR of 10.0%.
The light control switches market consists of sales toggle switches, occupancy sensors, timer switches, dimmers, light sensors and hotel keycard switches.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The light control switches are used to turn the lights ON and OFF.The primary use of light control switches is to reduce energy costs, improve sustainability and provide flexibility to meet user visual needs.
Users can control and manage their light control switches and devices using hardware and software technologies.
Asia-Pacific was the largest region in the lighting control switches market in 2022. The regions covered in the lighting control switches market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of light control switches are switches and dimmers.The dimmer light control switches are used for controlling the brightness of connected light fixtures.
Light dimmers change the voltage waveform applied to the lamp in order to increase or decrease the intensity of the light output.The different switch solutions include standalone switch solutions and integrated switch solutions.
The various light sources are incandescent, fluorescent, high-intensity discharge, light-emitting diode, and compact fluorescent lamp (CFL) which are used in numerous applications such as residential, commercial, industrial, highways & roadways lighting, architectural lighting, and lighting for public places, others.
Increasing usage of LEDs and other lamps is expected to propel the growth of the light control switches market going forward.The light-emitting diode (LED) is the most energy-efficient and rapidly-developing lighting technology.
Quality LED light bulbs to offer better light quality, last longer, and are more durable.The lighting control switches are added to LEDs and other lamps to aid in reducing electricity wastage while simultaneously encouraging energy efficiency.
For instance, according to Warehouse-Lighting.com, a US-based manufacturer of lighting products, by 2030, the LEDs are expected to make up 87% of the source of lighting. Therefore, an increase in the usage of LEDs and other lamps will promote the growth of the light control switches market.
Technological advancements have emerged as a key trend gaining popularity in the lighting control switches market.Major players in the market are adopting advanced technologies to launch efficient products in the market.
For instance, in May 2021, Orro, a US-based company operating in smart living systems, introduced a new control switch with Alexa capability built into the unit. New Orro Switches are integrated with built-in Alexa’s ESP (Echo Spatial Perception) ensures that the switch closest to the person speaking responds and provides the smart light control, integrated control of other devices, and built-in voice control all from a single device and also provides checking the weather or news, setting timers and reminders.
In March 2020, Signify N.V, a Netherlands-based company operating in light control switches acquired Cooper Lighting Solutions from Eaton for a deal amount of $1.4 billion. Signify expects to be able to promote innovation and advancement in connected lighting and systems as a result of the acquisition, resulting in considerable value for clients. Signify’s position in the lucrative North American lighting industry would also be strengthened. Cooper Lighting Solutions is a US-based manufacturer of commercial lighting fixtures and systems, as well as lighting control switches.
The countries covered in the lighting control switches market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The light control switches market research report is one of a series of new reports that provides light control switches market statistics, including light control switches industry global market size, regional shares, competitors with a light control switches market share, detailed light control switches market segments, market trends and opportunities, and any further data you may need to thrive in the light control switches industry. This light control switches market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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