Light Control Switches Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Light Control Switches Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The global light control switches market has experienced substantial growth, surging from $6.43 billion in 2022 to $7.24 billion in 2023, boasting a robust compound annual growth rate (CAGR) of 12.6%. The market is expected to continue its ascent, reaching $10.59 billion by 2027, maintaining a steady CAGR of 10.0%.
Illuminating Growth Factors: LED Adoption Drives Light Control Switches Market
The increasing usage of Light-Emitting Diodes (LEDs) and other lamps is a key driver propelling the growth of the light control switches market. LEDs, known for their energy efficiency and rapid development, have become the most sought-after lighting technology. Quality LED light bulbs not only offer better light quality and longevity but also contribute to energy efficiency. Light control switches integrated with LEDs and other lamps play a crucial role in reducing electricity wastage, aligning with the growing emphasis on energy efficiency. Warehouse-Lighting.com, a US-based lighting product manufacturer, predicts that by 2030, LEDs will constitute 87% of the lighting source, highlighting the significant impact of LED adoption on the light control switches market.
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Industry Leaders: Major Players Steering Market Innovation
Key players shaping the light control switches market include Acuity Brands Inc., Honeywell International Inc., General Electric Company, Leviton Manufacturing Company Inc., Lutron Electronics, Panasonic Holdings Corporation, Schneider Electric SE, Signify N.V., Havells India Ltd., Hubbell Inc., Cooper Industries, Daintree Networks Inc., LightwaveRF PLC, Synapse Wireless Inc., and Rockwell Automation Inc.
Tech Trends: Technological Advancements Enhance Product Efficiency
Technological advancements have emerged as a prominent trend in the light control switches market, with major players adopting advanced technologies to launch more efficient products. For example, in May 2021, Orro, a US-based smart living systems company, introduced a control switch with built-in Alexa capability. The new Orro Switches integrate Alexa’s ESP (Echo Spatial Perception), providing smart light control, integrated control of other devices, and built-in voice control from a single device. This innovation caters to the demand for seamless and integrated smart home solutions.
Strategic Acquisitions: Signify N.V. Strengthens Market Presence
In March 2020, Signify N.V., a Netherlands-based company in the light control switches market, acquired Cooper Lighting Solutions from Eaton for $1.4 billion. This strategic move enhances Signify’s ability to promote innovation and advancement in connected lighting and systems, providing significant value to clients. The acquisition also strengthens Signify’s position in the lucrative North American lighting industry. Cooper Lighting Solutions, a US-based manufacturer, specializes in commercial lighting fixtures, systems, and lighting control switches.
Regional Dynamics: Asia-Pacific Leads the Market
In 2022, Asia-Pacific emerged as the largest region in the light control switches market. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
Market Segmentation:
1. By Product Type:
• Switches
• Dimmer
2. By Switch Solution:
• Standalone Switch Solution
• Integrated Switch Solution
3. By Light Source:
• Incandescent
• Fluorescent
• High-Intensity Discharge
• Light Emitting Diode
• Compact Fluorescent Lamp (CFL)
4. By Application:
• Residential
• Commercial
• Industrial
• Highways And Roadways Lighting
• Architectural Lighting
• Lighting For Public Places
• Other Applications
Access the complete report for an in-depth analysis of the global light control switches market:
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Light Control Switches Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Light Control Switches Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on light control switches market size, light control switches market drivers and trends, light control switches market major players, competitors’ revenues, market positioning, and market growth across geographies. The light control switches market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Article originally published on www.einpresswire.com as Global Light Control Switches Market Surges, Anticipated to Reach $10.59 Billion by 2027
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