Wilmington, Delaware, United States, April 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Rise in adoption of energy-efficient and smart lighting solutions in the BFSI, IT & telecommunication, and consumer electronics industries is likely to offer sizable business opportunities for companies in the light control switches market.
Rise in demand for advanced light control switches in industrial and home automation applications is anticipated to drive the market. The light control switches industry was valued at US$ 11.0 Bn in 2022 and is projected to expand at a CAGR of 13.6% from 2023 to 2031 and reach US$ 34.9 Bn by the end of 2031.
Manufacturers of light control switches are focusing on incorporating wireless lighting control technology in order to attract existing customers and gain new ones. Advancements in lighting controls based on open standards are likely to expand the market outlook. For instance, OEMs are embracing open standards to develop products that can meet demand for indoor commercial and office lighting controls in the market.
Extensive adoption of LED lighting fixtures is a key trend that has created significant revenues for companies in the global light control switches market. Surge in demand for energy-efficient LED lighting systems in smart homes is likely to bolster market growth. Another key market trend in recent years has been the rise in popularity of IoT-based lighting control systems.
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Key Findings of Study
- Surge in Demand for Scalable and Energy-efficient Lighting Solutions to Offer Lucrative Opportunities: Surge in usage of smart lighting solutions in commercial, industrial, and residential spaces is anticipated to spur the adoption of innovative switch designs.
- Implementation of Building Energy Efficiency Standards such as the Energy Conservation Building Code (ECBC) in several regions has positively impacted the growth of the market. Based on solution, the standalone segment is likely to account for major share in the light control switches market during the forecast period.
- Manufacturers of standalone light control switches are anticipated to increase revenues by offering scalable and easy-to-install products for home and industrial automation.
- Rise in Adoption of Wireless Lighting Control Solutions in Smart Homes: Rise in popularity of IoT-enabled home energy management systems offers significant revenues to companies in the light control switches market.
- Rapidly increasing trend of lighting automation in indoor lighting is likely to accelerate market development. Wireless lighting control systems, such as Wi-Fi-controlled light switches, are expected to gain traction among residential consumers in the market. Strides made in smart home automation are expected to augment the light control switches market value in the near future.
Key Drivers
- Growth in awareness about environmental sustainability among businesses and consumers worldwide is likely to strengthen the trend of using energy-efficient lighting solutions. Consumers focus on efficient use of lighting, which is likely to strengthen light control switches market development.
- Stringent implementation of energy management standards in several countries is anticipated to drive demand for intelligent lighting solutions in industrial and commercial applications. Examples include the compliance of manufacturers with NEMA WD-1 standards for switches. Growing investment in smart city initiatives in developing countries is expected to positively influence the market value.
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Regional Growth Dynamics
The market in North America is anticipated to account for major share during the forecast period. Emerging wireless lighting control standards are offering ample growth opportunities to companies in the market. Rise in adoption of advanced building lighting control solutions in North America is anticipated to offer significant revenues from 2023 to 2031.
The light control switches market value in Asia Pacific is expected to expand at a significant pace during the forecast period. Substantial R&D in smart city initiatives is expected to offer sizable growth opportunities to manufacturers in the region. Surge in demand for IoT-integrated lighting control systems, especially among consumers in developing countries such as India and China, is likely to offer significant business opportunities to companies in the regional market.
Europe is also a lucrative market for lighting control systems. Increase in trend of implementation of energy management standards, especially for building lighting, is likely to fuel the industry in Europe.
Competition Landscape
The landscape is consolidated, ascribed to the presence of a small number of players who hold majority share of the market. Acquisitions, partnerships, and new product development are key competitive strategies.
Prominent companies operating in the light control switches market are Acuity Brands, Inc., Eaton Corporation, HLI Solutions Inc., Honeywell International Inc., Leviton Manufacturing Co., Inc., Lutron Electronics Co., OSRAM GmbH, Robert Bosch GmbH, Helvar, Siemens, Signify Holding, and Schneider Electric SE.
Key Points from TOC:
1. Preface
1.1. Market Introduction
1.2. Market and Segments Definition
1.3. Market Taxonomy
1.4. Research Methodology
1.5. Assumption and Acronyms
2. Executive Summary
2.1. Global Light Control Switches Market Overview
2.2. Regional Outline
2.3. Industry Outline
2.4. Market Dynamics Snapshot
2.5. Competition Blueprint
3. Market Dynamics
3.1. Macro-economic Factors
3.2. Drivers
3.3. Restraints
3.4. Opportunities
3.5. Key Trends
3.6. Regulatory Framework
4. Associated Industry and Key Indicator Assessment
4.1. Parent Industry Overview – Global Lighting Industry Overview
4.2. Supply Chain Analysis
4.3. Pricing Analysis
4.4. Technology Roadmap
4.5. Industry SWOT Analysis
4.6. Porter Five Forces Analysis
4.7. COVID-19 Impact and Recovery Analysis
5. Global Light Control Switches Market Analysis, by Product Type
5.1. Light Control Switches Market Size (US$ Mn) and Volume (Million Units) Analysis & Forecast, by Product Type, 2017–2031
5.1.1. Switches
5.1.1.1. Manual On/Off Switches
5.1.1.2. Toggle Switches
5.1.1.3. Rocker Switches
5.1.1.4. Illuminated Switches
5.1.1.5. Touch-based Switches
5.1.1.6. Wireless Switches
5.1.1.7. Sensor-based Switches
5.1.1.8. Others
5.1.2. Dimmers
5.2. Market Attractiveness Analysis, by Product Type
6. Global Light Control Switches Market Analysis, by Light Source
6.1. Light Control Switches Market Size (US$ Mn) Analysis & Forecast, by Light Source, 2017–2031
6.1.1. Incandescent
6.1.2. Fluorescent
6.1.3. Compact Fluorescent Lamp (CFL)
6.1.4. Linear Fluorescent Lamp (LFL)
6.1.5. High-intensity Discharge
6.1.6. Light Emitting Diode (LED)
6.2. Market Attractiveness Analysis, by Light Source
TOC Continued……
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Light Control Switches Market Segmentation
By Product Type
- Switches
- Manual On/Off Switches
- Toggle Switches
- Rocker Switches
- Illuminated Switches
- Touch-based Switches
- Wireless Switches
- Sensor-based Switches
- Others
- Dimmers
By Light Source
- Incandescent
- Fluorescent
- Compact Fluorescent Lamps (CFL)
- Linear Fluorescent Lamps (LFL)
- High-density Discharge
- Light Emitting Diode (LED)
By Solution
- Standalone
- Integrated
By Connectivity
- Wired
- 0-10 V
- Digital Addressable Lighting Interface (DALI)
- Digital Serial Interface (DSI)
- POE
- DMX
- Wireless
- 0-10 V
- Bluetooth
- Z-Wave
- ZigBee
- Wi-Fi
- LoRaWAN
- Sigfox
- Others
By Application
- End-use Industry
- Automotive
- IT & Telecommunication
- Healthcare
- Consumer Electronics
- BFSI
- Industrial
- Others
- Outdoor
- Highway & Roadway Lighting
- Architectural Lighting
- Lighting for Public Place
- Indoor
- Residential
- Commercial
- Industrial
- Others
Region
- North America
- South America
- Asia Pacific
- Middle East & Africa
- Europe
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