Rising usage of LEDs, CFLs and other lamps and rising concerns over industrial safety are driving the growth of the global lighting control switches market.
PORTLAND, OREGON, USA, March 6, 2022 /EINPresswire.com/ — The lighting control switch market size was valued at $7.2 billion in 2020, and the lighting control switches market forecast is expected to reach $12.5 billion by 2030, with global lighting control switches market forecast forecasted at a CAGR of 5.7% from 2021 to 2030. Lighting control switches play an important role in the daily lives of human beings, as light is the basis of everyone’s convenience. Lighting controls are input/output devices and systems. The control system receives information, decides what to do with it, and then adjusts the lighting power accordingly. Power travels along the circuit to power a group of lights. In addition, lighting control switches help regulate energy and provide a wide benefit for energy management.
The increasing urbanization has led to an increase in residential, commercial and industrial properties which in turn has increased the demand for lighting control switches and acts as the major driving factor of the market. Furthermore, governments in developing countries like India are mainly focusing on projects like smart cities, which has also created vast opportunities for the light control switch market.
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The global lighting control switches market is segmented on the basis of product type, solution type, communication technology, light source, application, and region. Based on product type, the market is categorized into switches and dimmers. Based on solution type, it is divided into standalone lighting control solutions and integrated lighting control solutions. Based on the communication technology, it is classified into wired technology and wireless technology. Based on the light source, it is classified into incandescent, fluorescent, high intensity discharge, light emitting diode and compact fluorescent lamp (CFL). Regarding applications, it is categorized into indoor and outdoor which are further separated into residential, commercial, industrial, highway and roadway lighting, architectural lighting and lighting for public places. By region, it is categorized into North America, Europe, Asia-Pacific and LAMEA.
The Global Lighting control switch market analysis covers detailed information about the major players in the industry. Key players operating and profiled in the Lighting Control Switches Industry report include Acuity Brands, Inc., Eaton Corporation, General Electric Company, Honeywell International Inc., Ideal Industries, Legrand SA, Lutron Electronics, Panasonic, Schneider Electric and Signify (Philips Lighting).
The global Lighting Control Switches market is analyzed and estimated based on the impacts of drivers, restraints and opportunities. The period studied in this report is 2020-2030. The report includes the study of the market with respect to growth prospects and restraints based on regional analysis. The study includes Porter’s Five Forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Main results of the study
Regionally, Asia Pacific is expected to grow at the highest CAGR in terms of revenue, during the forecast period.
According to the lighting control switches market analysis, by product type, switches accounted for the largest share in 2020.
Based on solution type, Standalone Light Control Solutions segment accounted for the largest share in 2020.
Based on light source, the light-emitting diode segment was the top contributor in 2020.
Based on applications, the Public Place Lighting segment was the top market share contributor in 2020
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Impact of Covid-19 on the Global Lighting Control Switches Market
The manufacture of light control switches was stopped for a specific period due to the high peak of the covid-19 situation which had a great impact on the sales of light control switches.
Sales of light control switches are directly proportional to construction. Construction was negatively impacted by the lockdown imposed due to the COVID-19 outbreak and saw a sharp decline in sales of lighting control switches in 2020, which also led to lower sales of lighting control switches.
The spread of the coronavirus has had serious repercussions on the global economy due to the drop in exports, production, demand from foreign tourists and private use. Major exporter of electronic items and lower demand for electronics led to lower demand for lighting control switches and show huge decline in market.
COVID-19 has affected almost every industry by hampering various industrial operations and disrupting the supply chain. A maximum of companies have interrupted their activity due to a reduction in the workforce. However, there is a slow decline in the global lighting control switches market due to the impact of COVID-19.
The electronics industry has acquired a large share in terms of the consumption of lighting control switches in the world. Attributed to the outbreak of the COVID-19 pandemic, the demand for electronic items has increased due to the increase in working from home, which in turn is also increasing the demand for lighting control switches.
In addition, the import and export business has been significantly affected which in turn has adversely affected the industries using light control switches and thus affected the global light control switch market .
According to UNIDO, 30.0% to 70.0% of the pre-COVID-19 workforce in various industries, such as electricity and other third-party providers, migrated to their hometown, in due to uncertainties and loss of income during lockdown. This unavailability or reduced availability of labor is expected to directly affect production and manufacturing activities, thereby leading to lower demand for raw materials used in lighting control switches. This is expected to slow down the growth of the market over the forecast period.
After the reopening of the lockdown, people avoid touching physical objects, which has led to an increase in the demand for smart switches. However, post-lockdown, it shows a positive impact on sales of wireless and highly automated lighting control switches.
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