Light Control Switches Top Companies
The global light control switches market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the light control switches industry report include Acuity Brands, Inc., Eaton Corporation, General Electric Company, Honeywell International Inc., Ideal Industries, Legrand S.A., Lutron Electronics, Panasonic, Schneider Electric and Signify (Philips Lighting).
According to a new report published by Allied Market Research, the light control switches market size was valued at $7.2 billion in 2020, and Light control switches market forecast projected to reach $12.5 billion by 2030, with global Light control switches market forecast expected at a CAGR of 5.7% from 2021 to 2030.
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Asia Pacific is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
As per Light control switches market analysis, by product type, switches accounted for the largest share in 2020.
On the basis of solution type, the Standalone Light Control Solutions segment accounted for the largest share in 2020.
On the basis of light source, the Light Emitting Diode segment was the major share contributor in 2020.
On the basis of application, the Lighting for Public Places segment was the major share contributor in 2020
Rising urbanization led to increase in the residential, commercial and industrial properties which in turn to increase the demand of light control switches and act as the major driving factor for the market.
Government of developing countries such as India are majorly focusing on projects such as smart cities which also led to create wide opportunities for the light control switches market.
The global light control switches market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2020–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the 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.
Impact Of Covid-19 On The Global Light Control Switch Market
The manufacturing of light control switches was stopped for a specific period of time due to high peak of covid-19 situation which led to highly impact the sales of light control switches.
COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation due to less workforce. However, there is a sluggish decline in the global light control switches market due to impact of COVID-19.
After the reopening of lockdown, people are avoiding to touch physical things which led to increase the demand of smart switches. However, after lockdown it shows positive impact on sales on wireless and highly automated light control switches.
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Light control switches play an important role in the daily lives of human beings, as light is the basic the amenity for everyone. Lighting controls are input/output devices and systems. The control system receives information, decides what to do with it, and then adjusts lighting power accordingly.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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