Global Lighting Control Switch Industry Expected to Reach $12.6 Billion by 2028 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–Report “Lighting Control Switches Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Switch Solution, Connection Type and End User” has been added to from ResearchAndMarkets.com offer.

Lighting Control Switches Market is expected to reach US$12,696.07 million by 2028 from US$7,997.68 million in 2021; it is expected to grow at a CAGR of 6.8% from 2021 to 2028.

Real estate industries in both developed and developing countries have grown rapidly over the years with increasing investment by private and public entities to develop advanced infrastructure including hospitals, shopping complexes and other commercial buildings . This is boosting the lighting control switch market.

Lighting plays a crucial role in commercial complexes, thus boosting the demand for economical and energy efficient lighting systems. This directly drives the demand for lighting control switches, thereby driving the growth of the lighting control switches market size.

The onset of the COVID-19 pandemic hampered the growth of the lighting control switches market in 2020. Social restrictions imposed by governments and temporary halt in construction activities in both developed and developing countries have made lower the demand for lighting control switches in residential, commercial, and industrial sectors as well as utilities. Additionally, in 2020, disruptions in supply chains adversely affected light control switch manufacturing, resulting in low production volumes. This has had a negative impact on the growth of the lighting control switches market.

The containment measures, imposed due to the COVID-19 pandemic, have significantly affected the demand for lighting control switches and the production mix, as the increase in electronic consumption could not offset the considerable declines in industrial, commercial and tertiary operations. The severity and duration of the measures imposed during the containment have reduced the demand for switches. Different European countries had different COVID-19 protocols. Countries such as Italy, Germany and France have implemented strict containment measures, while other countries such as Sweden and Switzerland have adopted a more flexible approach. In 2020, due to changing social habits and closing of factories, the growth of the lighting control switches market has significantly decreased compared to 2019.

Many industries, such as manufacturing and construction, have been hampered by the COVID-19 pandemic. In 2020, manufacturing companies in Europe were negatively affected as they recorded losses due to a decline in sales of products and services to consumers. Europe lighting control switch market growth also decreased in 2020 due to the epidemic. The imposition of lockdowns has resulted in the closure of various businesses and industrial operations. Thus, the demand for stand-alone switching solutions and integrated switching solutions among commercial, residential, public and industrial end users has declined.

As of mid-2021, most businesses and industrial operations in Europe reopened and have been sustaining the size of the European lighting control switch market ever since. There are high expenses for installing control switches in residential, commercial and industrial buildings. Awareness of the importance of smart switches is increasing due to the pandemic. Therefore, the lighting control switch market is expected to grow in the future with the resumption of construction works.

The lighting control switch market is segmented on the basis of switch solution, connection type, and end user. Based on the switch solution, the lighting control switch market is divided into stand-alone switch solution and integrated switch solution. Based on connection type, the light control switch market is divided into wired and wireless. Based on the end user, the lighting control switch market is segmented into commercial, residential, industrial and utility utilities. Geographically, the lighting control switch market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and South & Central America.

Reasons to buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Lighting Control Switches Market

  • Highlights key business priorities to help companies realign their business strategies

  • The key findings and recommendations highlight crucial progressive industry trends in the Global Lighting Control Switches Market, thereby allowing players across the value chain to develop effective long term strategies

  • Develop/modify business expansion plans using substantial growth offering in both developed and emerging markets

  • Dive deep into the global market trends and outlook associated with the factors driving the market, as well as those hindering it

  • Improve the decision-making process by understanding the strategies that drive business interest with respect to customer products, segmentation, pricing and distribution

Market dynamics

Drivers

  • Growing demand for smart home lighting

  • Increase in the construction of commercial complexes

Constraints

  • Low adoption in developing countries

Future trends

  • Large-scale integration of lighting control switches in commercial complexes

Companies cited

  • Brands Acuity, Inc.

  • eaton

  • Honeywell International Inc.

  • Legrand SA

  • Leviton Manufacturing Co. Inc.

  • Lutron Electronics Co. Inc.

  • Osram GmbH

  • Panasonic Company

  • Schneider Electric SE

  • Helvar

For more information about this report visit https://www.researchandmarkets.com/r/5zf95o

About Shirley Hudson

Check Also

Rose Okwechime: a woman who founded and sustained a 3-decade-old Nigerian bank

Very few women of her time made their mark in Nigerian banking like she did. …