Published Date: 31-Mar-2022
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According to a new report Global Light Control Switches Market, published by KBV research, The Global Light Control Switches Market size is expected to reach $9.4 billion by 2027, rising at a market growth of 4.9% CAGR during the forecast period.
The Standalone Light Control Solutions market acquired maximum revenue share in the Global Light Control Switches Market by Solution Type 2020, thereby, achieving a market value of $6.4 billion by 2027. The increase in demand for incandescent, fluorescent, high-intensity discharge, light-emitting diode, and compact fluorescent lamp (CFL) lights would support the growth of this segment during the forecast period.
The Light Emitting Diode market is generating high growth rate in the Global Light Control Switches Market by Light Source 2020, growing at a CAGR of 5.1% during the forecast period. When current passes through a light-emitting diode or LED, it emits light. Electrons recombine with electron holes in the semiconductor, producing energy in the form of photons. The energy required for electrons to pass the semiconductor's band gap determines the color of the light. Light emitting diodes are becoming popular due to the increased availability of them.
The Wireless market shows high growth rate of 6.9% during (2021 - 2027). Lighting control components in a wireless system interact over the air using radio frequency (RF) waves and other technologies, eliminating the need for wires. The technology is still in its initial stage as far as adoption is concerned. However, because of the elimination of wiring and the possibility to drive additional monitoring and control points, it is increasingly being regarded as the way of the future.
The Switches market dominated the Global Light Control Switches Market by Product Type 2020, thereby, achieving a market value of $6.0 billion by 2027. The increasing growth of this segment is owing to the development of electric infrastructure across the world along with new innovations across the electric appliances market. Additionally, various market players are bringing new innovations in the market in order to fulfill the evolving requirements of customers, which have resulted in a rise in demand for light switches.
The Residential market is expected to witness a CAGR of 4% during (2021 - 2027). The growth of this segment can be owed to the increased urbanization and rising residential demand. Moreover, the rising demand for luxurious lighting in the residential sector is also driving the growth of this segment of the market. Moreover, residential lighting are used across residential societies, colonies, and private residencies, from correct deployment to adequate lighting maintenance.
The Asia Pacific market is the fastest growing region in the Global Light Control Switches Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $3.3 billion by 2027. The Europe market is expected to witness a CAGR of 4.5% during (2021 - 2027). Additionally, The North America market is expected to witness a CAGR of 4.8% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Cloudera, Inc., IBM Corporation, SAP SE, MicroStrategy, Inc., TIBCO Software, Inc., SAS Institute, Inc., Salesforce.com, Inc., Oracle Corporation, Software AG, and Infor, Inc.
By Solution Type
By Light Source
By Communication Technology
By Product Type
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