“Light control switches market expected to grow at a high CAGR of 7.9% between 2016 and 2022”
The light control switches market for lighting is expected to reach USD 6.25 billion (in terms of value) and 2.85 billion units(in terms of volume) by 2022, at a CAGR of 7.9% and 8.8%, respectively, between 2016 and 2022. The penetration of advanced lighting control in outdoor and commercial lighting owing to the increased focus on energy-efficient lighting is the major driver for growth of the market.
“Commercial end users to be the leading segment in terms of value of the light control switches market during the forecast period”
Commercial end users such as offices, retail outlets, hotels, and restaurants are expected to be the major adopters of advanced lighting controls as they have to reduce energy wastage. As commercial end users adopt high-value sensor-based and timer-based switches for lighting control, they are expected to become the leading end users in terms of value during the forecast period.
“Asia-Pacific expected to hold the largest market share during the forecast period”
The market in Asia-Pacific is expected to grow at a high rate in the overall market till 2022. The combination of multiple factors make Asia-Pacific the most dynamic region in the light control switches market. Asia-Pacific has some of the fastest-growing emerging economies, namely, India and China; it also has technologically and economically advanced economies such as Japan and South Korea. Furthermore, there are many countries within Asia-Pacific which are witnessing rapid urbanization; hence, the overall growth and demand for infrastructure is higher in APAC compared to Europe and North America. Countries in the Asia-Pacific region have started bringing in regulations to increase the usage of lighting controls, which is majorly driving the growth of the market for light control switches.
In the process of determining and verifying the market size for several segments and subsegments of the light control switches market gathered through the secondary research, extensive primary interviews have been conducted with key people. The breakup of the profiles of primary participants is shown below:
- By Company Type: Tier 1 – 20%, Tier 2 – 45%, and Tier 3 – 35%
- By Designation: C-Level – 35%, Director Level – 25%, and Others – 40%
- By Region: North America – 30%, Europe – 20%, APAC – 45%, and RoW – 5%
The geographic segmentation in the report covers the four major regions of the world, namely, North America, Europe, APAC, and RoW. The report also profiles major players in the light control switches market for lighting. Some of the major players in this market are Osram GmbH (Germany), Legrand (France), Schneider Electric (France), Honeywell International (U.S.), Acuity Brands (U.S.), Philips N.V. (Netherlands), Cooper Industries (U.S.), Hubbell Lighting (U.S.), Leviton (U.S.), and Lutron (U.S.)
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