Smart Dimmer and Switch Market When it comes to smart devices, the lighting market is a huge one. This is especially true for switches and dimmers, which are crucial components of any home or office. In this report, we will take a look at the smart dimmer and switch market in 2022 and explore its potential and trends through 2029. We will also provide forecasts for the growth of this market, as well as its key players. By reading this report, you will have all the information you need to make informed decisions about your investments in this growing market.
The Smart Dimmer and Switch Market: Analysis and Forecasts
The smart dimmer and switch market is expected to grow at a CAGR of over 6% during the forecast period. The factors driving the growth of this market are rising adoption of LED lighting, increasing need for energy conservation, and increasing demand for smart home devices.
Some of the major players in this market are Lutron Electronics, Legrand, Leviton, GE, Leprecon, AmerTac, Eaton, Lite-Puter Enterprise, and Insteon
Major applications of smart dimmers and switches include commercial buildings (offices), retail stores (including big- box retailers), schools (kindergarten through college), healthcare facilities (hospitality industry including nursing homes), factories/ workshops etc.
North America: The Dominant Region
The North American smart dimmer and switch market is expected to grow at a CAGR of 7.5% during the forecast period 2016-2021. The increasing adoption of LED technology in North America is expected to fuel the growth of the market.
Increasing demand for energy efficient products is one of the major factors driving the growth of the smart dimmer and switch market in North America. Other factors contributing to the growth of the market include an increasing number of intelligent homes, rising deployment of medium voltage power infrastructure, increase in usage of home entertainment systems, and rising investment in new renewable energy projects.
North America is the dominant region for smart dimmer and switch products sales. The region accounted for more than two-thirds (65%) of total sales volume in 2015. The U.S. was the leading country by revenue followed by Canada. Asia Pacific was second largest regional market with revenue contribution from China, Japan, and South Korea.
Major vendors operating in the North American smart dimmer and switch market are Lutron Electronics, Legrand, Leviton, GE, Leprecon, AmerTac, Eaton, Lite-Puter Enterprise, and Insteon
Europe: The Fast-growing Region
- Europe: The Fast-growing Region
According to a report by ReportsandMarkets, the smart dimmer and switch market is expected to grow from USD 1.9 billion in 2016 to USD 4.5 billion by 2024, at a CAGR of 15%. This growth is mainly due to the increasing preference for energy-efficiency in residences, as well as the increasing adoption of smart technologies across various sectors.
Some of the key factors that are fueling this growth include the increased awareness about energy efficiency among consumers, growing demand for smart home systems, and increasing investments in R&D for IoT applications.
Asia Pacific: A Major Market for Smart Dimmers and Switches
Asia Pacific is a major market for smart dimmers and switches. The region is growing at a faster pace than other regions, and this growth is expected to continue through 2020. Some of the key reasons for this growth are the increasing demand for energy-efficient housing, increased use of renewable energy sources, and increase in the number of electric vehicles.
The Asia Pacific market for smart dimmers and switches was valued at $2.6 billion in 2017 and is projected to reach $5.7 billion by 2020, representing a growth rate of 22%. This growth is primarily due to the increasing demand for energy-efficient housing, increase in the use of renewable energy sources, and increase in electric vehicles.
Rest of the World: An Emerging Region
- Rest of the World: An Emerging Region
The smart dimmer and switch market is projected to grow at a CAGR of 7.5% over the next five years, according to a recent report. This growth can be attributed to rising demand for smart lighting solutions in countries such as China and India, which are among the world’s fastest-growing economies.
Asia Pacific will account for the largest share of the smart dimmer and switch market in 2018, followed by North America. Europe will register a modest growth rate over the forecast period. The Asia Pacific region is expected to witness a higher growth rate because of increasing demand from end users in China and India.
Regionally, APAC is expected to grow at highest CAGR between 2018 and 2022 owing to increasing adoption of smart technology across various sectors such as retail, transportation & logistics (T&L), health care industry among others. In contrast, MEA is expected to register a sluggish growth rate during the same period owing to high dependency on oil & gas sector and low penetration of smartphones in this region.
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