Global light Control Market Size & Trends Shows a Rapid Growth by 2028.

The global light control market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The rapid urbanization coupled with rising disposable income is anticipated to drive the growth of the global light control market. According to the data published by UNCTAD in 2021, the share of the urban population increased to 56.2% in 2020. In developed economies, 79.0% of people live in cities. Also, as per the data published by United Nations Organization, the global population is projected to increase by 2 billion persons in the next 30 years from 7.7 billion in 2020 to 9.7 billion in 2050 and could peak at nearly 11 billion around 2100. The growth has been driven by increasing urbanization and accelerating migration. 61.0% of the global population lives in Asia, 17.0% in Africa, 10.0% in Europe, 8.0% in Latin America, and the remaining 5.0% in Northern America. Moreover, as per the data published by Statistics Canada,  the share of disposable income for the household in the lowest quintile increased from 6.1% in the first quarter to a high of 7.2% in the second quarter of 2020. Also, as per OECD, the average household net adjusted disposable income per capita is $30,490 per annum.

The rise in the adoption of Internet of things (IoT) analytics is anticipated to drive the growth of the market. According to Global System of Mobile Association estimates, IoT connections are anticipated to reach 25  billion globally by 2025, from 10.3 billion in 2018. Moreover, as per the data published by Devpro Journals in 2020,  the New Eclipse Foundation IoT Commercial Adoption Survey found that approximately 40% of the organizations are using IoT and 22% more are projected to deploy IoT in the next two years. In addition, the survey also revealed that IoT investments are estimated to increase with 40% of the organizations planning to spend more on IoT solutions from 2020 to 2021.

Looking toward the demand for light control, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in May 2021, Lutron Electronics launched Vive wireless lighting control systems in India, catering to small-scale projects. The Vive can be installed in single spaces or throughout an entire campus. It is designed to meet current energy codes used in construction, and retrofit situations. It offers a wide range of products including load controls, remotes, sensors, and a software management suite. It delivers advanced intelligence and the IoT, which improves performance and saves energy for smart buildings.

Competitive Landscape-

General Electric. Osram GmbH and Lutron Electronics, among others

By Type

• Cable
• Wireless

By Application

• Indoor
• Outdoor

Scope of the Report
The research study analyzes the Global light Control industry from 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions, considering multiple aspects some of which are listed below as:

Recent Developments
o Market Overview and growth analysis
o Import and Export Overview
o Volume Analysis
o Current Market Trends and Future Outlook
o Market Opportunistic and Attractive Investment Segment

Geographic Coverage
o North America Market Size and/or Volume
o Latin America Market Size and/or Volume
o Europe Market Size and/or Volume
o Asia-Pacific Market Size and/or Volume
o Rest of the world Market Size and/or Volume

Key Questions Answered by Global light Control Market Report
1. What was the Global light Control Market size in 2019 and 2021; what are the estimated growth trends and market forecast (2022-2028).

2. What will be the CAGR of Global light Control Market during the forecast period (2022-2028)?
   3. Which segments (product type/applications/end-user) were most attractive for investments in 2022? How these segments are expected to grow during the forecast period (2022-2028).
   4. Which manufacturer/vendor/players in the Global light Control Market was the market leader in 2021?
   5. Overview on the existing product portfolio, products in the pipeline, and strategic initiatives taken by key vendors in the market.

 

The report covers the following objectives:

• Proliferation and maturation of trade in the Global light Control market.
• The market share of the Global light Control market, supply and demand ratio, growth revenue, supply chain analysis, and business overview.
• Current and future market trends that are influencing the growth opportunities and growth rate of the Global light Control market.
• Feasibility study, new market insights, company profiles, investment return, revenue (value), and consumption (volume) of the Global light Control market.