Light Control Switches Market to Reach $12.5 Bn, Globally, by 2030

 

According to a new report, the global light control switches industry was estimated at $7.2 billion in 2020, and is anticipated to hit $12.5 billion by 2030, registering a CAGR of 5.7% from 2021 to 2030.

Growth in urbanization & industrialization, surge in usage of LEDs, CFLs & other lights, and rise in concerns toward industrial safety drive the growth of the global light control switches market.

 On the other hand, increase in trend of artificial intelligence impedes the growth to some extent. However, obligatory governing regulations, focus on energy saving, and flexibility of light control switches are expected to create multiple opportunities in the industry.

By product type, the switches segment contributed to the highest share in 2020, holding more than two-thirds of the global light control switches market. The same segment is also expected to cite the fastest CAGR of 5.8% from 2021 to 2030. Developments in electric infrastructure across the globe has led to increase in demand of for lights, which, in turn, has heightened the demand for switches too, thereby reinforcing the segment growth.