According to the new research report titled "Light Control Switches Market Forecast to 2028 – COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 12,696.1 million by 2028, registering a CAGR of 6.8% from 2021 to 2028.
A light control switch regulates the operation of electrical lights, outlets, or other permanently attached lighting-related devices. Different types of light switches are available in the market for various intended usages. Depending on the lighting, several types of switches are used, such as push-button light switches, proximity switches, and dimmer light switches. Additionally, the light control switches market is also experiencing the launch of new products such as wireless and integrated light switch solutions for adoption across smart homes and commercial premises.
Lighting plays a crucial role across commercial complexes, thereby bolstering the demand for cost and energy-efficient lighting systems. This is directly driving the demand for light control switches, thus boosting the growth of the light control switches market size.
The onset of the COVID-19 pandemic hindered the growth of the light control switches market in 2020. The social restrictions imposed by governments and the temporary shutdown of construction activities across developed and developing countries declined the demand for light control switches in residential, commercial, and industrial sectors as well as public utilities. Additionally, in 2020, disruptions in supply chains adversely affected the manufacturing of the light control switches, leading to low production volumes. This negatively impacted the light control switches market growth.
Panasonic Corporation, Eaton, Savant Systems Inc., ACUITY BRANDS, INC., Leviton Manufacturing Co., Inc. are some of the key market players operating in the global light control switches market. The listing of key players is derived by considering multiple factors such as overall revenue, current light control switches product portfolio, geographical reach, new product launches, market initiatives, and investment in technology up-gradation, partnerships, and other market-related activities.
The real estate industries in developed and developing countries have experienced rapid growth over the years with the rise in investments by both private and public entities to develop advanced infrastructures, including hospitals, shopping complexes, and other commercial buildings. This is boosting the light control switches market. A few of the major ongoing or future commercial construction projects across the world are mentioned below.
· The construction work of the East River Mixed-Use Development project started across 61 hectares in Houston, Texas, US, in the Q3 of 2021, and the project is expected to be completed by the Q4 of 2040.
· The Metrotown property redevelopment project in the US involves the development of seven commercial multi-purpose facilities across 3.60 hectares. The project began in Q3 2021 and is expected to be completed by Q4 2023.
· Proposal for the reconstruction of Hamamatsucho Shibaura in Tokyo, Japan, entails the development of a 550,000 m2 mixed-use complex across the land areas of 4 ha, with two 232.55 m tall structures. Construction began in the Q3 of 2021 and is projected to be completed by the Q4 of 2030.
· Development of Elizabeth Quay Lot V and Lot VI Mixed-Use Complex in Perth, Australia. The project entails the building of two mixed-use skyscrapers, a 58-story mixed-use tower and a 21-story commercial tower, on the site of a 7,000 m2 area. Construction began in Q3 2021 and is projected to be completed by Q4 2025.
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