A lead analyst at AMR highlighted that the luminaire and lighting control market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the luminaire and lighting control market. The findings of the report states that the global market for luminaire and lighting control generated $72.72 billion in 2020, and is projected to reach $130.56 billion by 2030, witnessing a CAGR of 6.44% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Rise in need to reduce energy consumption, increase in awareness about energy management, and presence of government regulations on the use of energy-efficient products are expected to drive the growth of the global luminaire and lighting control market. On the other hand, high installation cost is expected to hi der the growth to some extent. However, growing popularity of smart cities is expected to create ample opportunities for the industry.
“The luminaire and lighting control market share in Asia-Pacific is expected to witness growth at the highest rate during the forecast period, owing to increase in the population and adoption of enhanced technologies in smart infrastructure in developing countries such as India, China, and Indonesia. Also, various product launches and advancements in technologies in the lighting market anticipate a huge growth in the Asia-Pacific luminaire and lighting controls market,” said Avinash Savekar, Lead Analyst, Semiconductor and Electronics.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the luminaire and lighting control market globally. The outbreak of COVID-19 has had a negative impact on the growth of the global luminaire and lighting control market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various industries, including those of luminaire and lighting control, which negative impacted its demand. In addition, all sorts of infrastructure and installation projects were temporarily closed which further aggravated the impact on the market. This is majorly due to the strict social distancing restrictions imposed by the government to limit the spread of the virus during the pandemic. However, the market is expected to recoup soon.
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The report offers a detailed segmentation on the global luminaire and lighting control market based on product, component, light, technology, application, and region.
Based on product, the luminaire segment held the largest market share in 2020, holding more than four-fifths of the global market. The lighting control segment, on the other hand, is expected to cite the fastest CAGR of 11.5% during the forecast period.
Based on light the LED segment held the dominating market share in 2020, holding nearly two-fifths of the global market. The fluorescent segment, on the other hand, is expected to cite the fastest CAGR of 7.0% during the forecast period.
Based on region, the market across North America held the lion’s share in 2020, holding more than one-third of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 7.7% during the forecast period.
The key players analzyed in the global luminaire and lighting control market report include General Electric (U.S.), OSRAM AG (Germany), Philips N.V. (The Netherlands), Dialight (UK), Legrand S.A. (France), Acuity Brands, Inc. (Georgia), Cree, Inc. (U.S.), Eaton Corporation (U.S.), Lutron Electronics Co., Inc (U.S.), and Hubbell Incorporated (U.S.)
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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