ID: MRFR/SEM/6862-HCR | 111 Pages | Published By Ankit Gupta on March 2023
Dimmers Market is expected to reach USD 16.23 billion by the end of the forecast period 2022-2030 at a CAGR of 11.24%
The Dimmers are intensively utilized in the commercial sectors and IT sectors where energy conservation is considered as the key factor. The Dimmers are capable of reducing the illumination of the lighting systems and thereby reducing the electricity bills. The Dimmers market has been experiencing innovations in recent times, due to which they can be integrated with intelligent network-based systems and centralized control systems with the help of computing devices. Such factors are increasing the Dimmers market value in recent years. Dimmers Market was valued at USD 10.55 billion in 2018; it is expected to reach USD 16.23 billion by the end of the forecast period 2022-2030 at a CAGR of 11.24%
Moreover, the increasing demand for energy and rising awareness regarding energy conservation and initiatives to generate energy from renewable energy is further propelling the overall growth of the Dimmers market. The integration of advanced technologies such as IoT technologies, AI, and Cloud-based connectivity are presenting lucrative opportunities for Dimmer market growth during the forecast period.
The COVID 19 pandemic has hit several industrial verticals and has created huge revenue losses. The government of several countries has also imposed strict lockdowns, and regulations to control the crisis. Similarly, the Dimmers market was also facing problems throughout the pandemic owing to the scarcity of raw materials and components, which has reduced the manufacturing rate. The restrictions imposed on logistics and the reduced workforce have also significantly affected the overall growth of the Dimmers market. However, due to the increasing energy demand, the Dimmers were increasingly deployed in the residential sectors, as the lockdown has propelled a large population to stay indoors. However, as the COVID restrictions are getting relaxed gradually, the Dimmers Industry value is expected to increase during the forecast period.
The potential benefits of Dimmers such as energy conservation, customization of the lighting, enhanced security, and easy installation is expected to stimulate the overall growth of the Dimmers Industry.
An increasing number of smart cities and up-gradation of infrastructure of primary end-user applications such as Restaurants, the residential sector, and significant others are propelling the overall growth of the Dimmers Industry.
The growing demand for energy and the government initiatives for energy conservation are presenting lucrative opportunities for the overall growth of the Dimmers market. One of the latest reports proved that the Dimmers are efficient in saving energy; about 25% of energy can be saved by using the dimmers.
The vendors are suggesting the dimmers for every room, for the residential sectors, therefore the saving on the energy shall be maximized. Moreover, the remote control and integration of mobile applications are presenting lucrative opportunities for the overall growth of the Dimmers Industry.
The lack of awareness about the dimmers among the key end-user industries, especially in developing countries is expected to hinder the market growth.
The higher installation costs and lack of technical skills in some regions for installation are also hindering the overall growth of the Dimmers Industry.
The manufacturing costs and the costs of ownership are higher for the Dimmers Fixture, which are comparatively expensive are considered as the major market challenge.
The residential sector is experiencing a decline in the Dimmers market as the dimmers are not compatible with the lights that are generally preferred for the residents. Unlike Industrial sectors, residential lighting is subtle and designed as per the construction of the building.
The advent of Smart technologies in the Dimmers market is increasing the Dimmers market value as they are supremely convenient and cost-efficient. The smart dimmers are capable of connecting with Apple’s Alexa and google assistant which are considered as the cost-efficient options as they are voice-controlled solutions for housing properties. Therefore the market value of the Dimmers market was at USD 10.55 billion in 2018 and it is expected to surpass USD 16.23 billion by the end of the forecast period while registering a healthy CAGR of 11.24% during the forecast period. The increasing demand for energy and power generation with the increasing global population has propelled the end-user industries to deploy the Dimmers. Such factors are considered as the major drivers of Dimmers' market growth.
On the other side, the commercial sectors are also continuously updating their commercial spaces with smart technologies and the latest lighting technologies to meet the user needs. Customer preferences are rapidly changing according to the growth of technologies. Therefore the commercial segment is expected to witness tremendous growth during the forecast period.
Dimmers are utilized to adjust the brightness of the lighting systems according to the requirement and convenience. The ambiance and the lighting requirement vary according to the time of the day and tasks performed in the space. The restaurants and beauty treatment centers utilize the dimmers intensively to offer a pleasant environment for their customers. The Dimmers are also used to reduce and save electricity in some end-users. Optimized dimming systems are capable of calibrating the brightness according to the requirement which significantly increases the lifespan of the lighting system. Such potential advantages of the Dimmers are considered as the key growth stimulating factors of the Dimmers Industry.
On the other hand, the emerging smart lighting systems that limit human intervention and increase efficiency while significantly saving up on electricity bills are gaining momentum in several developed countries and are increasingly deployed in the IT sectors, offices, and crucial buildings. The smart dimmers are integrated with the smart plugs and the light switches which adjust the brightness according to the climate, time, and requirement. These devices are also deployed to enhance the lifestyle and increase the value of the property. Such factors are propelling the Dimmers market growth in recent years.
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European countries are currently dominating the Dimmers market share over other regions. Smart cities initiatives and projects are rapidly emerging across European countries, which is combined with the unprecedented growth of cities and municipalities are also impacting the overall growth of the Dimmers market. The increasing investments in North America and European countries and the initiatives to upgrade the infrastructure with the smart homes and smart lighting control systems are considered as the major growth stimulating factors for the overall growth of the Dimmers market. One of the recent report published in the United Nations has stated that over 54% of the world’s population reside in cities which are also expected to grow during the forecast period due to urbanization.
On the other hand, the Asia-pacific region is also expected to witness steady Dimmers market growth during the forecast period, owing to the increasing number of Dimmer production plants and plenty of investors across the countries like India, Japan, China, and South Korea. These production plants are expected to have higher scope owing to the presence of advanced technologies, availability of raw materials, and significant other factors.
One of the leading market players, Amazon has launched the smart switches, a Three-way dimmer that enables the user to control the circuit from two different locations. This has increased the efficiency and convenience for the residential sectors and additional features such as mobile application control and voice control.
One of the leading market players, Philips has introduced the second generation Dimmer switch with the Hue button that allows the time-based light scene mode. The configuration at the price point is imposing severe competition in the marketplace. The prolonged battery life and capability of attaching the device to the metal surface have added value for the device.
This report has covered:
|Market Size||USD 16.23 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Control , Product, Connectivity, Application, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Acuity Brands Inc (US)Hubbell, Control Solutions (US) ,Signify (Philips Lighting) (Netherlands) ,Lutron Electronics Inc (US) ,Leviton Manufacturing Company Inc (US) ,OSRAM Licht AG (Germany) ,Cooper Controls (Eaton) (Ireland) ,ABB Limited (Sweden) Cree Inc (US) ,GE Lighting (US) ,LSI Industries Inc (US) Echelon Corporation (US) ,Caribe Corporation (US) Gardasoft Vision Ltd (UK)|
|Key Market Opportunities||Dimmers are efficient in saving energy|
|Key Market Drivers||
The global Dimmers is expected to record a substantial market valuation of USD 16.23 billion .
The global Dimmers is projected to register a moderate 11.24% CAGR in the forecast period.
The electronic low voltage (ELV) segment is slated to expand as the fastest-growing segment.
The APAC region is slated to witness the fastest-growth.
A few major market players operating in the global Dimmers are Signify (Philips Lighting) (Netherlands), ABB Limited (Sweden), Cree Inc (US), GE Lighting (US), among others.