According to a new report, published by KBV research, The Global Dimmer and Color Tunable Market size is expected to reach $19.2 billion by 2028, rising at a market growth of 7.9% CAGR during the forecast period.
The Residential segment is showcasing a CAGR of 8.3% during (2022 - 2028). Portable plug-in lighting fixtures, including pendants, table lamps, and floor lamps, are used in homes. It also includes fixtures that are placed permanently, such as cabinet lights and wall sconces. In recent years, the residential market has grown significantly due to the rapid adoption of LED A-type bulbs due to falling product costs and rising subsidies from various governments and organizations.
The Dimmer segment acquired maximum revenue share in the Global Dimmer and Color Tunable Market by Product in 2021 thereby, achieving a market value of $11 billion by 2028. One of the main benefits of dimmers switches is the ability to regulate power distribution among the many lighting sources in a home. Additionally, they can save up to 98 percent of their electricity by dimming just one light bulb. Finally, dimming LED lights cause them to run cooler, which may extend their lifespan. All these benefits are significantly responsible for the increasing demand of dimmers.
The Fluorescent segment has shown the growth rate of 8.2% during (2022 - 2028). There are numerous advantages of fluorescent lighting over more traditional lighting options. First, fluorescent lighting technology is widely available, making it easier for individuals to use. A low-pressure mercury vapor gas discharge lamp that generates visible light is called a fluorescent lamp, sometimes called a fluorescent tube. Mercury vapor is stimulated by an electric charge in the gas to produce short-wave ultraviolet light, which lights up the lamp's phosphor coating.
The Asia Pacific market dominated the Global Dimmer and Color Tunable Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $7.3 billion by 2028. The North America market is exhibiting a CAGR of 7.7% during (2022 - 2028). Additionally, The Europe market would showcase a CAGR of 7.3% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/dimmer-and-color-tunable-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Honeywell International, Inc., Acuity Brands Lighting, Inc., Cree, Inc., Eaton Corporation PLC, Hubbell Incorporated, Koninklijke Philips N.V., Legrand S.A. (Legrand Group), OSRAM GmbH, Lutron Electronics Co., Inc., and Lite Puter Enterprise Co., Ltd.
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