Dimmer and Color Matching Global Market Report 2024 – Market Size, Trends and Global Forecast 2024-2033
The Business Research Company Global Dimmers and Color Matching Devices Market Report 2024 – Market Size, Trends and Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, August 21, 2024 /EINPresswire.com/ — The global dimmers and color matching market is witnessing significant growth, growing from $16.89 billion in 2023 to $18.52 billion by 2024, at a compound annual growth rate (CAGR) of 9.6%. Despite previous challenges, this growth trend is set to continue, with the market expected to reach $25.67 billion by 2028, growing at a CAGR of 8.5%. This expected growth will be driven by advancements in smart home integration, IoT connectivity, and increasing demand for customizable lighting solutions.
Growing growth in commercial construction drives market expansion
The emerging commercial construction sector is a key driver of the dimming and color-tunable lighting market. This sector uses dimming and color-tunable lighting to improve the functionality and atmosphere of commercial spaces. According to a May 2023 report by the United States Census Bureau, construction spending increased from $1,768.2 billion in March 2022 to $1,834.7 billion in March 2023, an increase of 3.8%. This increase in construction activity highlights the growing demand for flexible and energy-efficient lighting solutions in commercial settings.
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Key players and market trends
Some of the major players in the dimmer and color matching market include Acuity Brands Lighting Inc., Cree Lighting Inc., Eaton Corporation PLC, and Koninklijke Philips NV, among others. These companies focus on product innovation to maintain their competitive edge. For example, in June 2023, URC launched the URC Lighting LT-3300 dimmer/switch device, which offers advanced customization options and seamless integration with URC’s Total Control system.
Important trends that shape the future
The market is experiencing several major trends, including advances in LED technologies, integration into smart home systems, and an increased focus on customization and personalization. The regulatory landscape is also evolving, with new standards driving innovation and compliance. The increasing emphasis on health and well-being, coupled with technological advancements, is shaping the future of dimming and color-tuning solutions.
Market segments
• By product: Dimmer, Color matching
• By light source: incandescent lamp and halogen, fluorescent lamp, light-emitting diode (LED), high-intensity discharge lamp (HID)
• By end user: Commercial, Private, Other end user
Regional insights: Asia-Pacific is the market leader
Asia Pacific was the largest region in the dimmer and color matching market in 2023 and is expected to maintain its dominance. The region’s growth is driven by increasing urbanization and infrastructure development, which are fueling the demand for advanced lighting solutions.
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The global TBRC Dimmers and Color Matching Market report 2024 includes the following information:
•Market size data for the forecast period: Historical and future
•Market analysis by region: Asia Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and much more.
Global Dimmers and Color Matching Market Report 2024 by The Business Research Company is the most comprehensive report which offers insights into the Dimmers and Color Matching market size, Dimmers and Color Matching market drivers and trends, major players in the Dimmers and Color Matching market, competitors’ revenue, market positioning and market growth across different regions. The Dimmers and Color Matching market report helps you gain detailed insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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