Dimmer and Color Tunable Market to Reach $27 Billion, Globally, by 2031 at 8.5% CAGR: Allied Market Research

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Feb 20, 2023, 10:31 ET

PORTLAND, Ore., Feb. 20, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Dimmer and Color Tunable Market by Product (Dimmer, Color Tunable), by Type (Incandescent and Halogen, Fluorescent, Light-Emitting Diode (LED), High Intensity Discharge (HID)), by Application (Commercial, Residential, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global dimmer and color tunable industry was valued at $12.4 billion in 2021 and is estimated to generate $27 billion by 2031, witnessing a CAGR of 8.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

Increase in use of smart lighting for energy conservation, integration of dimmer and color tunable with other smart home devices, and innovation of wireless voice-controlled dimmer and color tunable fuel the growth of the global dimmer and color tunable market. However, high cost, no compatibility with existing light systems, limited adoption of smart home technology and competition from other lighting controls hinder the global market growth. On the other hand, technological advancements in internet of things (IoT), home automation and LED lighting in dimmer and color tunable market will present new growth opportunities for the global dimmer and color tunable market in the coming years.

Covid-19 Scenario

The outbreak of COVID-19 had moderately impacted the growth of global dimmer and color tunable market in 2021, owing to a significant impact on prime players operating in the supply chain.
The market faced obstacles such as a lack of skilled workforce, availability and delay or cancelation of projects owing to partial or complete lockdown globally.
However, technological advancements in internet of things (IoT), home automation and LED lighting in dimmer and color tunable market favorably affected the market growth during the COVID-19 pandemic. Furthermore, innovation in wireless voice-controlled dimmer and color tunable helped to drive the market.

The industrial segment to grab the largest revenue during the forecast period

Based on application, the industrial segment contributed to the largest share of more than half of the global dimmer and color tunable market in 2021 and is likely to dominate the market in 2031. This is due to increasing adoption of smart lighting technology and the growing focus on sustainability in industrial settings. Industrial dimmers and color tunable lighting could potentially be used in vertical farming applications to help create the optimal growing conditions for plants. However, the residential segment is projected to witness the fastest CAGR of 9.25% from 2022 to 2031. Color tunable lighting allows homeowners to adjust the color temperature of light to suit their preferences. This trend has become increasingly popular in recent years as it allows homeowners to easily create the desired ambiance in a room.

The light-emitting diode (LED) segment to dominate the market during the forecast period

Based on type, the light-emitting diode (LED) segment contributed to the largest share of nearly one-third of the global dimmer and color tunable market in 2021 and is expected to maintain its leadership in terms of revenue during the forecast period. The same segment is projected to witness the fastest CAGR of 10.32% from 2022 to 2031. Color-tunable LED luminaires are becoming increasingly popular in both commercial and residential settings around the world. Restaurants and homes are using these lights because they can mimic incandescent lighting.

Asia-Pacific to achieve the largest revenue and fastest growth by 2031

Based on region, the market in Asia-Pacific was the largest in 2021, accounting for nearly two-fifths of the global dimmer and color tunable market and is likely to maintain its dominance during the forecast timeframe. The same market is likely to show the fastest CAGR of 9.14% during the forecast period. This is owing to the increasing adoption of LED lighting in residential and commercial buildings, the rising demand for energy-efficient lighting solutions, and the growing popularity of smart home systems in the region. In addition to the residential and commercial sectors, the hospitality industry is also expected to drive the growth of the LED dimmer switch market in the Asia Pacific region, as hotels and other hospitality businesses look for ways to reduce energy consumption and improve guest experience.

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Leading Market Players

Acuity Brands, Inc.
Cree Lighting
Eaton Corporation
Honeywell International Inc.
Hubbell, Inc
Koninklijke Philips N.V.
Legrand
Lite-Puter
Lutron Electronics, Inc.
OSRAM GmbH

The report analyzes these key players of the global dimmer and color tunable market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the dimmer and color tunable market analysis from 2021 to 2031 to identify the prevailing dimmer and color tunable market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the dimmer and color tunable market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global dimmer and color tunable market trends, key players, market segments, application areas, and market growth strategies.

Dimmer and Color Tunable Market Report Highlights:

Product

Dimmer
Color Tunable

Application

Commercial
Residential
Industrial

Type

Light-Emitting Diode (LED)
High Intensity Discharge (HID)
Incandescent and Halogen
Fluorescent

By Region

North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Spain, Italy, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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Key Market Players: Acuity Brands, Inc., Cree Lighting, Eaton Corporation, Honeywell International Inc., Hubbell.Inc, Koninklijke Philips N.V., legrand, Lite-Puter, Lutron Electronics Inc, OSRAM GmbH.

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