Market Research Future (MRFR) expects the dimmers market 2020 to touch a striking valuation of USD 29.81 billion by 2025-end. It is also projected that the market can possibly procure a CAGR of 16.6% between 2019 and 2025 (review period). We will provide covid-19 impact analysis with the report, offering an in-depth review following the coronavirus disease outbreak.
COVID-19 Impact Analysis
The worldwide lockdown on account of the COVID-19 outbreak has led to an economic crisis that has derailed almost every industry. Multiple business sectors are bearing the brunt of the pandemic, and the intelligent lighting industry is no exception. Post the SARS-CoV-2 outbreak, companies were faced with tough decisions, in terms of finance and cost-cutting measures to ensure uninterrupted flow of operations. The lockdown situation was the short term impact that the novel coronavirus has left on the manufacturing industry worldwide, resulting in plummeting demand from semiconductor consumers. The weak demand has had a domino effect throughout the semiconductor industry, with the drop in the prices. The COVID-19 outbreak and the resultant lockdown has led to shutting down of operations, along with e-commerce and retail stores, which has made the supply chains fragile and has created a larger gap between demand and supply. Further, the electronic components’ supply has taken a hit owing to the shutdown in China.
Considering the long-term impact of COVID-19, governments are striving to handle the situation by implementing favorable initiatives as well as policies such as financial packages, lower interest rate as well as exceptions in tax. Even as the world is struggling to find a COVID-19 breakthrough, the dimmers market can recover to some extent during the review period, given the mounting demand across the healthcare sector and other industries.
Growth Inducers and Top Deterrents
Although the COVID-19 impact has been brutal on the intelligent lighting industry, the demand among consumers for energy-saving lighting systems has risen significantly, leading to better growth prospects for dimmers. The integration of IoT with lighting and the increasing adherence to standard regulations for lighting products also work in favor of the dimmers market. The market growth is also induced by the rapidly increasing urbanization worldwide combined with the introduction of modular dimmers.
Manufacturers are working on developing electrical switches that are not only energy-efficient but also need lesser maintenance. Also, the esthetically appeal of the dimmers is also paid attention to by the manufacturers, in order to draw in more number of consumers. This factor is supported by the increasing demand from smart cities as well as smart homes across the globe, which benefits the dimmers market to a large extent.
The accelerated demand for sustainable and energy-efficient lighting system, surge in Internet of Things (IoT) to design connected and smart lighting systems has boosted the adoption of dimmers among end-users. The increasing focus of the commercial space owners on being updated with the modern lighting technology is backed by the constant innovations in the lighting industry, and the constant efforts to cater to every need of the end-users remain the backbone of the dimmers market.
Hubbell Control Solutions (US), Lutron Electronics Inc (US), Acuity Brands Inc (US), Caribe Corporation (US), Signify (Philips Lighting) (Netherlands), OSRAM Licht AG (Germany), GE Lighting (US), ABB Limited (Sweden), Cooper Controls (Eaton) (Ireland), Gardasoft Vision Ltd (UK), Echelon Corporation (US), Cree Inc (US), Leviton Manufacturing Company Inc (US), LSI Industries Inc (US), are some of the top players operating in the dimmers industry worldwide.
Dimmers Market it is estimated to reach USD 29.81 Billion by the end of the Approaching Period at a …
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