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Dimmer and Color Tunable Market 2024 Opportunity Assessment, Size, Growth Rate And Forecast To 2033
Dimmer and Color Tunable Market
According to The Business Research Company's, The dimmer and color tunable market size has grown strongly in recent years. It will grow from $16.89 billion in 2023 to $18.52 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to energy efficiency regulations, consumer demand for customization, architectural and interior design trends, environmental awareness, government incentives.
The dimmer and color tunable market size is expected to see strong growth in the next few years. It will grow to $25.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to smart home integration, iot connectivity, commercial sector growth, health and well-being trends, regulatory standards. Major trends in the forecast period include advanced led technologies, integration with smart home systems, customization and personalization, regulatory compliance, technological innovations.
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Market Drivers and Trends:
The increasing demand for energy-saving LEDs is expected to propel the growth of the dimmer and color-tunable market going forward. LEDs (Light Emitting Diodes) refer to semiconductor devices that emit light when an electric current is passed through them. LEDs have emerged as a popular choice for use in dimmers and color-tunable lighting solutions due to their long lifespan, color-tuning capabilities, and versatility. For instance, according to the U.S. Department of Energy, a US-based federal agency, LED lighting is becoming increasingly popular, accounting for 84% of all lighting installations and offering the potential to save 4.8 quads of energy every year by 2035. Therefore, increasing demand for energy-saving LEDs drives the dimmer and color-tunable market.
Product innovation has emerged as a key trend gaining popularity in the dimmer and color tunable market. Major players operating in dimmer and color tunable market are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in June 2023, URC, a US-based residential and commercial automation company launched URC Lighting LT-3300 dimmer/switch device. Installers can easily configure the next-generation smart products as either a dimmer or switch, swiftly programming the LT-3300 products to establish unique atmospheres for various occasions, such as entertaining or quiet family events. Owners have the seamless capability to activate customized scenes, receive system notifications, and control intuitive lighting programs, according to the company. Utilizing URC's Total Control system and Accelerator software, URC Lighting is seamlessly networked to offer comprehensive integration. This integration enables the launch of highly customized or frequently used lighting sequences, such as Good Morning, Dinner Party, and Good Night scenes.
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Major Key Players of the Market:
Acuity Brands Lighting Inc.; Cree Lighting Inc.; Eaton Corporation plc; Daintree Networks Inc.; Honeywell International Inc.; Hubbell Inc.; Koninklijke Philips N.V.; Lutron Electronics Co. Inc.; OSRAM GmbH; Leviton Manufacturing Co. Inc.; Lite Puter Enterprise Co. Ltd.; Cooper Industries; Schneider Electric SE; ABB Ltd; General Electric Company; Panasonic Corporation; Sensata Technologies Inc.; Sharp Corporation; Maxim Integrated Products Inc.; Linear Technology Corporation; Vishay Intertechnology Inc.; Texas Instruments Incorporated; Infineon Technologies AG; STMicroelectronics N.V.; NXP Semiconductors N.V.; Analog Devices Inc.; Renesas Electronics Corporation; ON Semiconductor Corporation; Silicon Laboratories Inc.; Lifx
Dimmer and Color Tunable Market 2024 Key Insights:
• The dimmer and color tunable market will grow to $25.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Surging Demand For Energy-Saving Leds Drives Growth In The Dimmer And Color-Tunable Market
• Urc Introduces Lt-3300 Dimmer/Switch In Response To Growing Trends In The Dimmer And Color Tunable Market
• Asia-Pacific was the largest region in the dimmer and color tunable market in 2023
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