Research and Markets’ recent report states that the Global Light Meter Market, which was estimated to be USD 356.8 Mn in 2021, is now expected to reach USD 499.96 Mn by 2026, growing at a CAGR of 6.98%.
The Global Light Meter Market is driving because of government initiative towards standardization of protocols increasing demand from various industries. On the other hand, the availability of substitute products such as light measuring devices and smartphone applications, including an in-built camera as a light sensor, restricts the market’s growth.
Furthermore, increasing-price competitiveness due to many manufacturers with different pricing strategies is the challenge affecting the market’s growth. Moreover, technological development such as wireless light meters, sharing data vis cloud computing for building automation, and Internet of Things (IoT) embedded solutions are creating opportunities for the market to grow in the forecasted period.
Research and Markets’ report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories.
