As per Market Research Future (MRFR), the global lighting control system market is expected to reach USD 39 billion, with an 18% CAGR from 2017 to 2023 (forecast period). The report discusses the crucial trends in the global lighting control system market share in light of the novel COVID-19 pandemic. The report provides a rigorous overview of the different areas of the industry that are likely to be impacted by the pandemic.
The lighting control system is a system by a smart network of lighting controls that control lights in space. Various types of lighting control systems are available on the basis of desire and needs. The lighting control system can also be explained as the ability to control the level and quantity of light in a particular space. The control of light improves the experience and also saves energy.
Market Dynamics
The factors responsible for the growth of the lighting control system market share are the growing demand for energy-efficient products, technological innovations, the increasing adoption of the Internet of Things, modernization, and development of infrastructure. In addition, increasing consumer awareness and increasing electricity prices are expected to propel the market over the forecast period. Nevertheless, wireless connections can be unreliable at times, and ongoing maintenance is a factor that hinders the overall growth of the industry.
High implementation of various smart lighting and energy efficiency is expected to enhance the market's growth for lighting control systems. However, cybersecurity issues are hindering the development of the overall market.
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Segmental Analysis
The segment study of the lighting control system market is done by component, technology, services, and applications.
The component based segments of the lighting control system market are hardware, services, and software.
The hardware segments are sensors, switches, dimmers, and LED drivers among other. The software segments are web based services professional services, cloud based, managed services, and maintenance services among others. The LED segment can drive the market in the years to come. The rise in the demand for ballast components can garner high revenue for the market. The rise in the demand for energy-saving lighting systems is observed as key driving factor for the expansion of the market.
The technology based segments of the lighting control system market are bluetooth, Wi-Fi, POE, plc, and zigbee among others.
The application based segment of the lighting control system market are commercial, residential, roadways, industrial, highways, and railways among others.
Regional Analysis:
The global lighting control system market size is segmented into North America, Europe, Asia Pacific, and rest of the world.
Asia Pacific is likely to remain the dominant contributor to the global lighting control system market over the forecast period due to the growing infrastructure activities in rapidly emerging economies such as China and India. These infrastructure initiatives are often performed with the latest technology to save on upgrade costs in the future, leading to growing use of lighting control systems in the region. The growing residential sector in the region could also provide significant sales revenue for the lighting control system market, although the residential sector in Asia Pacific still lags behind the residential sector in developed regions such as North America and Europe.
North America is also likely to remain a major regional segment of the global lighting control systems market over the forecast period due to the increasing demand for energy-efficient products and the increasing adoption of smart homes. The increasing adoption of IoT technology in North America has also made it easier for consumers to install and operate advanced lighting control systems.
Key Players
The industry giants in the global light controlling system market include Philips Lighting N.V. (Netherlands), Eaton Corporation (Ireland), General Electric Company (GE) (US), Legrand S.A. (France), Acuity Brands Inc. (US), OSRAM Licht AG (Germany) and Cree, Inc. (US), Lutron Electronics Co. Inc. (US); Leviton Manufacturing Company, Inc. (US) and` among others.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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