Luminaire and Lighting Control Market Growth worth USD 144.5 billion, Growing at a 5.8% CAGR by 2031 - Report by Transparency Market Research, Inc.

The Global Luminaire and Lighting Control Market is poised for significant growth, fueled by the surge in awareness about energy conservation, the rise in smart home and building constructions, and the increasing adoption of efficient lighting solutions. In 2022, the market was valued at US$ 87.4 billion, and it is projected to witness a robust CAGR of 5.8%, reaching a substantial US$ 144.5 billion by the end of 2031.

Market Drivers:
The primary drivers propelling the luminaire and lighting control market are the global emphasis on energy conservation and the burgeoning construction of smart homes and smart buildings. With escalating electricity prices, governments worldwide are turning to energy-efficient lighting controls to cut operational costs and enhance safety and efficiency.

Urban areas, in particular, are witnessing a surge in the adoption of luminaire and lighting control for efficient lighting solutions. The market is further boosted by the improvement in living standards in urban communities, where both government and private organizations strive for maximum efficiency in lighting solutions.

Download sample PDF copy of report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=44583&utm_source=Openpr&utm_campaign=Amit

Energy Conservation Focus:
Governments in metropolitan cities, especially in developed regions, are increasingly adopting greener technologies to reduce carbon footprints and electricity demands. Energy-efficient lighting controls, including luminaire and lighting systems, are a pivotal part of these initiatives. According to a 2020 report by the Design Lights Consortium and Northwest Energy Efficiency Alliance, luminaire and lighting controls offer average energy savings exceeding 60%, underscoring their role in the global push for energy conservation.

Smart Homes and Buildings Revolution:
The growth in the construction of smart homes and smart buildings is a significant catalyst for the luminaire and lighting control market. Integrated lighting controls are becoming integral to various sectors, including residential and commercial buildings. The Massachusetts Institute of Technology notes that lighting constitutes around 14% of a building's overall energy needs, making it a key area for integrating energy-efficient products and services.

Challenges:
However, the luminaire and lighting control market faces challenges, particularly regarding the high installation costs associated with smart lighting solutions. The initial capital cost of energy-efficient lights and LEDs is higher than traditional lighting technologies, presenting an obstacle to widespread adoption.

Regional Outlook
According to the latest luminaire and lighting control market analysis, Asia Pacific held the largest share in 2022. Rise in investment in infrastructure development and smart city projects is fueling the market dynamics of the region.

From April 2000 to December 2021, Foreign Direct Investment (FDI) in the construction development (townships, housing, built-up infrastructure, and construction development projects) and construction (infrastructure) activity sectors in India was valued at US $26.17 Bn and US$ 26.30 Bn, respectively, according to the Department for Promotion of Industry and Internal Trade (DPIIT).

Companies Profiled
• General Electric
• Signify Holding
• WOLFSPEED, INC.
• Legrand S.A.
• OSRAM GmbH
• Eaton Corporation
• Lutron Electronics Co., Inc.
• Acuity Brands, Inc.
• Hubbell Incorporated
• LSI Industries Inc.

Market Segmentation:
• Product: Luminaire, Control, Light
• Technology: Wired, Wireless (Wi-Fi, Bluetooth, ZigBee)
• Component: Hardware (LED Drivers & Ballasts, Sensors, Switches, Dimmers, Relay Units, Gateways), Software (Web-based, Cloud-based, Hybrid), Services (Professional, Managed)
• Application: Indoor (Residential, Commercial, Industrial), Outdoor (Architectural Lighting, Roadways Lighting, Lighting for Public Places)

Buy this Premium Research Report: https://www.transparencymarketresearch.com/checkout.php?rep_id=44583<ype=S&utm_source=Openpr&utm_campaign=Amit

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453

This release was published on openPR.