Lighting Control System Market 2020| Global Size, Share, Trends, Covid-19 Effects, Regional Analysis and Growth Opportunities Forecast to 2023
In its research report, Market Research Future (MRFR), asserts that the global market 2020 is slated to grow exponentially, securing a substantial market valuation of USD 39 billion by 2023, and a healthy 18% CAGR over the review period.
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Drivers and Restraints:
The factors that contribute to the growth of the market for lighting control systems are the rising demand for energy-efficient products, technological advances, increased Internet of Things adoption, modernization and infrastructural development. In addition, increasing customer awareness and raising energy prices are expected to fuel the demand over the forecast period. Nevertheless, wireless communications may often be unstable, and ongoing maintenance is the factors that hamper the overall market growth. The high deployment of various smart lighting and energy management are the factors that are expected to fuel the growth of the demand for lighting control systems. Wireless technology growth for lighting control systems is expected to propel the wireless communication technologies market during the forecast period. Cyber security problems however hamper the overall market growth. The highest market share was in the Hardware Component segment. Growing global investments in works related to infrastructure upgrades, mainly in residential and commercial buildings, is a driving force in market dominance for new installations. The rising government funding towards smart cities is also expected to motivate key companies to invent new lighting control system modules that match the changing trends and needs across the globe. These players possess state of art R&D labs and strong sales and distribution network which have helped them to gain control in the market.
segmentation by component comprises hardware- switches, sensors, dimmers, LED drivers, others, software- cloud based, web based services professional services, maintenance services, managed services and others. LED drivers and ballast components held a major share of the market for hardware components. Increasing demand for energy-saving lighting systems is a key driving factor for the market.
segmentation by technology comprises bluetooth, wi-fi, plc, POE, zigbee, others.
segmentation by application comprises residential, commercial, industrial, highways, roadways, railways, others.
The geographical analysis of the global market has been analyzed in four major regions, including North America, the Asia Pacific, Europe, and the rest of the world. Asia-Pacific accounted for the largest market share mainly due to enhanced infrastructure building activities in countries like India and China, infrastructure modernization and increased demand for digitization. North America, however, is also expected to rise at a rapid pace due largely to high adoption of new technological technologies, increased demand for smart homes and increased demand for energy-efficient goods. Factors such as the ever-growing population, increasing per capita income and large regional expansions have indirectly contributed to the growth of the Asian countries' lighting control systems industry.
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The major market players operating in the global market as acknowledged by MRFR are Legrand S.A. (France), Lutron Electronics Co. Inc. (US), Philips Lighting N.V. (Netherlands), Eaton Corporation (Ireland), Leviton Manufacturing Company, Inc. (US), Acuity Brands Inc. (US), OSRAM Licht AG (Germany) and Cree, Inc. (US), General Electric Company (GE) (US), and` among others.
The Lighting Control System Market continues to be highly competitive. To retain its market place and drive business growth, a competitive environment is created by rising diverse and diversified foreign organizations, domestic organizations and new entrants. Market leaders are constantly innovating and increasingly pursuing market growth through numerous strategic mergers and acquisitions, innovation, increased research and development investments, and cost-effective product portfolio. Significant players invest in internal R&D, and most of all in the acquisition of other businesses.
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