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Intelligent Lighting Controls Market Size, Share, Trends, Growth, Future Forecast 2027

10-23-2020 04:27 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Valuates Reports

Intelligent Lighting Controls Market Size, Share, Trends,

The global intelligent lighting controls market size was valued at USD 7.49 Billion in 2019, and is projected to reach USD 26.06 Billion by 2027, registering a CAGR of 17.4% from 2020 to 2027.

Smart lighting controls have been increasingly adopted in an effort to reduce energy consumption. Moreover, increase inawareness of energy management has fostered the growth of the global intelligent lighting controls market. In addition, government regulations on the use of energy-efficient products boost the growth of the market. However, installation cost and longer payback period of LED lights, have limited the growth of these systems. In future, the introduction of low-price sensors and plummeting prices of LED products would minimize the cost of installation; thereby, creating numerous growth opportunities for intelligent lighting controls market.

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In many regions, government has formulated regulations to effectively utilize and manage electricity consumption. Some of the regulations as imposed by the respective authorities include China’s five-year plan targets for energy efficiency projects and European 2020 energy targets to reach net-zero energy consumption in public and private buildings. Such regulations would boost the growing adoption of intelligent lighting controls during the forecast period. In addition, there is an increase in awareness among theend users regarding the effectiveness of intelligent lighting controls in managing the electricity consumption as well as the costs. Intelligent lighting controls provide efficient utilization of energy with reduced wastage of electricity consumption. The rise inawareness is one of the important factors that boostthe adoption of intelligent lighting controls worldwide.

According to intelligent lighting controls market analysis ,the intelligent lighting controls comprise different components that include sensors, ballasts & LED drivers, dimmers & switch actuators, microcontrollers, transmitters & receivers, and intelligent luminaries. The ballasts and LED drives segment is anticipated to garner the highest revenue during the forecast period. Whereas, intelligent luminaries segment would grow rapidly, registering a prominent CAGR, during the forecast period. The end users of intelligent lighting controls include commercial buildings, residential buildings, and public utilities. Commercial buildings constitute around 58% share of the overall market revenue. Commercial buildings segment comprises retail, hospitality, industrial, and others. The adoption of intelligent lighting controls systems is high in these sectors, owing to high electricity consumption and greater focus on energy management to cut down the electricity costs.

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According to the intelligent lighting controls market trends, North America was the highest revenue contributor, accounting for $2,616.4 million in 2019, and is estimated to reach $7,696.3 million by 2027, with a CAGR of 15.0%. North America and Europe collectively accounted for around 63.3% share in 2019, with the former constituting around 34.9% share. Asia-Pacific and LAMEA are expected to witness considerable CAGRs of 20.5% and 19.4%, respectively, during the forecast period.

The significant factors impacting the growth of the global intelligent lighting controls market shareinclude increase inpenetration of LED bulbs and lightings globally and rise ingovernment initiatives towardenergy saving scheme. However, high initial installation cost of smart lighting controls system acts as the major barrier for early adoption;thereby, hampering the growth of the market. On the contrary, emerging smart city projects in developing economies and growing inclination towardenergy-efficient lighting solutions are anticipated to provide lucrative opportunities for the growth of theintelligent lighting controls market forecast.

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SEGMENTATION

The report segments the global intelligent lighting controls market sizeon the basis of type, connectivity type, application, and region. The type segment is analyzed across sensors, ballasts & LED drivers, microcontrollers, dimmers & switch actuators, transmitters & receivers, and others. By connectivity type, the market is bifurcated into wired and wireless. By application, it is divided intosmart cities, automotive, manufacturing, media & entertainment and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA, along with its prominent countries.

The key intelligent lighting controls industry leaders profiled in the report include Acuity Brands, Cisco, Cree, Inc., Eaton, GE Lighting, Honeywell, OSRAM, Panasonic Corporation, Philips, and Siemens. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance their market penetration.

Intelligent lighting control system is an automated technology, which comprises multiple lighting fixtures connected in a network to control lighting. Intelligent lighting control systems improve energy efficiency, performance, and customer value. These systems have numerous applications across diverse verticals, which include aircrafts, automobiles, home appliances, and many other systems.

TOP IMPACTING FACTORS

The significant factors impacting the growth of the global intelligent lighting controls market size include increase inpenetration of LED bulbs and lightings globally and rise ingovernment initiatives towardenergy saving scheme. However, high initial installation cost of smart lighting controls system acts as the major barrier for early adoption;thereby, hampering the growth of the market. On the contrary, emerging smart city projects in developing economies and growing inclination towardenergy-efficient lighting solutions are anticipated to provide lucrative opportunities for the growth of theintelligent lighting controls market during the forecast period.

Increase inpenetration of LED bulbs and lightings globally

The use of LED bulbs and architectural lighting indoors and outdoors has undergone a rapid transformation. The reduction of per unit of LEDs and advancements of LEDs for improved energy efficiency have led to its adoption globally. Furthermore, ease of availability of variety of LEDs in the online and offline market contributes to the increased sales. These factors are expected to drive the intelligent lighting controls market growth.

Increase in government initiatives toward energy saving

The governments in different countries have undertaken several initiatives to minimize the CO2 emissions and promote efficient consumption and management of electricity. The growth of intelligent lighting controls market is fostered by such supportive government initiatives as these systems ensure efficient usage of electricity in lighting with minimal wastages. Regions such as the U.S., the UK, China, and India are exhibiting a prominent demand for intelligent lighting controls with mandated regulations imposed by the governments of respective regions, which is expected to offer lucrative intelligent lighting controls market opportunity globally.

High initial installation cost

Smart lighting controls enable significant cost savings in the long run, but the initial cost of installation is high, resulting in longer payback period. Average payback period for installing intelligent lighting controls could be around 2-3 years, depending upon the type of solution. However, technological advancements as well as declining prices of microcontroller units, sensors, and other lighting components would eventually reduce the payback time;thereby, leading to a higher adoption in the coming years.

Key Benefits For Stakeholders

This study includes the analytical depiction of the intelligent lighting controls market forecast along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information regarding the key drivers, restraints, and opportunities in the intelligent lighting control market.
The intelligent lighting control market growth is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Global Intelligent Lighting Control Market Segmentation

By Type

o Sensors

o Ballasts & LED Drivers

o Microcontrollers

o Dimmers & Switch Actuators

o Transmitters & Receivers

o Others

By Connectivity Type

o Wired

o Wireless

BY APPLICATION

o Smart Cities

o Automotive

o Manufacturing

o Media & Entertainment

o Others

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