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Intelligent Lighting Controls Market share growing at tremendous rate 17.4% CAGR to reach $26.06 Billion by 2027

11-04-2020 01:52 PM CET | Energy & Environment

Press release from: Allied Analytics

Intelligent Lighting Controls Market share growing

Increase in penetration of LED bulbs and lightings globally and rise in government initiatives toward energy saving measures fuel the growth of the global intelligent lighting controls market. On the other hand, high initial installation cost impedes the growth to some extent. However, emerging smart city projects in developing economies and growing inclination toward energy-efficient lighting solutions are expected to create multiple opportunities in the industry.

Key players in the industry-

Cisco
Cree, Inc.
Eaton
Acuity Brands
OSRAM
Panasonic Corporation
Honeywell
Philips
Siemens
GE Lighting

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The sensors segment to lead the trail by 2027-

Based on type, the sensors segment contributed to around one-fifth of the global intelligent lighting controls market revenue in 2019, and is expected to lead the trail by the end of 2027. The same segment is also projected to register the fastest CAGR of 20.4% during the estimated period. Rapid development of smart sensors fuels the growth of the segment.

COVID-19 scenario-

The outbreak of the pandemic has impacted the global intelligent lighting controls market badly. The global lockdown has led to significant decline in the demand for lighting strictures among the end-users.
Many companies are reporting difficulties in obtaining raw materials due to a number of reasons such as late deliveries and shortage of shipping capacity. However, with several government bodies imposing relaxations on the existing regulations, the market is expected to gradually recoup its position in terms of revenue.

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The wired segment to maintain the lion's share-

Based on connectivity type, the wired segment accounted for around three-fourths of the global intelligent lighting controls market share in 2019, and is anticipated to rule the roost throughout the forecast period. This is attributed to its simple installation feature. Simultaneously, the wireless segment would portray the fastest CAGR of 18.9% till 2027. This is due to growing preference toward IoT.

North America to dominate in terms of revenue-

Based on geography, North America held the major share in 2019, generating more than one-third of the global intelligent lighting controls market, owing to growing concern toward energy consumption among people in the province. The Asia-Pacific region, on the other hand, would grow at the fastest CAGR of 20.5% from 2020 to 2027. Increase in trend toward smart infrastructure development drives the market growth in Asia-Pacific.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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