Lighting Control System Market | Honeywell International Inc, WAGO Corporation, Infineon Technologies, Schneider Electric, Cisco Systems Inc | 16.99%

Global Lighting Control System Market This market research provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Research classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

The lighting control system market is expected to reach USD 42.79 billion in 2024 from USD 16.71 billion in 2018, witnessing a CAGR of 16.99%, during the forecast period (2019 - 2024). The market is moving toward the adoption of the Internet of Things (IoT), with the increasing usage of smart devices, such as smartphones, tablets, etc. As the lighting control market is finding its applications in IoT-connected devices, the increase in adoption is influencing a positive growth of the market.

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The prominent players in the Lighting Control System Market are:

General Electric Company, Philips Lighting NV, Eaton Corporation PL, Honeywell International Inc., Acuity Brands Inc., Cree Inc., Lutron Electronics Co. Inc., Leviton Manufacturing Company Inc., Digital Lumens Inc., WAGO Corporation, Infineon Technologies, Schneider Electric, Cisco Systems Inc., Taiwan Semiconductor, Toshiba

Scope Of The Market-

Smart lighting control systems improve energy efficiency and performance. These systems have countless applications across diverse verticals, like aircraft, automobiles, home appliances, etc. Smart lighting controls have been increasingly adopted in an effort to reduce energy consumption.

Market Analysis-

- The improved connectivity and advancements in technologies solutions have increased the adoption of smart lighting controlling system, globally. Wireless technologies, such as ZigBee and bluetooth, have made installations of smart lighting controlling system seamless across various spaces.
- Moreover, the concept of smart cities is also increasing in different regions and this movement is supported by many government initiatives. As a smart city consists of a connected system, the general lighting application in the smart city requires automated lighting systems. These automated lighting systems use sensor-based control systems.
- For instance, in April 2018, the Council of Australian Governments Energy Ministers have announced to replace halogen lamps with LED lamps to improve energy efficiency.
- However, on the flip side, wireless connections can be unreliable at times and ongoing maintenance are the factors hampering the overall growth of the market. The initial set up cost is also high, which is a major challenge in the large-scale adoption of lighting control systems.

Key Industry Trends-

Smart City Development Initiatives to Drive the market for Smart Lighting

- According to the United Nations Human Settlements Program, cities consume 78% of the world's energy and Philips also predicted that by 2050, 66% of the population may live in cities, due to urbanization. These have resulted in smart cities, where smart cities rely on IoT, where everything is dependent on each other. From streets lights to traffic signals and beyond. Smart lighting can be a backbone for a smart city network.
- Nowadays, most cities that install new smart lighting or retrofit existing fixtures choose systems that already are equipped with sensor technology or that can be upgraded easily to utilize the advantages of IoT applications.
- For instance, in February 2018, London worked on an innovative lighting strategy that would use smart lighting to cut energy and light pollution, and manage light levels and color at different times of the day.

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Asia-Pacific to Witness the Fastest CAGR

- The growth in Asia-Pacific is attributed to the rapid infrastructure building activities being undertaken in the region, mainly in China where lighting control systems pave the way for the modernization of infrastructure. It is anticipated to consume more energy resources in the longer run, especially with the growing energy demand from the developing countries, such as China and India. The lighting segment usually consumes the majority of the electricity in a commercial building and draws substantial energy levels for a private residence.
- Apart from this the increasing awareness regarding the efficiency of the connected lighting system in the emerging countries, like China, India, and Taiwan, is enabling significant cost savings through optimal energy consumption.
- India is making an affirmative shift from using conventional lighting to LED and energy efficient smart lights. Due to this change, India is perceived as a market with great potential for international and domestic manufacturers alike.
- According to a report by ELCOMA, the lighting industry is expected to reduce energy consumption for lighting from the present 18% of total power consumption to 13% by 2020, by introducing more energy efficient products and working more closely with the government to execute various schemes and awareness programs.

Industry Updates-

- June 2018 - Honeywell launched a suite of next-generation energy management software, smart lighting, voice controls, and secure cloud communication systems. With these technologies, the hospitality industry can fully integrate energy management, safety and security systems, property management, and brand network operations for world-class guestroom and building automation.

Major points covered in this research are:-
Lighting Control System Market Overview, Segment by Type (Product Category), by Application, by Region (2019-2024), Competition by Manufacturers
Global Market Size (Value) of Lighting Control System (2019-2024)
Global Lighting Control System Capacity, Production, Revenue (Value), Supply (Production), Consumption, Export, Import by Region (2019-2015)
Global Lighting Control System Production, Revenue (Value), Price Trend by Type
Global Lighting Control System Market Analysis by Application
Global Lighting Control System Manufacturers Profiles/Analysis
Lighting Control System Manufacturing Cost Analysis
Industrial Chain, Sourcing Strategy and Downstream Buyers
Marketing Strategy Analysis, Distributors/Traders
Market Effect Factors Analysis
Global Lighting Control System Market Forecast (2019-2024)
Competitive Landscape
Research Findings and Conclusion

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Finally, this Lighting Control System report covers the market scenario and its development prospects over the coming years. Report likewise manages the type analysis, contrasting it with the significant application, recent Lighting Control System product development and gives an outline of the potential Global market.

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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

This release was published on openPR.