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The Global Intelligent Lighting Control System Market to Grow at CAGR of 14.33% by 2028
Global Intelligent Lighting Control System Market
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Triton's report suggests that the global intelligent lighting control system market is expected to showcase growth by 14.33% of CAGR during the considered phase of 2021-2028.
An intelligent lighting control system includes the implementation of wireless technology to control lighting systems efficiently. Moreover, these technologically advanced systems are employed in various industries, including residential, automotive, commercial, and others.
Factors such as growth in smart homes and the rise in wireless lighting control systems, are creating several new opportunities for the studied market over the forecast period. Smart homes provide the advantage of controlling home electric appliances via remote. Here, energy management systems and security access control systems are primarily driving the adoption of smart home technology.
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This growth in smart homes is likely to influence the demand for intelligent lighting systems, thereby offering several growth opportunities for the intelligent lighting control system market. However, high initial investment, a more extended breakeven period, and the dearth of system integration and skilled workforce, are restraining factors limiting the global market's progress.
North America is considered to hold the largest market share of the intelligent lighting control system market, and is estimated to have its stronghold till 2028. The region has observed substantial growth in the adoption of wireless connectivity type controls. Moreover, it is possible to attain a significant reduction in electricity costs through the implementation of advanced lighting control systems. Additionally, various regulatory bodies have initiated orders to decrease energy consumption, along with CO2 emissions across the region. Hence, these factors are estimated to stimulate the progress of the intelligent lighting control system market across North America.
The major companies thriving in the market include Legrand, OSRAM GmbH, LSI Industries Inc, Lutron Electronics Co Inc, Schneider Electric, Eaton Corporation PLC, Hubbell Incorporated, Acuity Brands Inc, Control4 Corporation, Leviton Manufacturing Co Inc, Honeywell International Inc, Philips Lighting, and Cree Inc.
As smart lighting control systems are developed in volumes, the economies of scale would vary for new players than existing players. This indicated that the threat of new entrants is relatively low in the market. However, the ease of availability of raw materials for new players poses a threat for existing players. On the other hand, the competition among the current market players is high, owing to the presence of several manufacturers producing intelligent lighting control systems.
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Triton Market Research is a leading market research company with offices in the UK, providing the best online market research and data reports to our clients. We provide informative and fact-based data to our clients by performing in-depth data analysis and serve a wide horizon of industries such as healthcare, automation, (ICT) Information and Communication Technologies, agricultural industries, and construction. Our dedicated team of researchers and analysts will help you with the best market research consulting services for your business, which comprises profound study of primary, secondary, consumer and international market research, and industry market analysis.
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