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Lighting Control System Market reached USD 18,943 million in 2019 and will grow at 14.1% CAGR during 2020-2027 | Size, Share & Forecast
Lighting Control System Market
The Lighting Control System Market was valued around USD 18,943 million in 2019 and is predicted to grow at a CAGR of 14.1% over the forecast period (2020-2027).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/lighting-control-system-market/
The factors driving the growth of Lighting Control System Market includes rising consciousness about reducing energy consumption, expansion of the smart city network, increasing installation of smart lighting systems around the world and improvements in the living standards. According to the report published by Bloomberg, the Global Smart Lighting Market was estimated around USD 11203.56 million in 2020 and is expected to reach USD 18131.31 million by 2028, expanding at a CAGR of 6.32% over the forecast period (2021-2030), which will accelerate the Lighting Control System Market size in coming years. Moreover, Government schemes promoting the use of energy efficient products, technological advancements in lighting control systems, shift from using conventional lighting to LED, rapid digitalization and rising focus on modernizing the lighting infrastructure, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading companies on research and development, strategic mergers, and acquisitions between key industry players, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the Lighting Control System Market is hindered due to high installation cost of lighting control systems.
The prominent players operating in the market are OSRAM, Acuity Brands Lighting Inc., Schneider Electric SE, Legrand S.A., Philips Lighting Holding B.V., Honeywell International Inc., Hubbell Incorporated, General Electric Company, Lutron Electronics Co., Inc. and Ideal Industries, Inc., among others.
Based on Type, the New Installations segment is expected to expand at a remarkable CAGR during the forecast period
Growing demand for smart lighting control systems in corporate offices, parking spaces, and shopping malls and rising adoption of advanced technologies, are some of the factors responsible for the segment's growth.
Based on Offering, the Hardware segment is projected to capture the largest market share over the forecast period
As per the Global Lighting Control System Market Forecast, growing demand for LEDs across the globe, is major factor pushing the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
Rise in the installation of smart lighting systems, increase in Government's expenditure on smart city projects, rapid urbanization and high population growth rates are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Developments
In 2019, Acuity Brands Lighting Inc. launched Modulus, a low voltage distributed power and control system which offer digital control and network technologies for LED luminaires.
In 2019, Ideal Industries, Inc., completed the acquisition of Cree Lighting, a lighting Product business unit of Cree, Inc. The acquisition includes LED lighting fixtures, lamps, and corporate lighting solutions business for commercial, industrial, and consumer applications.
In 2018, Lutron Electronics Co., Inc. completed the acquisition of Ketra, a natural light solution provider. Through this acquisition, Lutron plans to expand its product offering and provides its target customer with a more comfortable, productive, and pleasant environment at home and at work.
Market Segmentation
Segmentation by Installation Type
New Installations
Retrofit Installations
Segmentation by Offering
Hardware
LED Drivers and Ballasts
Sensors
Switches
Manual On/Off Switches
Electronic Switches
Dimmers
Wired Dimmers
Wireless Dimmers
Relay Units
Gateways
Software
Local/Web Based
Cloud Based
Services
Professional Services
Installation and Maintenance Services
Segmentation Market by End-use Application
Indoor
Residential
Commercial
Industrial
Others
Outdoor
Highways & Roadways Lighting
Architectural Lighting
Lighting for Public Places
Segmentation by Communication Protocol
Wired
DALI
PLC
POE
Wired Hybrid Protocols
Others
Wireless
ZigBee
Bluetooth/BLE
EnOcean
Wi-Fi
6LoWPAN
Wireless Hybrid Protocols
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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