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Lighting Control System Market Size, Share Analysis And Forecast Report 2024 To 2033
Lighting Control System Market
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According to The Business Research Company's, The lighting control system market size has grown rapidly in recent years. It will grow from $36.56 billion in 2023 to $43.3 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to energy efficiency awareness, regulatory standard, sustainability initiatives, cost savings, workplace productivity.
The lighting control system market size is expected to see rapid growth in the next few years. It will grow to $84.36 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to iot integration, demand for smart homes, work-from-home culture, urban infrastructure upgrades, retrofitting demand. Major trends in the forecast period include gesture control systems, personalized lighting experiences, li-fi integration, focus on user experience, wireless connectivity.
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Market Drivers and Trends:
Growing commercial and non-commercial buildings are expected to propel the growth of the lighting control system market going forward. A commercial building refers to any non-residential structure that is not agricultural, industrial, or institutional. A non-commercial building is any structure or building not used for a commercial enterprise or as a residential residence. Using lighting control systems such as dimmers and color-changing bulbs offers a clever approach to incorporating networked controls inside offices, commercial buildings, and non-commercial buildings. For instance, in September 2022, according to the University of Michigan's Center for Sustainable Systems, a US-based organization that develops systems analysis techniques, models, and indicators for developing sustainable futures, in the US commercial building floor space is anticipated to expand by 35% from 2021 and expected to reach 124.6 billion square feet by 2050. In addition, the average size of US homes expanded by 45% in 2021, from 2,185 to 2,565 square feet. Therefore, growing commercial and non-commercial buildings are driving the growth of the lighting control system market.
Advancements in technology are a key trend gaining popularity in the lighting control system market. Major companies operating in the lighting control system market are using advanced technologies to sustain their position in the market. For instance, in August 2021, Intermatic Incorporated, a US-based appliance, electrical, and electronics manufacturing company, launched the new ARISTATM Advanced Lighting Control System, a programmable smart lighting solution for up to 10,000 ft2 of commercial and public facilities. Users can adapt ARISTA to their project requirements using a range of modular components, and installation challenges are eliminated by deliberate design choices like battery-powered sensors and secure Bluetooth 5.0 mesh networking technologies.
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Major Key Players of the Market:
General Electric Co., Taiwan Semiconductor Manufacturing Company Limited, Panasonic Corporation, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., Eaton Corporation plc, Infineon Technologies AG, Legrand SA, Signify NV, Hubbell Incorporated, Acuity Brands Inc., OSRAM GmbH, WAGO Corporation, Leviton Manufacturing Company Inc., Zumtobel Group AG, Wolfspeed Inc., Ideal Industries Inc., GE Current, Lutron Electronics Co. Inc., Inventronics Inc., RAB Lighting Inc., Toshiba Lighting & Technology Corporation, Helvar Ltd., Synapse Wireless, Digital Lumens Inc.
Lighting Control System Market 2024 Key Insights:
• The lighting control system market size is expected to see rapid growth in the next few years. It will grow to $84.36 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%.
• Rising Construction Activities Fuels Lighting Control System Market Growth
• Innovative Technologies Reshape Lighting Control Systems
• North America was the largest region in the lighting control system market in 2023
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