Press release
Rapid Growth on the Horizon: Lighting Control System Market Poised for Expansion with $98.93 Billion Valuation by 2029
Lighting Control System Market Size
What Is The Projected Market Size Of The Global Lighting Control System Market And Its Growth Rate?
- The lighting control system market will grow from $42.64 billion in 2024 to $50.1 billion in 2025 at a compound annual growth rate (CAGR) of 17.5%.
- By 2029, the market is projected to reach a valuation of $98.93 billion, growing at a CAGR of 18.5%.
- This growth can be attributed to energy efficiency awareness, regulatory standards, sustainability initiatives, cost savings, workplace productivity, IoT integration, demand for smart homes, work-from-home culture, urban infrastructure upgrades, and retrofitting demand.
What Is Driving The Growth In The Lighting Control System Market?
Increasing construction of commercial and non-commercial buildings are expected to fuel the growth of the lighting control system market. Commercial buildings refer to any non-residential structure that is not agricultural, industrial, or institutional, while non-commercial buildings are structures or buildings not used for a commercial enterprise or residential residence. Incorporating lighting control systems like dimmers and color-changing bulbs into these spaces is a clever approach for integrating networked controls. According to the University of Michigan's Center for Sustainable Systems, US commercial building floor space is expected to increase by 35% from 2021, reaching 124.6 billion square feet by 2050. This growth is anticipated to enhance the market for lighting control systems.
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Who Are the Key Players Driving Lighting Control System Market Growth?
The market's growth is driven by major companies including:
- General Electric Co.
- Taiwan Semiconductor Manufacturing Company Limited
- Panasonic Corporation
- 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
- Ideal Industries Inc.
- Lutron Electronics Co. Inc.
- Inventronics Inc.
- RAB Lighting Inc.
- Toshiba Lighting & Technology Corporation
- Helvar Ltd.
- Synapse Wireless
- Digital Lumens Inc.
What Are The Key Trends In The Lighting Control System Market?
Key trends include:
- Gesture control systems
- Personalized lighting experiences
- Li-Fi integration
- Focus on user experience
- Wireless connectivity
What Are The Segments Of The Global Lighting Control System Market?
- Installation Type: New Installation, Retrofit
- Offering: Hardware, Software, Services
- Communication Protocol: Wired, Wireless
- End-Use: Indoor, Outdoor
Which Region Leads The Lighting Control System Market?
North America was the largest region in the lighting control system market in 2024. However, the Asia-Pacific region is anticipated to experience the fastest growth in the forecast period. Other regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Lighting Control System Market Global Market Report?
- Market Size Analysis: Analyze the Lighting Control System Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Lighting Control System Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Lighting Control System Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Lighting Control System Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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