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Lighting Control System Market Size Forecasted To Achieve $98.93 Billion By 2029 With Steady Growth
Lighting Control System Market Size
What Is the Lighting Control System Market Size and Projected Growth Rate?
In the recent past, there has been a quick expansion in the size of the lighting control system market. The size of this market is projected to increase from $42.64 billion in 2024 to $50.1 billion in 2025, representing a compound annual growth rate (CAGR) of 17.5%. This significant growth during the previous period is primarily due to increased awareness around energy efficiency, regulatory norms, sustainability efforts, cost reduction, and improvements in workplace productivity.
The market size for lighting control systems is predicted to experience a significant expansion in the coming years. The projection for growth is pegged at a compound annual growth rate (CAGR) of 18.5%, aiming to reach a staggering $98.93 billion by 2029. The rise is potentially due to factors like the incorporation of IoT, the increased demand for smart homes, the popularity of remote working culture, enhancements in urban infrastructure, and heightened demand for retrofitting. Noteworthy trends in the specified period comprise gesture control systems, bespoke lighting experiences, the incorporation of Li-Fi, an emphasis on user experience, and wireless interconnections.
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What Are the Major Segments in the Lighting Control System Market?
The lighting control system market covered in this report is segmented -
1) By Installation Type: New Installation, Retrofit
2) By Offering: Hardware, Software, Services
3) By Communication Protocol: Wired, Wireless
4) By End-Use: Indoor, Outdoor
Subsegments:
1) By New Installation: Residential, Commercial, Industrial
2) By Retrofit: Upgrading Existing Systems, Replacement Of Outdated Controls
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What Are The Driving Lighting Control System Market Evolution?
The anticipated expansion of both commercial and non-commercial buildings is expected to fuel the growth of the lighting control system market. Typically, commercial buildings do not include residential structures or those related to agriculture, industry, or institutional sectors, whereas non-commercial buildings are those not engaged in business activities or utilized as dwellings. Sophisticated methods, including the use of lighting control systems like dimmers and color-changing bulbs, are becoming more widespread in offices, alongside various types of commercial and non-commercial buildings. For instance, predictions from the University of Michigan's Center for Sustainable Systems, a US body specializing in creating systems analysis strategies, models, and sustainability indicators, suggest an expected growth of American commercial building floor space by 35% from its 2022 value, anticipating it to reach 124.6 billion square feet by 2050. As such, the escalating growth of commercial and non-commercial buildings is significantly supporting the expansion of the lighting control system market.
Which Firms Dominate The Lighting Control System Market Segments?
Major companies operating in the lighting control system market include 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 Trends Are Expected to Dominate the Lighting Control System Market in the Next 5 Years?
Leading corporations in the lighting control system market are exploring technologies such as cloud services to increase operational productivity, enable off-site monitoring and management, promote real-time data study, and boost energy conservation via smart coordination and connection with IoT devices. Cloud services constitute on-demand computing resources and applications provided through the internet, granting users the convenience and efficiency of managing data and software without the necessity of local infrastructure. For example, in April 2024, Siemens AG, a company specialized in automation based in Germany, introduced Electrification X. The purpose of Electrification X is to amplify productivity, dependability, utilization of resources, energy competence, and sustainability. It makes use of cloud services to navigate, enhance, and automate electrification systems, subsequently decreasing operational expenses and emissions of carbon dioxide.
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Which Is The Largest Region In The Lighting Control System Market?
North America was the largest region in the lighting control system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the lighting control system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Lighting Control System Market?
2. What is the CAGR expected in the Lighting Control System Market?
3. What Are the Key Innovations Transforming the Lighting Control System Industry?
4. Which Region Is Leading the Lighting Control System Market?
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