As per Market Research Future (MRFR), the global lighting control system market is expected to reach USD 39 billion, with an 18% CAGR from 2017 to 2023 (forecast period). The report discusses the crucial trends in the global lighting control system market in light of the novel COVID-19 pandemic. The report provides a rigorous overview of the different areas of the industry that are likely to be impacted by the pandemic.
The lighting control system is a system by a smart network of lighting controls that control lights in space. Various types of lighting control systems are available on the basis of desire and needs. The lighting control system can also be explained as the ability to control the level and quantity of light in a particular space. The control of light improves the experience and also saves energy.
Market Dynamics
The factors responsible for the growth of the market for lighting control systems are the growing demand for energy-efficient products, technological innovations, the increasing adoption of the Internet of Things, modernization, and development of infrastructure. In addition, increasing consumer awareness and increasing electricity prices are expected to propel the market over the forecast period. Nevertheless, wireless connections can be unreliable at times, and ongoing maintenance is a factor that hinders the overall growth of the industry.
High implementation of various smart lighting and energy efficiency is expected to enhance the market's growth for lighting control systems. However, cybersecurity issues are hindering the development of the overall market.
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Market Segmentation
The global lighting control system market has been segmented into components, technology, and application.
By component, the global lighting control system market has been segmented into hardware, software, and services. The hardware component segment accounted for the largest share of the market. By hardware, the global lighting control system market has been segmented into switches, sensors, dimmers, LED Drivers, and others. By software, the global lighting control system market has been segmented into Cloud-based and Web-based. By services, the global lighting control system market has been segmented into professional services, maintenance services, managed services, and others.
Based on technology, the global lighting control system market has been segmented into Bluetooth, Wi-Fi, PLC, POE, ZigBee, and others.
Based on application, the global lighting control system market has been segmented into residential, commercial, industrial, highways, roadways, railways, and others.
Regional Analysis
By region, the global lighting control system market has been segmented into North America, Europe, Asia Pacific, and the RoW.
Geographically, Asia Pacific held the largest market share in the global lighting control system market. In contrast, North America is expected to grow at a fast pace over the forecast period, 2017-2023.
The Asia Pacific accounted for the largest market share, primarily due to improved infrastructure building activities in India and China, infrastructure modernization, and growing demand for digitization. However, North America is also projected to grow rapidly, primarily due to the high adoption of new technological innovations, growing demand for smart homes, and increasing demand for energy-efficient products.
Key Players
The industry giants in the global light controlling system market include Philips Lighting N.V. (Netherlands), Eaton Corporation (Ireland), General Electric Company (GE) (US), Legrand S.A. (France), Acuity Brands Inc. (US), OSRAM Licht AG (Germany) and Cree, Inc. (US), Lutron Electronics Co. Inc. (US); Leviton Manufacturing Company, Inc. (US) and` among others.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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