Lighting Control System - Global Market Outlook (2019 -2027)
According to Stratistics MRC, the Global Lighting Control System Market is accounted for $19.84 billion in 2019 and is expected to reach $68.72 billion by 2027 growing at a CAGR of 16.8% during the forecast period. Some of the factors such as government initiatives and policies for energy savings and ongoing and upcoming smart city projects in developing economies are propelling market growth. However, security and reliability issues with smart homes and high initial and deployment costs are hampering the market growth.
A lighting control system is a system by which a smart network of lighting controls allocates the user to control lights in space. These systems have countless applications across diverse verticals, like aircraft, automobiles, home appliances, etc. Also, the lighting control system can be explained as the capability to regulate the level and quantity of light in a particular space. The control of light augments the experience and also saves energy.
Based on the offering, the hardware segment is likely to have a huge demand due to the hardware components in lighting products such as LED drivers and ballasts, sensors, relay units, dimmers, and gateways. The growing command of LED lights and sensors driven by its exceptional properties such as lowers energy consumption, requires less maintenance, and offers higher safety. An increasing command for energy-saving lighting systems is a key pouring factor for the market for this segment.
By geography, the Asia Pacific is going to have a lucrative growth during the forecast period due to the hasty infrastructure-related activities being undertaken in this region, mainly in China, where smart lighting paves the way for the modernization of infrastructure. Factors such as the ever-growing population, growing per capita income, as well as vast geographic expansions, have indirectly contributed to the growth of the market for lighting control systems in the Asian countries.
Some of the key players profiled in the Lighting Control System Market include Signify Holding, Legrand, General Electric Company, OSRAM Licht AG, Schneider Electric, Honeywell International Inc, Hubbell Incorporated, Ideal Industries, Inc., Eaton, Acuity Brands Lighting, Inc., Leviton Manufacturing Company, Inc., Philips Lighting NV, Lutron Electronics Co. Inc, Cree Inc, and Cisco Systems Inc.
Installation Types Covered:
• Retrofit Installations
• New Installations
Communication Protocols Covered:
End Users Covered:
• Transportation & Automotive
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019 2020, 2024, and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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