The global lighting control system market size is expected to reach USD 26.4 billion by 2026, growing at a CAGR of 19% during the forecast period.
CHICAGO, ILLINOIS, UNITED STATES, May 6, 2021 /EINPresswire.com/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global lighting control system market report.
The lighting control system market is expected to grow at a CAGR of approximately 19% during the period 2020−2026.
Key Highlights Offered in the Report:
1. In 2020, the APAC region dominated the global lighting control system market, accounting for around 42% share by revenue. India is expected to witness strong traction in demand for lighting control systems during the forecast period.
2. The burgeoning population, increasing affordability of consumers, rising awareness, and significant shift in lifestyle is expected to fuel the demand for lighting control systems during the forecast period.
3. Wired lighting control systems dominate the market; however, wireless lighting control systems are expected to grow at a CAGR of approximately 20%.
4. Vendors are creating marketing strategies based on the lifecycle and payback of lighting control systems. The competitive environment in this market is likely to intensify further with an increase in product/service extensions, technological innovations, and M&As.
5. In terms of installation, the global lighting control system market has been broadly classified into new and retrofit installations. Presently, the market is dominated by new installations accounting for around 78% share in 2020.
6. In terms of offerings, the global lighting control system market was dominated by hardware, which accounted for over 70% share in 2020. Hardware comprises the foundation of lighting control systems with the installation of components such as drivers, sensors, dimmers, and many more.
7. One of the key restraints hampering the growth of the global lighting control system market is the high initial cost of installation and lack of awareness about energy efficiency among end-users.
8. A surge in the number of market vendors has provided customers with a wide variety of options to choose from, and this has led to intense competition amongst vendors with a task to not just acquire customers, but even retain them.
9. As the price of LED bulbs is constantly decreasing, its adoption is increasing in the residential and commercial sectors. The commercial sector is expected to dominate the market during the forecast period. Moreover, the rising disposable income of people and the growing real estate industry are expected to further drive market growth.
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by communication protocol, application, offerings, installation, and geography
• Competitive Landscape – 8 key vendors and 11 other vendors
Lighting Control System Market – Segmentation
• Wired communication protocols account for over 70% share in the market. This is majorly due to high safety and reliability. They account for the highest percentage as they were invented way before wireless protocols and most buildings comprise wired systems. Furthermore, since wired systems do not need any technical skills to install or run, many end-users continue to use them.
• The indoor segment dominates the global lighting control system market share, accounting for over 90% of the market with an expected growth of over 18% during the forecast period. The outdoor segment constituted approx. 8% share of the global market in 2020; however, it expects to grow at a fast CAGR of over 23% during the forecast period. Increased focus of government agencies toward efficient energy usage and reduced carbon emission are taking initiatives to incorporate highly efficient lighting systems in outdoor settings.
• The hardware lighting control system market expects to reach approx. USD 18 billion by 2026. The hardware segment accounts for over 70% share in the market. The increasing installation of LED-based systems from government agencies to achieve energy efficiency and reduce operational expenditure is likely to drive demand for hardware components.
Lighting Control System Market by Communication Protocol
Lighting Control System Market by Application
• Industrial & Others
• Highways & Roadways
Lighting Control System Market by Offerings
• Software & Services
Lighting Control System Market by Installation
Lighting Control System Market – Dynamics
IoT is quickly expanding and increasingly being integrated into commercial structures. Communication between the lighting system, users, the environment, and other devices is possible with IoT lighting control systems. The adoption of IoT in the lighting market is expected to accelerate significantly in the coming years, and the growth of connected devices will have a significant effect on the lighting control system market as more commercial buildings install these systems. In recent years, the transition from traditional lighting controls to intelligent lighting controls has occurred due to the shift to solid-state lighting (SSL). There are a variety of lighting control systems available in the market; both wired and wireless technologies are currently being used in lighting control systems. Wireless systems such as ZigBee and Bluetooth Smart, and Power over Ethernet (PoE) are currently being integrated.
Key Drivers and Trends fueling Market Growth:
• Demand for Lighting Control in Street Lights
• Rising Demand from Retrofit Market
• Growing Penetration of Luminaire-Level Lighting Control
• Increasing Demand for Energy-Efficient Lighting
Lighting Control System Market – Geography
The APAC region accounted for the highest share of over 40% in the global lighting control system market in 2020. Several factors are contributing to the dominating position of APAC in the market. The major factors are the presence of some of the most populous countries, high penetration of LED in countries such as Japan and China, and a huge base for electrical equipment production and consumption. Asia is the major global production base for the LED industry and home to three countries with the highest LED revenue: Japan, South Korea, and China. Furthermore, the growth in construction and infrastructural development in the region is due to the booming population, which, in turn, is fueling the demand for lighting control systems.
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Lighting Control System Market by Geography
• North America
• South Korea
• Rest of APAC
• Latin America
• Rest of Latin America
• Middle East & Africa
• Saudi Arabia
• Rest of Middle East & Africa
• OSRAM Licht Group
• Acuity Brands Lighting
• Signify Holding
• Lutron Electronics
Other Prominent Vendors
• Honeywell International
• Ideal Industries
• Cree Lighting
• Universal Douglas Lighting Americas
• LSI Industries
• RAB Lighting
• Synapse Wireless
• Leviton Manufacturing
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