BANGALORE, India, Oct. 23, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Lighting Control System Market By Type (Hardware, Software, Lighting as a Service), By Application (Indoor, Outdoor) and Region – Global Forecast to 2026", published on Valuates Reports
The global Lighting Control System Market size is projected to reach USD 29990 Million by 2026, from USD 15330 Million in 2020, at a CAGR of 11.8% during 2021-2026.
Major factors driving the growth of lighting control system market size are the requirement of energy-efficient lighting control systems and increasing adoption of the Internet of Things (IoT) in the lighting industry.
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TRENDS INFLUENCING THE LIGHT CONTROL SYSTEM MARKET SIZE
Manufacturers of lighting control systems are designing advanced technologies to expand their services to achieve high-quality customer service. The rapid growth and proliferation of technologies, especially in the Internet of Things (IoT) applications, leads to a large number of home automation products. Increasing technological and infrastructural advances and the worldwide penetration of advanced solutions, especially in emerging economies, offer significant opportunities for the Lighting Control System Market size.
The growth of wireless communication technology and the rise of the revolution in smart cities are the other factors that are expected to fuel the lighting control system market size. The use of wireless technology, such as ZigBee, Wi-Fi, and Bluetooth, is also propelling this market's growth.
Some of the other factors, such as the growing use of LED lights and luminaires in outdoor lighting applications, growing government energy-saving measures, increasing demand for energy-efficient lighting systems, and increasing modernization and infrastructural growth, are expected to increase the lighting control system market size.
LIGHT CONTROL SYSTEM MARKET SHARE
New installations are expected to account for a larger lighting control system market share during the forecast period. The rise in global efforts to develop infrastructure-related works, primarily in buildings used for residential and commercial purposes, is a driving force for new installations.
The wireless communication protocol lighting control system market is expected to expand at a high CAGR. The advancement of wireless technologies for lighting control systems is expected to propel the demand for wireless communication technologies.
In 2018, APAC accounted for the largest light control system market share. Due to the rapid infrastructure-related activities undertaken in this region, APAC is expected to be the fastest-growing region for the market during the forecast period. Factors such as the ever-growing population, rising per capita income, and vast geographical expansion have contributed indirectly to the growth of the Asian countries' lighting control systems market size.
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THE KEY PLAYERS COVERED IN THIS STUDY
- General Electric Company (GE) (US)
- Philips Lighting (Netherlands)
- Eaton (Ireland)
- Legrand (France)
- OSRAM Licht (Germany)
- Acuity Brands (US)
- CREE (US)
- Lutron Electronics (US)
- Leviton Manufacturing (US)
- Echelon (US)
- Lightwave PLC (UK)
- Digital Lumens (US).
LIGHTING CONTROL SYSTEM MARKET SEGMENTS
Market segment by Type, the product can be split into
- Lighting as a Service.
Market segment by Application, split into
Market segment by Regions/Countries, this report covers
- North America
- Southeast Asia
- Central & South America.
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SIMILAR REPORTS :
● Smart Lighting Market
The global Smart Lighting Market size is expected to generate revenue worth USD 8.68 Billion in 2018 and is projected to reach USD 38.68 Billion by 2026, to register a CAGR of 20.5% during the forecast period.
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● Intelligent Lighting Controls Market
The Global Intelligent Lighting Controls Market size was valued at USD 7.49 Billion in 2019 and is projected to reach USD 26.06 Billion by 2027, registering a CAGR of 17.4% from 2020 to 2027.
● Smart Lighting & Control System Market
The Global Smart Lighting & Control System Market Size is expected to grow from USD 13,358.51 Million in 2019 to USD 17,371.31 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 4.47%.
● Lighting Control Market
The global Lighting Control market size is projected to reach USD 21650 Million by 2026, from USD 14590 Million in 2020, at a CAGR of 6.8% during 2021-2026.
● Wireless Smart Lighting Control System Market
The Global Wireless Smart Lighting Control System Market size is expected to grow from USD 3,279.30 Million in 2019 to USD 8,043.95 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 16.13% during the forecast period.
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