Lighting Control System Market Size to Reach Revenues of over USD 26 Billion by 2026 - Arizton

News provided by

May 03, 2021, 10:00 ET

CHICAGO, May 3, 2021 /PRNewswire/ -- 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:

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.
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.
Wired lighting control systems dominate the market; however, wireless lighting control systems are expected to grow at a CAGR of approximately 20%.
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.
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.
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.
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.
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.
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.

Key Offerings:

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

Get your sample today! https://www.arizton.com/market-reports/lighting-control-system-market

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

Wired
Wireless

Lighting Control System Market by Application

Indoor

Residential
Commercial
Industrial & Others

Outdoor

Highways & Roadways
Others

Lighting Control System Market by Offerings

Hardware
Software & Services

Lighting Control System Market by Installation

New
Retrofit

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.

Get your sample today! https://www.arizton.com/market-reports/lighting-control-system-market

Lighting Control System Market by Geography

North America

US
Canada

Europe

UK
Germany
France
Italy
Spain

APAC

China
Japan
South Korea
India
Rest of APAC

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

Saudi Arabia
UAE
Rest of Middle East & Africa

Major Vendors

Legrand
Eaton
OSRAM Licht Group
Acuity Brands Lighting
Hubbell
Signify Holding
Lutron Electronics
Helvar

Other Prominent Vendors

Honeywell International
Ideal Industries
Cree Lighting
Universal Douglas Lighting Americas
LSI Industries
RAB Lighting
Dialight
Synapse Wireless
WAGO
Leviton Manufacturing
Lightwave

Explore our consumer goods and retail technology profile to know more about the industry.

Read some of the top-selling reports:

About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

Mail: [email protected]
Call: +1-312-235-2040
+1 302 469 0707

SOURCE Arizton Advisory & Intelligence