According to a new market report published by Credence Research, Inc., “Global Lighting Control Systems Market (By Component (Hardware and Software), By Connectivity Type (Wired and Wireless), By End-user (Residential, Commercial, Industrial, Public & Government Buildings, Highways & Roadways, Transportation & Automotive, and Architectural Lightings)) – Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global lighting control systems market is expected to witness a growth of 14.2% CAGR during the forecast period from 2018 to 2026.
The global lighting control systems market was valued at US$ 14.5 Bn in 2017 and expected to demonstrate a significant growth, expanding at a CAGR of 14.2% during the forecast period from 2018 to 2026. Lighting control systems are used for detecting presence, level of daylight and helps adjusting the light output to a desired level. Rising awareness about energy conservation is one of the major factors driving the growth prospects for lighting control systems market. Growing demand for more connectivity and less energy consumption is shaping the field of lighting control system. Thus, indoor and outdoor lighting control systems for residential, commercial, industrial, government, etc. must be equally intelligent and energy efficient. They are used to provide the required amount of light and maximize energy savings.
Lighting control system aim to minimize maintenance and simplify building operations. The global lighting control system market, based on component was led by the hardware segment in 2017. Hardware components in the lighting control systems market include dimmers, sensors, and timers. Integration of these into a lighting control system allows greater energy management, which gives them the ability of controlling individual lights or groups of lights from a single device. Based on connectivity type, wired segment garnered largest market share in 2017 as it is more useful in new installations than retrofitting the existing lighting settings. On the other hand, wireless connectivity segment is projected to offer superior growth prospects and expected to emerge as the fastest growing segment during the forecast period from 2018 to 2026. The emergence of wireless connectivity as the fastest growing segment is primarily due to its benefits including flexibility, scalability and energy cost savings. Wireless technology allows to install a fully featured lighting control system with ease and minimal disruption.
Further, based on end-user, commercial sector led the market in 2017. Lighting control system have proven to reduce lighting energy consumption in commercial spaces by up to 70% as it helps in reducing costs and conserve energy by dimming or turning off lights when they are not in use. Based on geography, Asia Pacific led the lighting control systems market in 2017 and likely to continue its supremacy throughout the forecast period from 2018 to 2026 on the account of increasing government spending on the development of smart cities and growing inclination towards building smart infrastructures.
Browse the full report at https://www.credenceresearch.com/report/lighting-control-systems-market
Major players in the lighting control system market include Acuity Brands Lighting Inc., Cree, Inc., Eaton Corporation Plc, GE Lighting, LLC, Honeywell International Inc., Hubbell Incorporated, Legrand Electric Ltd, Leviton Manufacturing Co., Inc., Lutron Electronics, Inc., OSRAM Licht AG, Philips Lighting Holding B.V., and Schneider Electric SE among others.
The key players are focusing on expanding their geographical reach and are strengthening their product portfolio to reach potential customers in the emerging markets. Players are giving emphasis on research and development of lighting control systems in order to gain competitive advantage over other players in the market.
For instance, in May 2018, Lutron Electronics, Inc. one of the leading company in lighting control system and automated shading solutions launched an end-to-end LED driver and control solution. The Company has launched T-Series 2 channel driver and T-Series ESN controller, which together is capable of delivering intensity and color temperature control solution in tunable white applications.