BLOOMINGTON, Minnesota, May 31, 2017 /PRNewswire/ --
According to a new market research report by BIS Research, titled "Global Intelligent Lighting Controls Market - Analysis and Forecast (2017-2023)", the intelligent lighting controls market is estimated to reach $36 billion by 2023 at a CAGR of 10.2% from 2017 to 2023. The shifting paradigm of lighting industry to electronics industry is one of the major reasons for the growth of the intelligent lighting controls market.
Browse 78 market Data Tables and 107 Figures spread through 257 Pages and in-depth TOC on "Global Intelligent Lighting Controls Market" Global Intelligent Lighting Controls Market - Analysis and Forecast (2017-2023)
Smart technology evolution has changed the overall lighting industry in terms of energy saving, money saving, and increased safety and convenience of users. The overall lighting market is growing at a significant rate and is expected to reach a substantial level by 2022. The average selling price (ASP) of LED bulbs has dropped substantially and smart homes market is gradually expanding, which are in turn driving the growth of the intelligent lighting controls market. By installing an intelligent lighting control in a building, 50% energy costs can be saved and productivity and comfort of the user can also be improved. Additionally, intelligent lighting controls are capable of paying the initial installation amount within five years and also giving a high return on investment in the future, says the researcher at BIS. Another factor for the growing opportunities in the market is the introduction of smart technologies in the lighting industry, which has opened various gateways for the companies from different industry verticals, such as control systems, dimmers, and software based solutions, and sensors.
The market intelligence report provides a detailed analysis of the key growth drivers and restraining forces of the global intelligent lighting market, with an extensive insight into various forms of developments, trends and key participants in the market.
The landscape of the intelligent lighting controls market has transformed drastically with the integration of modern technologies in the lighting industry. The market has been divided along the lines of key component types, connection types, light sources and application. The key components include sensors, ballasts and LED drivers, microprocessors and microcontrollers, switches and dimmers, and transmitters and receivers. Among these components, the research finding suggests that sensors segment holds the largest share in the market, accounting for 47% of the total share in 2016. However, it is the microprocessors and microcontrollers segment which is expected to grow at the highest CAGR in the coming years. The main sensors used in intelligent lighting industry are ambient light sensors, proximity sensors, occupancy sensors, photo sensors, and daylight sensors.
According to Kunal Dua, analyst at BIS Research, "Residential application of intelligent lighting controls is currently dominating the market and also experiencing a higher growth rate as compared to other applications. The majority of the companies operating in this space are already investing millions of dollars to integrate seamlessly the physical and digital world. The residential lightings offered by the lighting players has developed broad portfolios such as shading solutions, colorful lighting solutions, single room and complete home solutions among others."
Geographically, North America dominated the global intelligent lighting controls market in 2016 in terms of value and volume. However, Asia-Pacific is expected to grow at the highest rate in the coming years and will be ahead of Europe in terms of market share, mainly driven by the increasing trend of smart homes in the region, suggests the research.
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The market report includes a thorough analysis of the market trends and size, along with market estimation based on key geographical regions. Inculcating detailed financial analysis of key players in the market, the report provides individual SWOT analysis of each company. Some of the key players analyzed in the report are General Electric, Lutron Electronics Co. Inc., Leviton Manufacturing Co. Inc., Honeywell International Inc., Acuity Brands Inc., Cree Inc., Enlighted Inc., Daintree Networks, Koninklijke Philips N.V., OSRAM Licht AG, Legrand, Hubbell Incorporated, LSI Industries Inc., Control4 Corporation, EATON, and Schneider Electric. The key strategies being adopted by the market players are product launches, joint ventures, collaborations, partnerships, and contracts to attain their respective market shares in this emerging domain.
This report is a meticulous compilation of research on more than 100 players in the lighting control ecosystem and draws upon insights from in-depth interviews with key opinion leaders, market participants, and vendors.
The report addresses the following questions about the global intelligent lighting controls market:
- What is the market size in terms of revenue and shipments from 2016-2023 for the global intelligent lighting controls market?
- What is the market size in terms of revenue and shipments for the component types such as sensors, ballasts and LED drivers, microprocessors and microcontrollers, switches and dimmers, and transmitters and receivers in the global intelligent lighting controls market?
- Which component type of the intelligent lighting controls will dominate the market during the forecast period?
- What is the market size in terms of revenue generated and shipments of different component types with respect to applications, connection types and geographical regions in the global intelligent lighting controls market?
- What is the market size in terms of revenue and shipments for the light sources such as fluorescent light (FL), light emitting diode (LED) lamps, and high intensity discharge (HID) lamps in the global intelligent lighting controls market?
- What are the different factors which are driving the market forward during the forecast period?
- What are the major factors challenging the growth of global intelligent lighting controls market?
- What are the new strategies adopted by the existing market players to make a mark in the industry?
- Which region will lead the global intelligent lighting controls market by the end of the forecast period?
About BIS Research:
BIS Research is a global market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on various technology verticals such as 3D printing, advanced materials & chemicals, aerospace and defense, automotive, healthcare, electronics & semiconductors, robotics & UAV and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for the senior management.
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SOURCE BIS Research