Global Lighting Control Components Markets Report 2021-2027: Smart Homes and Smart Cities Create Enormous Demand for Smart and Wireless Lighting Control Solutions

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Sep 10, 2021, 07:45 ET

DUBLIN, Sept. 10, 2021 /PRNewswire/ -- The "Lighting Control Components - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Lighting Control Components Market to Reach $12.4 Billion by 2027

Amid the COVID-19 crisis, the global market for Lighting Control Components estimated at US$5.9 Billion in the year 2020, is projected to reach a revised size of US$12.4 Billion by 2027, growing at a CAGR of 11.2% over the analysis period 2020-2027.

Corporate, one of the segments analyzed in the report, is projected to record a 9% CAGR and reach US$4.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Retail segment is readjusted to a revised 12.6% CAGR for the next 7-year period.

The U.S. Market is Estimated at $1.6 Billion, While China is Forecast to Grow at 14.5% CAGR

The Lighting Control Components market in the U.S. is estimated at US$1.6 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.6 Billion by the year 2027 trailing a CAGR of 14.5% over the analysis period 2020 to 2027.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.9% and 9.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 8.6% CAGR.

Outdoor Segment to Record 16.4% CAGR

In the global Outdoor segment, USA, Canada, Japan, China and Europe will drive the 15.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$371.8 Million in the year 2020 will reach a projected size of US$1 Billion by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.8 Billion by the year 2027, while Latin America will expand at a 18.2% CAGR through the analysis period.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Lighting Controls: Delivering Energy Efficiency, Space Efficiency, and Personal Efficiency through Sensing, Prediction, and Control
Major Drivers and Trends in a Nutshell
Recent Market Activity
Advancements in Connected, Embedded, and Sustainable Lighting: Foundation for Market Growth
Connected Lighting
Embedded Lighting
Sustainable Lighting
The Global Lighting Controls Market Evolve with the Transforming Lighting Industry
Major Lighting Technology Trends Summarized
Myriad Benefits Drive Widespread Adoption across the World
Increased Energy Savings
Adequate Lighting for Increased Comfort
Automatic Functionality
Superior Quality Illumination & Extended Life
Increased Flexibility and Freedom
Push Button Devices and Pre-Programmed Settings
Important Add-on to Building Security Systems
Global Market Outlook
Developing Asian Countries Offer Significant Market Growth Opportunities
Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS (Total 128 Featured)

Acuity Brands, Inc. (USA)
Acuity Controls (USA)
Distech Controls (Canada)
Cree, Inc. (USA)
Current, Powered by GE (USA)
Daintree Networks, Inc. (USA)
Eaton Corp. (USA)
Cooper Industries Plc. (Ireland)
Fagerhults Belysning AB (Sweden)
FW Thorpe Plc (UK)
Hubbell Control Solutions (HCS) (USA)
Legrand S.A. (France)
WattStopper, Inc. (USA)
Leviton Manufacturing Co., Inc. (USA)
LG Innotek (South Korea)
Lutron Electronics, Inc. (USA)
Osram GmbH (Germany)
Panasonic Corporation (Japan)
Douglas Lighting Controls (Canada)
Universal Lighting Technologies, Inc. (USA)
Philips Lighting North America Corporation (USA)
Philips Color Kinetics (USA)
Strand Lighting (USA)
Schneider Electric SA (France)
TCP International Holdings Ltd. (Switzerland)
Theben AG (Germany)
Zumtobel Group AG (Austria)
Thorn Licht GmbH (Germany)
Tridonic GmbH & Co KG (Austria)

3. MARKET TRENDS & DRIVERS

Growing Prominence of Smart Lighting Drive Strong Demand for Intelligent Lighting Controls
Surging Demand for Smart Lighting Control Systems
Smart Lighting Tracks Offer Secure, Productive and Healthier Lighting
Myriad Benefits of Smart Lighting Controls
Opportunities and Challenges
Huge Potential Offered by the Internet of Things (IoT) Technology Benefit Market Expansion
The IoT's Architecture
IoT for Building Automation
Other Prominent Application Areas of IoT
Key Barriers to IoT Adoption
Rapid LED Lighting Penetration and Advanced Lighting Controls Drive Growth of "Lighting as a Service" (LaaS)
Key Factors Benefiting Growth of LaaS
Smart Homes and Smart Cities Create Enormous Demand for Smart and Wireless Lighting Control Solutions
Rising Popularity of Home Automation Boosts Market Demand
Smart and Connected Homes Drive Demand for "Wireless" Controls
Cloud-based Lighting Controls to Gain Traction
Robust Demand from the Residential Sector Lends Traction to Market Growth
Classification of Residential Lighting Control Systems
Advantages of Residential Lighting Controls
Major Trends in Residential Lighting Controls Segment
Private Buildings: An Underserved Market Segment
Evolution of Indoor Lighting Controls over the Years
Lighting Control Systems: Why and Where to Use in Residential Applications
Common Hindrances in the Selection of Residential Lighting Controls
Corporate Applications to Retain Market Dominance in Lighting Controls
Digital Lighting Control Technology Transform Commercial Buildings Sector
Street Lighting Management: A Potential Laden Application
Dimmable Smart Street Lights for Reducing Power Consumption and Emissions
Energy-Efficiency Spurs Market Penetration in the Retail Sector
Recovery in Construction Activity Worldwide Augurs Well for Lighting Controls Demand
Major Trends Driving Future Adoption in New Construction and Retrofits
Lighting Spectrum Control Causes Positive Impact on Humans and Productivity, Bodes Well for Market Adoption
Horticulture Sector Set to Benefit from Tuning Capability of Modern Lighting Controls
Lighting Spectrum Control Proves Beneficial for Livestock Production
Mandated Energy Codes, Utility Rebates and Energy Savings to Drive Lighting Controls Sales
Building Codes Update Regularly for Improved Energy Efficiency
International Building Codes Overview
Key Factors Hampering Market Adoption