Lighting Control System Market Worth $39.0 Billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 1, 2019 /PRNewswire/ -- According to the new market research report "Lighting Control System Market by Installation Type (New and Retrofit), Offering (Hardware, Software, and Services), End-use Application (Indoor and Outdoor), Communication Protocol, and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the Lighting Control System Market is estimated to grow from USD 19.5 billion in 2019 and projected to reach USD 39.0 billion by 2024,  at a CAGR of 14.8%. The most significant factor driving the growth of this market is the requirement for energy-efficient connected lighting controls. This requirement is due to the increased awareness to reduce energy consumption. Growing demand for intelligent solutions for street lighting systems, upcoming smart city projects in developing economies, rising adoption and decreasing cost of LEDs, increasing awareness of worldwide consumers and governments about the importance of saving energy, along with modernization and infrastructure development, are the major factors contributing to the growth of the lighting control system market.

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"Hardware components to hold major share of lighting control system market, by offering, during forecast period."

Hardware components are expected to hold a major share of the lighting control system market during the forecast period owing to their widespread use in lighting control systems. Hardware components in lighting products are LED drivers and ballasts, sensors, switches, dimmers, relay units, and gateways. Increasing demand for energy-saving lighting systems is a key driving factor for the lighting control system market for hardware.

"Lighting control system market for outdoor applications to grow at highest CAGR from 2019 to 2024."

The lighting control system market for outdoor lighting applications is expected to grow at the highest CAGR during the forecast period. Outdoor lighting includes lighting for highways and roadways lighting, lighting for public places, and architectural lighting. Increasing focus on enhancing connectivity by building roads and road lights, especially in developing countries in Asia Pacific (APAC), is expected to spur the growth of the lighting control system market for outdoor applications.

"APAC held largest share of lighting control system market in 2018."

APAC accounted for a significant share of the lighting control system market in 2018, and a similar trend is expected to continue during the forecast period. The largest market share in APAC is attributed to the rapid infrastructure building activities being undertaken in APAC, mainly in China, where smart lighting paves the way for the modernization of infrastructure.

Browse in-depth TOC on "Lighting Control System Market"

102 – Tables

64 – Figures

201 – Pages

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Major players in the lighting control system market are Signify Holding (Signify, Netherlands), Legrand S.A. (Legrand, France), Eaton Corporation (Eaton, Ireland), General Electric Company (GE, US), and OSRAM Licht AG (OSRAM, Germany). Other players operating in the lighting control system market include Acuity Brands, Inc. (Acuity, US), Leviton Manufacturing Company, Inc. (Leviton, US), Lutron Electronics Co. Inc (Lutron, US), Ideal Industries Inc. (Ideal Industries, US), Schneider Electric (Schneider, France), and Honeywell International Inc. (Honeywell, US).

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