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; it is expected to grow at a CAGR of 14.8% from 2019 to 2024
NEW YORK, Nov. 7, 2019 /PRNewswire/ --
Government initiatives and policies for energy savings to drive growth of the lighting control system market
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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; it is expected to grow at a CAGR of 14.8% from 2019 to 2024. Increasing demand for intelligent solutions for street lighting systems, upcoming smart city projects in developing economies, growing adoption and decreasing cost of LEDs, increasing awareness of consumers and governments about the importance of energy saving are the major factors contributing to the growth of the market for lighting control systems. Major restraining factors such as the cost of deployment, and the lack of standardized regulatory frameworks in the energy sector, along with security and privacy issues in connected lighting control systems, are restraining the growth of the lighting control system market.
Services market for lighting control systems is expected to grow at highest CAGR during forecast period
The lighting service model is defined broadly as the third-party management of lighting systems, which may include additional technical, maintenance, financial, or other services.Technological advancements in the lighting industry have provided a gateway to the Internet of Things (IoT), while lighting services have been meeting the rising demands for new networks, which offers lighting manufacturers a new opportunity in competing with traditional networking players, and at the same time, opening their own service segments.
The growth of the service segment is mainly propelled by the use of lighting services for cost savings, along with the purpose of energy conservation and an ecologically safe option.
Indoor application to hold major share of lighting control system during forecast period.
Indoor applications are expected to account for the largest share of the lighting control system market during the forecast period.The lighting control system market for the indoor lighting application has been segmented into residential, commercial, industrial, and others.
The demand for lighting systems is more for indoor lighting applications due to the growing construction industry across the world.
Lighting control system market in APAC expected to grow at highest CAGR during forecast period "
APAC is expected to be the fastest-growing region for the lighting control system market during the forecast period owing to the rapid infrastructure building activities being undertaken in APAC, mainly in China, where smart lighting paves the way for the modernization of infrastructure. Emerging economies in APAC, including China and India, are also impacting the overall lighting control system market significantly.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with the key experts.
The breakup of the profiles of primary participants is as follows:
• By Company Type: Tier 1 – 45 %, Tier 2 – 30%, and Tier 3 –25%
• By Designation: C-level Executives – 25%, Directors – 40%, Others – 35%
• By Geography: North America – 45%, Europe – 20%, APAC – 25%, and RoW – 10%
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). The 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).
Research Coverage
This report covers the lighting control system market based on installation type, offering, end-use application, communication protocol, and geography. A detailed analysis of the key industry players has been done to provide insights into their business, products and services, and key strategies such as product launches, product developments, partnerships, contracts, agreements, mergers and acquisitions, collaborations, and expansions associated with the lighting control system market.
Reasons to Buy the Report:
• Illustrative segmentation, analysis, and forecast pertaining to the lighting control system market based on installation type, offering, end-use application, communication protocol, and geography have been conducted to provide an overall view of the lighting control system market.
• Major drivers, restraints, opportunities, and challenges for the lighting control system market have been detailed in this report.
• The report includes a detailed competitive landscape of key players in the market and their market ranking.
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