Increase in demand for street and roadways lighting, numerous developments in lighting control systems, and government initiatives toward energy-saving products
WILMINGTON, DELAWARE , UNITED STATES, February 5, 2024 /EINPresswire.com/ — Lighting Control System Market Size, Share, Competitive Landscape and Trend Analysis Report by Component (Solution, Services), by Technology (Wired, Wireless), by Application (Indoor, Outdoor): Global Opportunity Analysis and Industry Forecast, 2023-2032
The lighting control system market was valued at $17.4 billion in 2022, and is estimated to reach $34.8 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032. Lighting control system is an automated technology that comprises multiple lighting fixtures connected in a network to lighting control software. These systems have numerous applications across diverse verticals, which include aircrafts, automobiles, home appliances, and many other systems.
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Several factors are driving the lighting control system market size, with one of them being the increasing capability and functionalities of lighting control systems. They can be used to turn ON and OFF the individual lights and luminaires remotely. It is possible to adjust the color and hues of the lights. Many functionalities have been added to the intelligent lighting control system, making them a more attractive option for customers. Another driving factor is that many governments across the world have introduced policies to support energy-saving products. For instance, the European Union and the U.S. are offering grants, easier access to loans, tax rebates, and subsidies to lighting projects, which reduce CO2 emissions.
On the other hand, system reliability is a concern when lighting control systems are installed in large environments. Many lighting control systems operate on proprietary systems. This, combined with the fact that lighting control systems itself are still a relatively new phenomenon, means that these proprietary systems are rarely tested outside of the manufacturer’s laboratories. Separately, the rapid development of smart city projects in Asia-Pacific is one of the most important lighting control system market trends and presents an opportunity for lighting control systems during the forecast period. Lighting control systems can be used to provide huge momentum in the process of building smart cities, specifically as they successfully address sustainable development challenges.
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In terms of segmentation by component, the lighting control system market share was dominated by the solution segment in 2022, whereas the services segment is expected to witness a higher growth rate during the forecast period. Solutions primarily consist of the software required to run the lighting control systems, and associated components required to make the software work, such as chips and sensors. The software is connected to all parts of the hardware and is the means through which the hardware is operated.
In terms of segmentation by technology, the lighting control system market growth was dominated by the wired technology segment in 2022, whereas the wireless segment is expected to witness a higher growth rate during the forecast period. The software in the lighting control system passes the required commands and information to the hardware through wires. Wired connections are especially preferred in small settings where they are not only an affordable option, however, also more convenient.
In terms of market segmentation by application, the market was dominated by the indoor segment in 2022, whereas the outdoor segment is expected to witness a higher growth rate during the forecast period. The indoor lighting control system includes such systems used within homes, offices, industrial units, and for other smart light systems within the premise boundaries. The smart lighting control systems help in reducing energy bills, while simultaneously reducing carbon emissions.
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In terms of the lighting control system market analysis by region, the market was dominated by North America in 2022, while Asia-Pacific is anticipated to expand at a faster rate during the forecast period. This region is toward its maturity stage for adoption of lighting control systems. Wireless connectivity type of lighting control systems have witnessed a prominent adoption in this region. The North American region has witnessed a huge demand for lighting control systems, through new, as well as, retrofit installations. Different societies and regulatory bodies have given mandates to reduce energy consumption and hence, to reduce the overall CO2 emissions in the North American region.
The lighting control system market players profiled in the report include Acuity Brands, Inc. (Georgia), Cree LED (U.S.), Eaton Corporation (U.S.), General Electric (U.S.), OSRAM AG (Germany), Signify Holding (The Netherlands), Dialight (UK), Legrand S.A. (France), Lutron Electronics Co., Inc (U.S.), and Hubbell Incorporated (U.S.). Various strategies such as collaborations & partnerships, product launches, and acquisitions have been adopted by market players to expand their foothold in the lighting control system market.
Key Findings of the Study
• Based on component, the solution segment accounted-for major share of the lighting control system industry in 2022, while the services segment is expected to witness faster growth during the forecast period.
• Based on technology, the wired technology segment accounted-for higher share of the lighting control system market in 2022, while the wireless technology segment is anticipated to increase faster during the forecast period.
• Based on application, the indoor segment dominated the lighting control system market in 2022, while the outdoor segment is expected to expand at a faster rate during the forecast period.
• Based on region, North America accounted for the largest share of the global lighting control system market in 2022, while Asia-Pacific is anticipated to grow faster during the forecast period.