Global Intelligent Lighting Controls Market: Focus on Component Types (Sensors, Ballasts and Drivers, Switches and Dimmers, among others) by Connection Types, by Light Source and by Applications - Analysis and Forecast (2018-2024)
The evolution of smart technology has considerably changed the overall lighting industry in terms of energy and money saving, and improved the safety and convenience of the users. With the arrival of smart technologies in the lighting industry, various gateways have been opened for the companies of several industry verticals, such as control systems, dimmers, and software based solutions and sensors. The scenario of lighting industry has been completely transformed with the establishment of modern technologies in it. The future global economy is anticipated to consume more energy resources in the longer run, especially with the growing energy demand from the developing countries such as China and India. Lighting segment usually consumes majority of the electricity in a commercial building, and draws substantial energy levels for a private residence. Intelligent lighting controls continue to propel the lighting industry towards growth with increasing revenue at a global level. Intelligent lighting controls witnessed significant increase in the adoption rate for the usage in various applications due to innumerable advantages offered by the technology.
The intelligent lighting controls market is expected to grow at a significant rate during the forecast period. This is due to integration of physical security industry with intelligent lighting, changing paradigm of lighting control industry to electronics industry and adding voice control feature to the upcoming products. Increasing smart homes market along with customization benefits and continuously decreasing average selling price (ASP) of LED bulbs and drivers are some of the factors driving the growth of intelligent lighting control market. The global intelligent lighting control market is estimated to witness a growth at a CAGR of 13.3% and 20.9% over the period 2018 to 2024 in terms of volume and value respectively.
North America led the global intelligent lighting controls market in 2017 in terms of volume and value. Since energy performance contracts are becoming widespread in North America, specific Energy Service Companies (ESCOs) have been developed in the last few years to provide wide-ranging energy services to the owners of buildings. The services offered in a form of package, include equipment installations, technical evaluations, hazardous waste removal, billing, financing, energy monitoring and verification services. The growth of the North American intelligent lighting control market is actively supported by the installation of new intelligent lighting systems in the non-residential segment.
However, Asia Pacific is expected to grow with the highest rate during the forecast period. This is mainly due to low cost of consumer equipment in the region. Additionally, the rising trend of smart homes in the region is also supporting the growth of the Asia Pacific intelligent lighting controls market. China has a high rate of consumption and production of global lighting products. Within the lighting industry, intelligent lighting enterprises are gradually on the path of expansion which is also attracting many foreign market players for further investments. Additionally, the growth of green lighting LED lamps is rising in the China lighting industry, propelling the growth of the China intelligent lighting controls market.
The most often used strategy for developing a better hold on to the market has been product launches, followed by partnerships, joint ventures, and collaborations. Moreover, the company profile section includes highlights of significant information about the key companies involved along with their financial positions, key strategies, and developmental activities of recent years. Some of the key players involved in this market are General Electric, Lutron Electronics Co. Inc., Leviton Manufacturing Co. Inc., Honeywell International Inc., Acuity Brands Inc., Cree Inc., Enlighted Inc., Philips Lighting., OSRAM Licht AG, Legrand, Hubbell Incorporated, LSI Industries Inc., Control4 Corporation, EATON, and Schneider Electric.
The report is a compilation of different segments of the global intelligent lighting controls market including market breakdown by component type, connection type, light source, and application. The report also discusses in detail about the key participants involved in the industry. The report answers the following questions about the global intelligent lighting controls market:
Key questions answered in the report
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