Lighting Control System Market by Installation Type (New Installation and Retrofit), Offering (Hardware, Software, and Lighting as a Service), Application (Indoor and Outdoor), Communication Protocol, and Geography - Global Forecast to 2023
“Requirement of energy efficient lighting control systems and increasing adoption of Internet of Things (IoT) in lighting industry to drive the growth of the lighting control system market”
The lighting control system market is expected to grow USD 12.22 billion in 2016 to USD 38.67 billion by 2023, at a CAGR of 17.82% between 2017 and 2023. The acceptance of standard protocols for lighting control and modernization and infrastructure development are the major factors that drive the growth of the lighting control system market. The major restraining factors for the growth of lighting control system market include the perception of higher cost of installations and limited awareness about payback periods, and security and privacy issues in IoT-based lighting systems.
“Services market for lighting control system is expected to grow at the highest rate during the forecast period”
Lighting as a service is defined broadly as the third-party management of lighting systems, which may include additional technical, maintenance, financial, or other services. Lighting as a service solves the problem of paying a large lump sum money for a lighting retrofit. 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 ecologically safe option.
“Indoor application to hold a major share of the lighting control system market between 2017 and 2023”
Indoor application is expected to account for the largest market share in 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 applications that include government and public buildings and educational institutes. The growth of the indoor lighting applications is due to the growth in global construction industry. A major portion of this growth activity would be invested in the lighting industry.
“Lighting control system market in APAC expected to grow at the highest CAGR during the 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 the APAC region, mainly China where smart lighting paves the way for the modernization of infrastructure. The emerging economies of China and India are also impacting the overall lighting control system market significantly. APAC also held the largest share of the lighting control system market during the forecast period.
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 – 55 %, Tier 2 – 20%, and Tier 3 –25%
• By Designation: C-Level Executives – 34% Directors – 33% Others – 33%
• By Geography: North America – 37%, Europe – 34%, APAC – 20%, and RoW – 9%
The companies that provide a range of customized solutions to customers are expected to emerge as the game changers.
The key players in the lighting control system market profiled in the report are as follows:
1. General Electric Company (GE) (US)
2. Philips Lighting NV (Netherlands)
3. Eaton Corporation (Ireland)
4. Legrand S.A. (France)
5. OSRAM Licht AG (Germany)
6. Acuity Brands Inc. (US)
7. CREE, Inc. (US)
8. Lutron Electronics Co. Inc. (US)
9. Leviton Manufacturing (US)
10. Echelon Corporation (US)
11. Lightwave PLC (UK)
12. Digital Lumens, Inc. (US)
This report covers the lighting control system market based on installation type, offering, 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.
Key Benefits of Buying the Report
The report would help the market leaders or new entrants in the following ways:
1. This report segments the overall market comprehensively and provides the closest approximations of the global lighting control system market size and that of the subsegments across different applications and regions.
2. The report would help stakeholders understand the pulse of the market and provide them information on key drivers, restraints, challenges, and opportunities in the lighting control system market.
3. This report would help stakeholders better understand their competitors and gain more insights to enhance their position in the market. The competitive landscape section includes competitor ecosystem, product launches, product developments, partnerships, contracts, agreements, mergers and acquisitions, collaborations and expansions elated to the lighting control system market.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook