Lighting Control System Market Subjected to Expand to Showcase Rampant Growth by 2023
Market Overview
In its research report, Market Research
Future (MRFR), asserts that the global market 2020 is slated to grow
exponentially, securing a substantial market valuation of USD 39 billion by
2023, and a healthy 18% CAGR over the review period.
Drivers and Restraints
The factors that contribute to the growth
of the market for Lighting
Control Systems are
the rising demand for energy-efficient products, technological advances,
increased Internet of Things adoption, modernization and infrastructural
development. In addition, increasing customer awareness and raising energy
prices are expected to fuel the demand over the forecast period. Nevertheless,
wireless communications may often be unstable, and ongoing maintenance is the
factors that hamper the overall market growth. The high deployment of various
smart lighting and energy management are the factors that are expected to fuel
the growth of the demand for lighting control systems. Wireless technology
growth for lighting control systems is expected to propel the wireless
communication technologies market during the forecast period. Cyber security
problems however hamper the overall market growth. The highest market share was
in the Hardware Component segment. Growing global investments in works related
to infrastructure upgrades, mainly in residential and commercial buildings, is
a driving force in market dominance for new installations. The rising
government funding towards smart cities is also expected to motivate key
companies to invent new lighting control system modules that match the changing
trends and needs across the globe. These players possess state of art R&D
labs and strong sales and distribution network which have helped them to gain
control in the market.
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Segmental
Analysis
segmentation by
component comprises hardware- switches, sensors, dimmers, LED drivers, others,
software- cloud based, web based services professional services, maintenance
services, managed services and others. LED drivers and ballast components held
a major share of the market for hardware components. Increasing demand for
energy-saving lighting systems is a key driving factor for the market.
segmentation by
technology comprises bluetooth, wi-fi, plc, POE, zigbee, others.
segmentation by
application comprises residential, commercial, industrial, highways, roadways,
railways, others.
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Regional Analysis
The
geographical analysis of the global market has been analyzed in four major
regions, including North America, the Asia Pacific, Europe, and the rest of the
world. Asia-Pacific accounted for the largest market share mainly due to
enhanced infrastructure building activities in countries like India and China,
infrastructure modernization and increased demand for digitization. North
America, however, is also expected to rise at a rapid pace due largely to high
adoption of new technological technologies, increased demand for smart homes
and increased demand for energy-efficient goods. Factors such as the ever-growing
population, increasing per capita income and large regional expansions have
indirectly contributed to the growth of the Asian countries' lighting control
systems industry.
Competitive
Analysis
The major market
players operating in the global market as acknowledged by MRFR are Legrand S.A.
(France), Lutron Electronics Co. Inc. (US), Philips Lighting N.V.
(Netherlands), Eaton Corporation (Ireland), Leviton Manufacturing Company, Inc.
(US), Acuity Brands Inc. (US), OSRAM Licht AG (Germany) and Cree, Inc. (US),
General Electric Company (GE) (US), and` among others.
The
Lighting Control System Market continues to be highly competitive. To retain
its market place and drive business growth, a competitive environment is
created by rising diverse and diversified foreign organizations, domestic
organizations and new entrants. Market leaders are constantly innovating and
increasingly pursuing market growth through numerous strategic mergers and
acquisitions, innovation, increased research and development investments, and
cost-effective product portfolio. Significant players invest in internal
R&D, and most of all in the acquisition of other businesses.
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