Intelligent Lighting Controls Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $8.3 billion by 2020, registering a CAGR of 16.2% during the period 2015 - 2020. Europe was the highest revenue-generating region in 2014 owing to the stringent government mandates and rising electricity costs in the region. However, Asia-Pacific region would witness an increased adoption of intelligent lighting control devices in future owing to the boom in commercial establishments such as retail, industries and hospitals.
Portland, OR -- (SBWIRE) -- 09/28/2017 -- In 2014, European region was the leading revenue contributor in the global intelligent lighting controls market, followed by Asia-Pacific and North America, owing to stringent government regulations on energy management. The Asia-Pacific region would emerge as the largest market from 2017 onwards, owing to rising electricity costs and increasing awareness of energy and electricity demand management.
Global Intelligent Lighting Controls Market is expected to garner $8.3 billion by 2020, registering a CAGR of 16.2% during the forecast period 2015 - 2020. Intelligent lighting control system is an automated technology, which comprises multiple lighting fixtures connected in a network, to control lighting. Intelligent lighting control systems improve energy efficiency, performance and customer value. These systems have numerous applications across diverse verticals, which include aircrafts, automobiles, home appliances and many other systems. Intelligent lighting controls have been increasingly adopted in an effort to reduce energy consumption.
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Moreover, increasing awareness of energy management has fostered the growth of the global intelligent lighting controls market. Based on geography, Europe was the largest revenue-generating region in the world sports apparel market in 2014. However, Asia-Pacific would be the leading revenue-generating region by 2020, owing to increasing adoption of intelligent lighting control systems across various industrial sectors. However, installation cost and longer payback period of LED lights, have restrained the growth of these systems.
Numerous key players are operating in the market which include Schneider Electric SE, Honeywell International, Inc., General Electric Company, Koninklijke Philips N.V., OSRAM Licht AG, Acuity Brands Lighting, Inc., Legrand France SA, Digital Lumens, Inc., Zumtobel Group AG and Lutron Electronics Co, Inc. They have adopted various growth strategies to capture a larger market share and increase their customer base. Product launches, partnerships and acquisitions are the prime growth strategies adopted by these companies to sustain the intense competition in the market.
Key Findings of Intelligent Lighting Controls Market:
- The growth ofintelligent lighting controls market would be supplemented by the increasing demand from the retail, industries and public sectors
- Commercial buildings are the highest revenue-generating segment of the globalintelligent lighting controls market
- Wireless intelligent lighting controls systems are expected to witness increased adoption during the forecast period owing to introduction of new technologies such as ZigBee and EnOcean
- Asia Pacific region would provide lucrative opportunities for the companies operating in the intelligent lighting controls market owing to increasing demand from retail and industrial sectors for energy management
The report highlights the competitive environment of the globalintelligent lighting controls market and provides a comprehensive analysis of the major organic and inorganic strategies adopted by key market players. Several companies have adopted product launches and expansions as their key strategies to improve their market foothold and expand their product portfolio. The key companies profiled in the report include Schneider Electric SE, Honeywell International, Inc., General Electric Company, Koninklijke Philips N.V., OSRAM Licht AG, Acuity Brands Lighting, Inc., Legrand Group, Digital Lumens, Inc., Zumtobel Group AG and Lutron Electronics Co, Inc.
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