Seattle, WA -- (SBWIRE) -- 07/24/2017 -- High requirement of energy-efficient lighting control systems, increasing adoption of Internet of Things (IoT) in lighting industry, acceptance of standard protocols for lighting control and modernization and infrastructure development are the major drivers for the lighting control system.
The global experts said, the lighting control system market, is expected to grow from USD 12.22 Billion in 2016 to USD 38.67 Billion by 2023, at a CAGR of 17.82% between 2017 and 2023.
For complete case study, download report brochure here: http://bit.ly/2tj20Hj
This report covers the lighting control system market analysis on the basis of installation type, offering, application, communication protocol, and geographical region.
The lighting control system market based on offering is dominated by hardware components. The hardware components in lighting products are LED drivers and ballasts, sensors, switches, dimmers, relay units, and gateways.
LED drivers and ballasts components held a major share of the market for hardware components. The lighting control system market for the services segment is expected to grow at a significant rate during the forecast period.
The market for outdoor applications is expected to grow at a significant rate between 2017 and 2023. Increasing focus on enhancing connectivity by building roads and road lights, especially in the developing countries of the APAC region, would spur the growth of the outdoor lighting control system market.
The lighting control system market for the wireless communication protocol is expected to grow at a high rate between 2017 and 2023. The development of wireless technologies for lighting control systems is expected to propel the market for wireless communication technologies during the forecast period.
ZigBee is expected to dominate the wireless communication protocol market for lighting control systems during the forecast period.
APAC accounted for a major share of the lighting control system market in 2016. The emerging economies of China and India are impacting the lighting control system market significantly.
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. The major vendors in the lighting control system market are General Electric Company (GE) (US), Philips Lighting NV (Netherlands), Eaton Corporation (Ireland), etc.
For more details you may download sample PDF here: http://bit.ly/2vnN38j
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.