The global lighting control system market is expected to reach approximately USD 39 billion by the end of 2023 with 18% CAGR during forecast period 2017-2023.
Pune, India -- (SBWIRE) -- 01/15/2018 -- Lighting Control System Global Market - Overview
The Global Lighting control system market is growing with the rapid pace; mainly due to the advent of automation and high adoption of internet of things in automotive industry. According to a recent study report published by the Market Research Future, the global market of Lighting control system is booming and expected to gain importance over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).
Lighting Control Systems are specially designed to provide appropriate amount of light as per the needs. Proper lighting of business/ home enhances the user experience and increases safety and saves energy. One of the major advantages of a Lighting Control System over stand-alone lighting controls or conventional manual switching is the ability to control individual lights or groups of lights from a single user interface device. This ability to control multiple light sources from a user device allows custom lighting scenes to be created for different activities in that room.
The factors driving the global market of Lighting Control System Market are increasing demand for energy efficient products, growing technology addiction for improving lifestyle, and rise in automation among others. On the other hand, technology limitation, lack of awareness are some of the factors hindering the growth of Lighting control system Market. The advent of smart cities has led to the increase in demand of lighting control systems and it is expected that due to the smart city initiatives the lighting control system market is going to grow rapidly in the coming years. Apart from it, the government initiatives towards creating awareness about energy saving would also fuel the lighting control market in the coming years.
Philips Lighting N.V. (Netherlands), General Electric Company (GE) (US), Legrand S.A. (France), Eaton Corporation (Ireland), Acuity Brands Inc. (US), OSRAM Licht AG (Germany) and Cree, Inc. (US), Lutron Electronics Co. Inc. (US); Leviton Manufacturing Company, Inc. (US) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Lighting control system Market.
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Dec 2017 - An Irish developer of control systems and software for smart street lights and smart meters, SELC Ireland, has been sold for €9.5m to Xylem Inc - a US-based $12bn smart technology giant.
Nov. 2017 - Philips Lighting announced that it has repurchased 2.8 million of its shares for an aggregate amount of approximately EUR 90 million. The repurchase is part of the accelerated bookbuild offering by Royal Philips to institutional investors of 17.1 million shares in Philips Lighting.
Lighting control system Global Market - Competitive Analysis
The Market of Lighting control system appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms. Cisco and IBM have decided to join forces to swap threat intelligence between their internal research groups for investigating major hacks and moving forward. The two companies also plan to add product integrations that connect their portfolios over the course of the year.
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 leadership position in the market.
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Lighting Control System Global Market - Segmentation
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.
Segmentation by Technology: Comprises Bluetooth, Wi-Fi, PLC, POE, ZigBee, Others.
Segmentation by Application: Comprises Residential, Commercial, Industrial, Highways, Roadways, Railways, Others
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
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Lighting control system Global Market - Regional Analysis
Asia-Pacific is dominating the Global Lighting control system Market with the largest market share mainly due to better infrastructure building activities in countries like Japan and China. Lighting control system Market in North America market is expected to grow at a substantial CAGR during 2016 to 2022 owing to the increasing awareness towards energy savings. The European market for Lighting control system Market is expected to grow at a considerable CAGR (2016-2022) due to the increasing adoption of home automation.
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