Light Management System Market Worth 21.51 Billion USD by 2023
Light Management System Market by Function (Dimming Control, Occupancy-Based, Schedule-Based, and Daylight Control), End-User (Smart Homes, Commercial, Industrial, and Municipal), Application, Type, and Region - Global Forecast to 2023
Northbrook, IL -- (SBWire) -- 03/19/2018 --The report "Light Management System Market by Function (Dimming Control, Occupancy-Based, Schedule-Based, and Daylight Control), End-User (Smart Homes, Commercial, Industrial, and Municipal), Application, Type, and Region - Global Forecast to 2023", The light management system market is expected to grow from an estimated USD 11.66 Billion in 2018 to USD 21.51 Billion by 2023, at a CAGR of 13.03%, during the forecast period. The increasing adoption of energy-efficient lighting automation systems is the major driver of the lighting management system market. The growing demand for building automation in North America and Europe make them potential growth markets for the providers of lighting management systems.
Browse 75 Tables and 38 Figures spread through 146 Pages and in-depth TOC on "Light Management System Market by Function (Dimming Control, Occupancy-Based, Schedule-Based, and Daylight Control), End-User (Smart Homes, Commercial, Industrial, and Municipal), Application, Type, and Region - Global Forecast to 2023"
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The commercial segment is expected to account for the largest share of the light management system market during the forecast period.
Light management systems are used widely in commercial set-ups such as corporate offices, healthcare facilities, retail complexes, hotels, restaurants, and educational institutes. Reducing energy consumption has become a major objective for organizations, governments, utilities, and other stakeholders. Controls and connectivity enable the personalization of lighting as well as allow users to reduce energy use, optimize spaces, and lower maintenance costs.
Increasing preference for dimming control management
Dimming control management is used to reduce the energy consumption of light sources and, consequently, the intensity and output of those light sources. Compared to on-off switching controls, they can improve energy savings, better align lighting with human needs, and help extend the working life of light sources.
North America: Expected to be the leading market for light management systems during the forecast period.
In this report, the light management system market has been analyzed with respect to 5 regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The North American market is expected to lead the light management system market in 2018. The growing demand for building automation in Asia Pacific and North America make them potential growth markets for the providers of lighting management systems. Moreover, increasing smart city developments in different parts of the world will provide new opportunities during the forecast period.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the light management system market. These players include GE (US), Philips Lighting (Netherlands), Eaton (Ireland), Zumtobel (Austria), and OSRAM (Germany). The leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market shares.
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