A recent report published by Infinium Global Research on smart lighting and control systems market provides an in-depth analysis of segments and sub-segments in the global as well as regional smart lighting and control systems market. The global smart lighting and control systems market is projected to grow at a CAGR of 17.8% over the forecast period of 2018-2024.
Pune, India -- (SBWIRE) -- 03/24/2019 -- The Smart Lighting and Control Systems Market's segment market shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates. Each segment represented visually with supporting reasons to justify the growth rates. IGR's report also covers drivers and restraints in the smart lighting and control systems market.
Infinium Global Research's report covers the annual growth of the Global smart lighting and control systems market. It also includes chapters on the Global smart lighting and control systems industry trends, geographic analysis, and competitive landscape.
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The report also includes a SWOT analysis to present the indicators of strength, weakness, prospects, and risk of the market until the completion of the projection period in 2024.
Smart Lighting and Control Systems Market: Industry Insights
A smart lighting control system is an intelligent network-based lighting control solution that incorporates communication between various system inputs and outputs related to lighting control with the use of one or more central computing devices. Lighting control systems are widely used on both indoor and outdoor lighting of commercial, industrial, and residential spaces. Smart lighting and control systems offer numerous advantages over traditional lighting systems such as remotely accessing the lighting systems, ease of installation, and affordability. Lighting control systems serve to provide the right amount of light where and when it is needed.
Smart Lighting and Control Systems Market: Drivers and Restraints
The adoption of smart lighting and control systems by the commercial sector drives the market. In private properties, malls, and other commercial spaces, the demand for smart lighting and control systems is growing. The growing trend of the development of smart cities and the need for energy optimized infrastructure in commercial as wells as residential sectors also drives the market. Increased demand for intelligent solutions for street lighting systems, less consumption of electricity and growth in penetration of Internet of Things (IoT) increases the demand. The high cost of installation of smart lighting and control system restrains the growth of the market.
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Smart Lighting and Control Systems Market: Segmentation
The report on the global smart lighting and control systems market segmented on the basis of the component and end-use application. Based on the component, market segmented as a light source, and control system. Fluorescent Lamps and Compact Fluorescent Lamps, High-Intensity Discharge Lamps (HID), and Light Emitting Diodes (LED) are the light sources. On the basis of end-use application, the market segmented into commercial, residential, industrial, highways & roadways, public & government buildings, and others. The commercial segment has high growth due to technological advancements carried out by several companies.
Smart Lighting and Control Systems Market: Regional Insights
Among the geographies, North America holds a large market share in the smart lighting and control system market. The factors such as the high adoption of smart lighting solutions and raising awareness about energy saving are some factors responsible for the growth of the market in the North America region. The Asia Pacific is anticipated to be the fastest growing region in the smart lighting and control system. Rapid industrialization along with the necessity for energy optimized infrastructure in commercial, residential sectors as well as government rules for adopting efficient energy sources fuels the growth of the market in the Asia Pacific region.
Smart Lighting and Control Systems Market: Competitive Analysis
The some of the industry participants of the global smart lighting and control system market are GENERAL ELECTRIC, Honeywell International Inc, Koninklijke Philips N.V., Lifi Labs, Inc., Lutron Electronics Co., Inc, Acuity Brands Lighting, Inc., Lightwave, Belkin International, Inc., Elgato, and Eaton among the others.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Smart Lighting and Control Systems.
- Complete coverage of all the product type and applications segments to analyze the trends,
developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis
of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies
that market players should focus to invest, consolidate, expand and/or diversify.