Market Synopsis of Global Lighting control system Market:
A lighting control system is a system by smart network of lighting controls allows you to control lights in space. The different types of lighting control systems are available on the basis of desire and needs. Also, lighting control system can be explained as the ability to regulate the level and quantity of light in a particular space. The control of light enhances the experience and also saves energy.
The factors contributing to the growth of the lighting control system market are the increasing demand for energy efficient products, technological innovations, increasing adoption of internet of things, modernization and infrastructural development. Furthermore, increasing awareness among consumers and increasing electricity prices are expected to boost the market over the forecast period. However, wireless connections can be unreliable at times and ongoing maintenance are the factors hampering the overall growth of the market.
The high implementation various smart lighting and energy efficiency are the factors which are expected to enhance the growth of the lighting control system market. However, cyber security issues is hampering the growth of the overall market. The hardware component segment accounted for the largest market share.
Geographically, Asia-Pacific accounted for the largest market share in the global lighting control system market, whereas North-America is expected to grow at a fast pace over the forecast period, 2017-2023.
Study Objectives of Global Lighting Control System Market:
Global Lighting Control System Market
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.
The key players in the global light controlling system market include 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) and` among others.
For the purpose of this study, Market Research Future has segmented the market of lighting control system market into component, protocol, application and region.
Regionally, Asia-Pacific accounted for the largest market share majorly due to better infrastructure building activities in countries such as India and China, modernization of infrastructure and increasing demand for digitization. However, North-America is also expected to grow at a fast rate majorly due to high adoption of new technological innovations, increasing demand for smart homes and increasing demand for energy efficient products.
Frequently Asked Questions (FAQ) :
2017-2023 is the assessment period for the Global Lighting control system Market.
The high implementation various smart lighting and energy efficiency are the grossing factors influencing the market for Lighting control system globally.
Asia-Pacific has occupied the highest market share currently in the global lighting control system market, as per the analysis.
USD 39 billion is the valuation recorded for the Global Lighting control system Market.
Philips Lighting N.V. (Netherlands), General Electric Company (GE) (US), Legrand S.A. (France), Eaton Corporation (Ireland), Acuity Brands Inc. (US) are the top 4 key players actively functional in the Global Lighting control system Market.