Portland, April 14, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global intelligent lighting controls market garnered $7.49 billion in 2019, and is estimated to generate $26.06 billion by 2027, growing at a CAGR of 17.4% from 2020 to 2027. The report provides an extensive analysis of value chain, changing market dynamics, key wining strategies, major segments, value chain, business performance, and competitive scenario.
Rise in penetration of LED bulbs and lightings across the world and surge in government initiatives toward energy saving edges drive the global intelligent lighting controls market. However, high cost of installation hinders the market growth. On the other hand, emergence of smart city projects in developing countries and inclination towards implementation of energy-efficient lighting solutions create new opportunities in the coming years.
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Based on type, the sensors segment accounted for nearly one-fifth of the total market share in 2019, and is expected to maintain its highest contribution in terms of revenue during the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 20.4% from 2020 to 2027. The report also analyzes the segments including ballasts & LED drivers, dimmers & switch actuators, microcontrollers, transmitters & receivers, and others.
Based on connectivity type, the wired segment accounted for the highest market share with nearly three-fourths of the total share in 2019, and is expected to maintain its leadership status during the forecast period. However, the wireless segment is estimated to grow at the fastest CAGR of 18.9% from 2020 to 2027.
Based on application, the smart cities segment accounted for the largest share with more than one-fourth of the global intelligent lighting controls market share in 2019, and is estimated to maintain its dominant share by 2026. Moreover, this segment is expected to witness the fastest CAGR of 19.2% from 2020 to 2027. The report also analyzes segments including automotive, media & entertainment, manufacturing, and others.
Based on region, North America held the largest share in terms of revenue, accounting for more than one-third of the total market share in 2019, and is expected to maintain its dominance in terms of revenue during the forecast period. Moreover, Asia-Pacific is expected to register the highest CAGR of 20.5% from 2020 to 2027. The research also discusses regions including Europe and LAMEA.
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Leading market players analyzed in the research include Acuity Brands, Cree, Inc., Cisco, GE Lighting, Eaton, OSRAM, Honeywell, Philips, Panasonic Corporation, and Siemens.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.