New Trends of Lighting Control System Market increasing demand with Leading key Players

New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The substantial growth opportunities in the global Lighting Control System Market report published by Reports Insights suggests that the market is expected to grow at a CAGR of 14.9% between 2023 and 2030, Size was worth USD 27.80 Billion in 2022 and reaching over USD 86.78 Billion by 2030. The market is driven by the growing demand for energy-efficient lighting solutions, as well as government initiatives aimed at promoting sustainable lighting.

The Lighting Control System refers to the technology that is designed to regulate and automate the lighting of commercial and residential spaces. Lighting Control System can range from basic manual switches to complex systems that incorporate sensors, timers, and advanced software, allowing users to optimize their lighting usage for energy efficiency, comfort, and productivity. The market for Lighting Control System is being driven by factors such as increasing concerns about energy efficiency, the growing adoption of smart home technology, and the need for more sustainable lighting solutions. This market is expected to continue to grow as more consumers and businesses seek to adopt advanced Lighting Control System to reduce their energy consumption, improve comfort and productivity, and enhance their overall quality of life.

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One of the key drivers of the Lighting Control System market is the increasing demand for energy-efficient lighting solutions. Lighting Control System can help reduce energy consumption by regulating the amount of light that is used in space, as well as by turning off lights when they are not needed. As energy costs continue to rise and environmental concerns become more pressing, the need for energy-efficient lighting solutions is expected to drive the growth of the Lighting Control System market.

Additionally, growing adoption of smart home technology is also contributing to the growth of the Lighting Control System market. The primary driver of this growth is the increasing demand for energy-efficient lighting solutions, as well as the need for improved safety and security in public spaces. The region has been an early adopter of Lighting Control System technology, and the market is already well-established, with a high level of competition and innovation.

Lighting Control System Market Research Report Scope:-

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Key Market Highlights

• The Global Lighting Control System Market size is estimated to exceed USD 86.78billion by 2030 and grow at a CAGR of 14.9% during the forecast period (2023-2030).
• Globally, Lighting Control System are divided based on the component into hardware, software, and services.
• In the context of connectivity type, the market is separated into wired and wireless.
• On the basis of power, the market is categorized into low power, mid power, and high power.
• On the basis of end-use, the market is bifurcated into indoor and outdoor.
• The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
• Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in Lighting Control System.

Global Lighting Control System Market Segmentation Details:

Based on component, the hardware segment contributed the largest shares to the market growth in 2022. One of the key drivers of the Lighting Control System hardware segment is the increasing demand for energy-efficient lighting solutions. Lighting Control System hardware can help reduce energy consumption by regulating the amount of light that is used in space, as well as by turning off lights when they are not needed.  Moreover, growing adoption of smart home technology is also contributing to the growth of the Lighting Control System hardware segment. As more consumers invest in smart home systems, they are looking for ways to automate and control their lighting to improve comfort and energy efficiency. Lighting Control System hardware that can be integrated with smart home systems are becoming increasingly popular, as they allow users to control their lighting using their mobile devices or voice assistants.

Based on connectivity type, both wired and wireless segments are anticipated to offer substantial shares to the Global Lighting Control System Market growth during the forecast period. The increasing demand for energy-efficient lighting solutions, along with government regulations promoting sustainability and the use of energy-efficient lighting, is expected to drive the growth of the wired Lighting Control System segment. Additionally, the growing popularity of smart home technology is expected to contribute to the growth of the wired Lighting Control System market, as more consumers invest in home automation systems that include Lighting Control System.

Based on power, the mid-power segment contributed the largest shares to the market growth in 2022, due to its low cost, high performance, and reliability. Mid-power Lighting Control System refer to lighting control systems that are designed to control mid-power LED lighting products, which typically have a power output ranging from 6 to 30 watts. These Lighting Control System are commonly used in commercial and industrial applications, where the lighting requirements are more complex, and the lighting fixtures are typically more powerful.  The mid-power Lighting Control System market is being driven by several factors, including the increasing demand for energy-efficient lighting solutions, the growing popularity of smart building technology, and the need for more advanced lighting control systems in commercial and industrial applications.

Based on end-use, outdoor lighting segment is anticipated to offer substantial shares to the Global Lighting Control System Outdoor lighting control refers to the technology used to regulate and manage the lighting in outdoor spaces, including streets, public areas, and building facades. The market growth is being driven by several factors, including the increasing demand for energy-efficient lighting solutions, the growing trend of smart city development, and the need for improved safety and security in outdoor spaces.

Based on region, North America accounted for the largest share contribution to the market growth in 2022. The growing adoption of the lighting control system in the residential and industrial sectors in the United States is responsible for its dominance in the market. Moreover, the US government has taken several initiatives to promote the use of energy-efficient lighting and lighting control systems. For instance, the Energy Star program by the US Environmental Protection Agency (EPA) helps individuals and businesses to save money and protect the environment by promoting energy-efficient products and practices.

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Recent Developments

• In December 2020, Honeywell and Signify (formerly Philips Lighting) partnered to deploy integrated lighting solutions that aim to improve the occupant experience in commercial and industrial buildings.
• In January 2023, Signify and Cambridge University's Estates Division teamed up to bring energy-efficient outdoor lighting to the West Cambridge site.

List of Major Global Lighting Control System Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• • General Electric Company
  • Signify Holding (Philips Lightings)
  • Cisco Systems Inc.
  • Schneider Electric
  • Toshiba
  • Legrand S.A.
  • Lutron Electronics Co., Inc.
  • Eaton Corporation PL
  • Honeywell International Inc.
  • OSRAM Licht AG

Global Lighting Control System Market Segmentation: 

• By Component
  • Hardware  
  • Software
  • Services
• By Connectivity Type
  • Wired
  • Wireless
• By Power
  • Low-Power
  • Mid-Power
  • High-Power
• By End Use
  • Indoor
  • Outdoor

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