Portland, OR, June 08, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Lighting Control System Market, By Component (Software and Services), By Technology (Wired and Wireless (Wi-Fi, Bluetooth, ZigBee, Proprietary, Hybrid, and Others)), By Application (Indoor (Residential, Commercial (Offices, Restaurant and Hotel, Healthcare Facility, Educational Institution, and Others), and Industrial) and Outdoor): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global lighting control system industry generated $17.4 billion in 2022, and is anticipated to generate $34.8 billion by 2032, witnessing a CAGR of 7.2% from 2023 to 2032.
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Prime Determinants of Growth
The most prominent factors that drive the lighting control system market growth are increase in demand for street and roadways lighting, numerous developments in lighting control systems, and government initiatives toward energy-saving products. However, system reliability issues in large environments hampers its adoption. Moreover, surge in development of smart city projects in Asia-Pacific is anticipated to provide lucrative opportunities for the lighting control system market growth during the forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2021 | $17.4 billion |
| Market Size in 2031 | $34.8 billion |
| CAGR | 7.2% |
| No. of Pages in Report | 571 |
| Segments covered | Component, Technology, Application, and Region |
| Drivers | Increasing capability and functionalities of lighting control system Government policies supporting energy-saving products |
| Opportunities | Surging development of smart city projects in Asia-Pacific |
| Restraints | System reliability is still a concern when installed in large environments |
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the lighting control system market faced a downturn.
- However, as the global situation started ameliorating, the demand for lighting control systems was restored back. This, in turn, presented various growth opportunities for companies operating in the lighting control systems market.
The solution segment to maintain its leadership status throughout the forecast period
In terms of market segmentation by component, the market was dominated by the solution segment in 2022, accounting for nearly three-fourths of the global pallet market revenue and is estimated to maintain its leadership status throughout the forecast period. Solutions primarily consist of the software required to run the lighting control systems, and associated components required to make the software work, such as chips and sensors. The software is connected to all parts of the hardware and is the means through which the hardware is operated. However, the services segment is projected to manifest the highest CAGR of 9.1% from 2023 to 2032, especially as it solves concerns related to upgradation of the lighting control systems
The wired segment to maintain its leadership status throughout the forecast period
In terms of market segmentation by technology, the market was dominated by the wired technology segment in 2022, accounting for more than three-fourths of the global pallet market revenue and is estimated to maintain its leadership status throughout the forecast period. The software in the lighting control system passes the required commands and information to the hardware through wires or wirelessly. However, wired connections are especially preferred in small settings where they are not only an affordable option, but also more convenient. However, the wireless segment is projected to manifest the highest CAGR of 9.2% from 2023 to 2032, as the technology becomes more mature and standardized.
The indoor segment to maintain its lead position during the forecast period
In terms of market segmentation by application, the market was dominated by the indoor segment in 2022, accounting for nearly two-thirds of the global pallet market revenue and is estimated to maintain its leadership status throughout the forecast period. The indoor lighting control system includes such systems used within homes, offices, industrial units, and for other smart light systems within the premise boundaries. The smart lighting control systems help in reducing energy bills, while simultaneously reducing carbon emissions. However, the outdoor segment is projected to manifest the highest CAGR of 9.6% from 2023 to 2032, as improvement in especially the wireless technology makes lighting control systems more viable for outdoor installment.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global lighting control system market revenue, because it is in the mature stage of adopting the technology. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.8% from 2023 to 2032, owing to the development of smart cities on a large scale in this region.
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Leading Market Players: -
- Acuity Brands, Inc. (Georgia)
- Cree LED (U.S.)
- Eaton Corporation (U.S.)
- General Electric (U.S.)
- OSRAM AG (Germany)
- Signify Holding (The Netherlands)
- Dialight (UK)
- Legrand S.A. (France)
- Lutron Electronics Co., Inc (U.S.)
- Hubbell Incorporated (U.S.)
The report provides a detailed analysis of these key players of the global lighting control system market. These players have adopted different strategies such as new product launches, collaborations, expansions, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the lighting control system market analysis from 2022 to 2032 to identify the prevailing lighting control system market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the lighting control system market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global lighting control system market trends, key players, market segments, application areas, and market growth strategies.
Lighting Control System Market Key Segments:
By Component
- Solution
- Services
By Technology
- Wired
- Wireless
- Wi-Fi
- Bluetooth
- ZigBee
- Proprietary
- Hybrid
- Others
By Application
- Indoor
- Residential
- Commercial
- Commercial
- Offices
- Restaurant and Hotel
- Healthcare Facility
- Educational Institution
- Others
- Industrial
- Outdoor
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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