Dublin, Sept. 10, 2021 (GLOBE NEWSWIRE) -- The "Lighting Control Components - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Lighting Control Components Market to Reach $12.4 Billion by 2027
Amid the COVID-19 crisis, the global market for Lighting Control Components estimated at US$5.9 Billion in the year 2020, is projected to reach a revised size of US$12.4 Billion by 2027, growing at a CAGR of 11.2% over the analysis period 2020-2027.
Corporate, one of the segments analyzed in the report, is projected to record a 9% CAGR and reach US$4.7 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Retail segment is readjusted to a revised 12.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.6 Billion, While China is Forecast to Grow at 14.5% CAGR
The Lighting Control Components market in the U.S. is estimated at US$1.6 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.6 Billion by the year 2027 trailing a CAGR of 14.5% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.9% and 9.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 8.6% CAGR.
Outdoor Segment to Record 16.4% CAGR
In the global Outdoor segment, USA, Canada, Japan, China and Europe will drive the 15.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$371.8 Million in the year 2020 will reach a projected size of US$1 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.8 Billion by the year 2027, while Latin America will expand at a 18.2% CAGR through the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Lighting Controls: Delivering Energy Efficiency, Space Efficiency, and Personal Efficiency through Sensing, Prediction, and Control
- Major Drivers and Trends in a Nutshell
- Recent Market Activity
- Advancements in Connected, Embedded, and Sustainable Lighting: Foundation for Market Growth
- Connected Lighting
- Embedded Lighting
- Sustainable Lighting
- The Global Lighting Controls Market Evolve with the Transforming Lighting Industry
- Major Lighting Technology Trends Summarized
- Myriad Benefits Drive Widespread Adoption across the World
- Increased Energy Savings
- Adequate Lighting for Increased Comfort
- Automatic Functionality
- Superior Quality Illumination & Extended Life
- Increased Flexibility and Freedom
- Push Button Devices and Pre-Programmed Settings
- Important Add-on to Building Security Systems
- Global Market Outlook
- Developing Asian Countries Offer Significant Market Growth Opportunities
- Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS (Total 128 Featured)
- Acuity Brands, Inc. (USA)
- Acuity Controls (USA)
- Distech Controls (Canada)
- Cree, Inc. (USA)
- Current, Powered by GE (USA)
- Daintree Networks, Inc. (USA)
- Eaton Corp. (USA)
- Cooper Industries Plc. (Ireland)
- Fagerhults Belysning AB (Sweden)
- FW Thorpe Plc (UK)
- Hubbell Control Solutions (HCS) (USA)
- Legrand S.A. (France)
- WattStopper, Inc. (USA)
- Leviton Manufacturing Co., Inc. (USA)
- LG Innotek (South Korea)
- Lutron Electronics, Inc. (USA)
- Osram GmbH (Germany)
- Panasonic Corporation (Japan)
- Douglas Lighting Controls (Canada)
- Universal Lighting Technologies, Inc. (USA)
- Philips Lighting North America Corporation (USA)
- Philips Color Kinetics (USA)
- Strand Lighting (USA)
- Schneider Electric SA (France)
- TCP International Holdings Ltd. (Switzerland)
- Theben AG (Germany)
- Zumtobel Group AG (Austria)
- Thorn Licht GmbH (Germany)
- Tridonic GmbH & Co KG (Austria)
3. MARKET TRENDS & DRIVERS
- Growing Prominence of Smart Lighting Drive Strong Demand for Intelligent Lighting Controls
- Surging Demand for Smart Lighting Control Systems
- Smart Lighting Tracks Offer Secure, Productive and Healthier Lighting
- Myriad Benefits of Smart Lighting Controls
- Opportunities and Challenges
- Huge Potential Offered by the Internet of Things (IoT) Technology Benefit Market Expansion
- The IoT's Architecture
- IoT for Building Automation
- Other Prominent Application Areas of IoT
- Key Barriers to IoT Adoption
- Rapid LED Lighting Penetration and Advanced Lighting Controls Drive Growth of "Lighting as a Service" (LaaS)
- Key Factors Benefiting Growth of LaaS
- Smart Homes and Smart Cities Create Enormous Demand for Smart and Wireless Lighting Control Solutions
- Rising Popularity of Home Automation Boosts Market Demand
- Smart and Connected Homes Drive Demand for "Wireless" Controls
- Cloud-based Lighting Controls to Gain Traction
- Robust Demand from the Residential Sector Lends Traction to Market Growth
- Classification of Residential Lighting Control Systems
- Advantages of Residential Lighting Controls
- Major Trends in Residential Lighting Controls Segment
- Private Buildings: An Underserved Market Segment
- Evolution of Indoor Lighting Controls over the Years
- Lighting Control Systems: Why and Where to Use in Residential Applications
- Common Hindrances in the Selection of Residential Lighting Controls
- Corporate Applications to Retain Market Dominance in Lighting Controls
- Digital Lighting Control Technology Transform Commercial Buildings Sector
- Street Lighting Management: A Potential Laden Application
- Dimmable Smart Street Lights for Reducing Power Consumption and Emissions
- Energy-Efficiency Spurs Market Penetration in the Retail Sector
- Recovery in Construction Activity Worldwide Augurs Well for Lighting Controls Demand
- Major Trends Driving Future Adoption in New Construction and Retrofits
- Lighting Spectrum Control Causes Positive Impact on Humans and Productivity, Bodes Well for Market Adoption
- Horticulture Sector Set to Benefit from Tuning Capability of Modern Lighting Controls
- Lighting Spectrum Control Proves Beneficial for Livestock Production
- Mandated Energy Codes, Utility Rebates and Energy Savings to Drive Lighting Controls Sales
- Building Codes Update Regularly for Improved Energy Efficiency
- International Building Codes Overview
- Key Factors Hampering Market Adoption
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/1gs79o
