Lighting Control System Market Size To Reach USD 34.2 Billion, With a CAGR of 16.20% CAGR by 2030 - Report by Market Research Future (MRFR)
Lighting Control System Market is growing due to rising interest in energy-productive lighting arrangements and the improvement of keen urban areas
New York, US, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Lighting Control System Market, By Component, By Technology, By Application - Forecast 2030”, the market is anticipated to acquire a valuation of approximately USD 34.2 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 16.20% during the assessment timeframe.
Lighting Control System Market Competitive Analysis
The list of prominent participants across the global lighting control system market includes players such as:
Leviton Manufacturing Company, Inc. (U.S.)
Philips Lighting N.V. (Netherlands)
Acuity Brands Inc. (U.S.)
General Electric Company (G.E.) (U.S.)
OSRAM Licht AG (Germany)
Legrand S.A. (France)
Cree, Inc. (U.S.)
Eaton Corporation (Ireland)
Lutron Electronics Co. Inc. (U.S.)
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Lighting Control System Market Report Scope:
Report Metric | Details |
Revenue forecast in 2030 | USD 34.2 Billion |
Growth Rate | CAGR of 16.20 % from 2022 to 2030 |
Base Year | 2021 |
Study Period | 2022-2030 |
Key Market Opportunities | Lighting controls help save cost and energy by guaranteeing that lights are killed when not being used |
Key Market Drivers | Rising interest in energy-productive lighting arrangements |
Lighting Control System Market Scope:
A GCC Lighting Control System refers to a framework by a smart organization of lighting controls that controls space lights. Several types of lighting control structures are available based on needs, wants, and requirements across the global market. In addition, the lighting control framework can be divulged to direct the level and amount of light in a particular space. The control of light updates the experience and saves energy. The global market for lighting control systems has increased in the last few years. The prime parameter promoting to the improvements of the global market for lighting control systems is the growing interest in proficient energy items, infrastructural improvement, modernization, expanding appropriation of a web of things, and mechanical developments. Apart from that, the growing mindfulness among buyers and expanding power costs are also likely to boost the global demand for lighting systems. In some cases, remote associations can be problematic occasionally, and developing support is the prime aspect restricting the market's overall growth.
The high implementation of various lighting and energy productivity are the parameters to update the growth of the global market for lighting control systems. Nevertheless, network protection problems are restricting the market's performance.
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Lighting Control System Market USP Covered
Market Drivers
The global lighting control system market has expanded rapidly in recent times, given the aspects such as growing interest in energy-productive lighting arrangements, the improvement of sensitive urban areas, increment in power cost, and developing worries of the public authority over environmental change.
Market Restraints
On the other hand, network protection issues may restrict the market's growth.
COVID-19 Impact
The global health crisis in the form of COVID-19 has had a massive impact on the majority of the industry sectors across the globe. The social distancing norms and travel restrictions imposed by governments across several governments worldwide led to causing massive disruptions in the supply chain networks for several market areas. Like all the market areas, the global market for lighting control systems has also faced several unexpected challenges during the pandemic. On the other hand, with global industrial operations returning to normal, the global market for lighting control systems is anticipated to grow significantly over the assessment era.
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Lighting Control System Market Segment Analysis
Among all the installation types, the new establishment segment is predicted to secure the top position across the global market for lighting control systems over the coming years. the development across the framework area at the global level is the main factor supporting the growth of the segment. The growing interest in lighting control frameworks across various viewpoints, such as parking spots, shopping centers, corporate workplaces, and local locations, is also likely to boost the segment's growth over the coming years.
Among all the offerings, the hardware segment is anticipated to dominate the global market for lighting control systems over the coming years. the segment consists of dimmers, transfer units, switches, doors, LED lighting, and sensors. The growing demand for LED sensors and lights is credited to their brilliant properties, such as offering higher well-being, requiring less upkeep, and bringing down energy utilization. Furthermore, the factors such as developing rates of robberies & burglaries and rising guidelines concerning energy preservation are also predicted to boost the segment's growth over the coming years.
Lighting Control System Market Regional Analysis
The global lighting control system market is analyzed across five major regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
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The Asia-Pacific region is predicted to secure the leading position across the global lighting control system market over the review timeframe. The primary aspect causing an upsurge in the regional market's growth is the growing speculation by governments, especially across developing economies such as India, for the development of savvy urban areas. The growing tendency of users to be super global lighting control system market across China will also probably influence the growth of the regional market over the assessment era. Furthermore, the aspects such as will in a roundabout way, the reception of the current way of life, rising per capita payments, and the quickly expanding pace of the populace are also predicted to influence the growth of the regional lighting control systems market over the assessment era. Provincially, the region exhibited the most significant contribution across the global market due to the better framework-building exercises across countries such as China and India, growing interest in digitization, and modernization of foundations.
The lighting control system market for the North American region is predicted to grow substantially over the review timeframe. The high misuse of new mechanical advancements is causing an upsurge in the regional market's growth. Furthermore, factors such as expanding interest in energy-proficient items and growing interest in smart homes will likely catalyze the regional market's growth over the review timeframe.
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