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Smart Lighting Control Systems Market to Beam with 11.60% CAGR

The Smart Lighting Control Systems Market was valued USD 56.2 Billion in 2021, and it is expected to reach a value of USD 108.5 Billion by 2028, registering a Compound Annual Growth Rate (CAGR) of approximately 11.60% over the forecast period of 2022–2028. A Smart Lighting Control Systems is an intelligent network-based lighting control solution that incorporates communication between various system inputs and outputs related to lighting control with the use of one or more central computing devices. Smart Lighting Control Systems are widely used on both indoor and outdoor lighting of commercial, industrial, and residential spaces. Smart Lighting Control Systems are sometimes referred to under the term smart lighting.

Smart Lighting Control Systems are employed to maximize the energy savings from the lighting system, satisfy building codes, or comply with green building and energy conservation programs. This may include high-efficiency fixtures and automated controls that make adjustments based on conditions such as occupancy or daylight availability. Smart Lighting Control Systems are increasing the consumer’s demand for energy-saving lighting systems. The growing demand for smart solutions for street lighting and the growth of IoT technologies in the field of smart lighting are the key factors driving the growth of the Smart Lighting Control Systems Market. The high demand for wireless lighting control is increasing worldwide due to the increasing penetration of smartphones and Internet of Things (IoT) technology. High costs, lack of awareness, and lack of qualified professionals are the main barriers to the market. However, due to government initiatives and the penetration of major market participants into emerging economies, adoption in residential and outdoor lighting, Smart Lighting Control Systems is likely to grow in emerging economies throughout the forecast period and represent a market opportunity.

Based on the type of lighting, the market is divided into fluorescent and compact fluorescent lamps, high-intensity discharge (HID) lamps, and light-emitting diode (LED) lamps. Due to its cost-effectiveness and low carbon footprint, the LED segment is expected to hold the largest market share with the highest growth rate. By product type, the market is segmented into control and communication, smart luminaires, sensors, microcontrollers, dimmers and actuators, transmitters, and receivers. Controllers and communications and microcontrollers will take a large market share during the forecast period due to the cost of communication technology like IoT. Based on communication technology, the market is divided into wired and wireless. Wireless communication is expected to capture the major market share during 2022-2028. On the basis of application, the Smart Lighting Control Systems Market consists of automotive, manufacturing, smart cities, media, and entertainment among other applications.

Regionally, the Smart Lighting Control Systems Market is divided into North America, Asia-Pacific, Europe, Latin America, Middle East & Africa. North America has the largest market share of the Smart Lighting Control Systems Market. The growth of this region is supported by increasing living standards and increasing architectural automation in developed as well as developing countries of the region. Advanced fusion and acquisition are promoting Europe's growth prospects over the expected period since most of the Smart Lighting Control Systems exist in this area. The Asia Pacific is estimated to be the fastest-growing region during the forecast time. Key factors contributing to market growth in the Asia Pacific include rising LED lighting trends and government incentives. In addition, the trend for smart homes is significantly increasing in the region.

The Smart Lighting Control Systems Market is highly fragmented and extremely competitive in nature due to the presence of a large number of market players. Key market players of the Smart Lighting Control Systems Market include General Electric Company, Koninklijke Philips N.V., Belkin International Inc., Eaton Corporation, Lightwave PLC, Elgato Systems, LiFI Labs Inc., Honeywell International, Inc., Lutron Electronics Company Inc., Acuity Brands Lighting Inc..