Smart Lighting Control Systems Market

Market Synopsis:

Global Smart Lighting Control Systems Market is valued at USD 62.44 Billion in the year 2022 and is projected to reach a value of USD 149.20 Billion by 2030. The Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.50% over the forecast period.

The Smart Lighting Control Systems Market is witnessing growth due to the rising demand for energy-efficient connected lighting controls owing to the growth in the awareness to decrease energy consumption. Moreover, the increasing demand for Smart Lighting Control Systems, rising adoption and reduction in the cost of LEDs, and upcoming smart city projects in the emerging economies are the prime factors driving the growth of the Smart Lighting Control Systems Market during the forecast period. Moreover, the awareness about saving energy among consumers and government, and modernization and infrastructure development are the other prime factors contributing to the increasing demand for Smart Lighting Control Systems Market during the forecast period. Furthermore, the smart light control system comprises multiple lighting fixtures connected in a network in order to control the lighting. Whereas, the smart lighting control system improves performance, energy efficiency, and customer value which is fueling the growth of the Smart Lighting Control Systems Market during the forecast period. In addition, the government regulations on the utilization of energy-efficient products are boosting the growth of the smart lighting control system market during the forecast period. Besides, higher installation costs and long payback periods of LED lights are expected to limit the growth of the market during the forecast period. Whereas, the introduction of low-price sensors and dropping prices of LED products could reduce the cost of installation and thus reduce the numerous growth opportunities for the growth of the smart lighting control system market in the coming future.

Market Segmentation:

The Smart Lighting Control Systems Market is segmented on the basis of lighting source, application, and control system. On the basis of lighting source segments as Fluorescent Lamps and Compact Fluorescent Lamps, High-Intensity Discharge Lamps (HID), Light Emitting Diodes (LED) Lights, and Lamps. Based on end-use the market is segmented as Residential, Commercial, Industrial, and Outdoor Lighting Applications. On the basis of control systems, the market is segmented as Smartphone Enabled, Daylight Sensing Technology, Proximity Sensing Technology, and others.

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Light Emitting Diodes (LED) and Lamps are projected to dominate the market during the forecast period

Based on the lighting source the light-emitting diodes and lamps are expected to dominate the Smart Lighting Control Systems Market during the forecast period. The indoor and outdoor use of light-emitting diodes and architectural lighting has undergone a rapid transformation. The growth in the advancements of LEDs for improved energy efficiency, and the reduction per unit of LEDs have increased the demand for light-emitting diodes and lamps globally during the forecast period. Moreover, the availability of LEDs on online and offline markets is increasing the sale of LEDs and lamps and these factors are driving the growth of the Smart Lighting Control Systems Market.

The outdoor segment is expected to acquire the major share of the market during the forecast period

Based on end-use application, the outdoor segment is predicted to hold the major share of the Smart Lighting Control Systems Market during the forecast period. The growth of this segment is mainly attributed to the surging demand for roadways and highways for better light quality and due to its high energy efficiency. The demand for Smart Lighting Control Systems is dominating is increasing and will also grow in the future in emerging countries as well as in developed countries.

North America acquires the largest share of the Smart Lighting Control Systems Market during the forecast period

North America acquires the largest market share during the forecast period. The growth of North America is mainly attributed to the volume and worth of the Smart Lighting Control Systems Market. As the energy performance contracts have become prevalent in the North American region, specific energy service corporations (ESCOS) are developed now to supply wide range of energy services to the owners of the house.

The Asia Pacific is projected to be the fastest-growing region during the forecast period

The Asia Pacific is the fastest-growing region globally in the smart lighting control system market during the forecast period. The growth of Asia Pacific is primarily attributed to a rise in government investments in the development of good homes in emerging countries such as China, and India. The rate of consumption and production of lighting merchandise in the Asia Pacific are attracting foreign major players to merge in the country which is driving the growth of the Smart Lighting Control Systems Market in the Asia Pacific during the forecast period.

Competitive Landscape:

The key players in the market are adopting new strategies such as the introduction of new innovations or products in the market to increase their market appearance. Some of the major key players in the market are 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..

Segmentation of the Global Smart Lighting Control Systems Market: