In terms of revenue, the Global Smart Lighting Control Systems Market is probable to reach USD 108.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 11.50% from 2022 to 2028.
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. Moreover, the smart light control system comprises multiple lighting fixtures connected in a network in order to control the lighting is expected to fuel the growth of the market during the forecast period.
Key Highlights from the Report
- The Light Emitting Diodes (LED) and Lamps sub-segment are anticipated to grow at a substantial CAGR. 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.
- The outdoor sub-segment holds a substantial market share in 2021. 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.
- Asia Pacific is the fastest regional segment. 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.
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.
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.
North America is the largest market. 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 a wide range of energy services to the owners of the house.