According to a new market report published by Credence Research, Inc., “Global Lighting Control Systems Market (By Component (Hardware and Software), By Connectivity Type (Wired and Wireless), By End-user (Residential, Commercial, Industrial, Public & Government Buildings, Highways & Roadways, Transportation & Automotive, and Architectural Lightings)) - Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global lighting control systems market is expected to witness a growth of 14.2% CAGR during the forecast period from 2018 to 2026.Browse the full report at [URL]https://www.credenceresearch.com/report/lighting-control-systems-market[/URL]
Product Insights
The global lighting control systems market was valued at US$ 14.5 Bn in 2017 and expected to demonstrate a significant growth, expanding at a CAGR of 14.2% during the forecast period from 2018 to 2026. Lighting control systems are used for detecting presence, level of daylight and helps adjusting the light output to a desired level. Rising awareness about energy conservation is one of the major factors driving the growth prospects for lighting control systems market. Growing demand for more connectivity and less energy consumption is shaping the field of lighting control system. Thus, indoor and outdoor lighting control systems for residential, commercial, industrial, government, etc. must be equally intelligent and energy efficient.
They are used to provide the required amount of light and maximize energy savings.
Lighting control system aim to minimize maintenance and simplify building operations. The global lighting control system market, based on component was led by the hardware segment in 2017. Hardware components in the lighting control systems market include dimmers, sensors, and timers. Integration of these into a lighting control system allows greater energy management, which gives them the ability of controlling individual lights or groups of lights from a single device. Based on connectivity type, wired segment garnered largest market share in 2017 as it is more useful in new installations than retrofitting the existing lighting settings. On the other hand, wireless connectivity segment is projected to offer superior growth prospects and expected to emerge as the fastest growing segment during the forecast period from 2018 to 2026.
The emergence of wireless connectivity as the fastest growing segment is primarily due to its benefits including flexibility, scalability and energy cost savings. Wireless technology allows to install a fully featured lighting control system with ease and minimal disruption.
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Competitive Insights:
Major players in the lighting control system market include Acuity Brands Lighting Inc., Cree, Inc., Eaton Corporation Plc, GE Lighting, LLC, Honeywell International Inc., Hubbell Incorporated, Legrand Electric Ltd, Leviton Manufacturing Co., Inc., Lutron Electronics, Inc., OSRAM Licht AG, Philips Lighting Holding B.V., and Schneider Electric SE among others.