The lighting control system market is poised to garner growth at a CAGR of 12.7% over forecast period 2019 to 2026, market to reach around US$ 41.1 Bn by 2026.
LOS ANGELES, Feb. 13, 2020 (GLOBE NEWSWIRE) -- Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled “Lighting Control System Market (By Component: Hardware, Software; By Communication Protocol Type: Wired, Wireless; By End-User: Commercial Building, Residential Building, Public Utilities) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2015 - 2026”.
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The Asia Pacific dominated the global lighting control system market in the year 2018. The region has experienced the potential growth owing to the presence of lighting control system companies such as Schneider Electric SE, Digital Lumens, Inc., Legrand France SA, Honeywell International, Inc., Zumtobel Group AG General Electric Company, OSRAM Light AG, Koninklijke Philips N.V., Acuity Brands Lighting Inc. and Lutron Electronics Co, Inc. The presence of a large customer base along with the growing demand for the quality lighting control system is additionally quickening the regional market growth. Moreover, innovation and development in lighting control systems and growing usage in urbanization, increase in infiltration of e-commerce, and growing production of new installation lights in the Asia Pacific and North America are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
The North America region is expected to exhibit a second-largest share in the lighting control system market. The increase in the number of private-label store brands in the region is going too expected for contributing to the lighting control system market growth. Additionally, the growing adoption of new installations of lighting in a commercial building that will increase demand for production and consumption of lighting control system and an increase in disposable income of plastic lighting control system in this region further expected to further drive the growth of the market. Furthermore, a growing number of lighting control system manufacturers, industrial producers, a growing number of hardware and software component towards the lighting of product safety further grow the demand for the lighting control system in the region over the forecast period.
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The hardware segment has dominated the component type segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. An increase in demand for LED drivers & ballasts lighting control system among consumers and producers that rising life of hardware lighting control system other than any lighting control system type is further expected to raise the segment over the forecast period.
Based on the end user segment, the commercial building segment has to dominate the lighting control system market on the basis of the end user in 2018. The major factors that are driving the growth of this segment are the rising demand for new innovations, cost-efficient material, increase in the display of materials awareness regarding the environment & health, and rising demand for the durability of materials. This expected to enhance the dominance of the end user segment in the global market over the forecast period.
The commercial protocol type segment also added value in the base year as well as in the coming years. In addition to that, escalating demand from the wired and wireless industry is yet another factor to act as a growth driver for the global lighting control system market in the coming future. The limited availability of raw material and the high cost of raw material are the two major challenges for the global lighting control system market. It will be the top investment pocket in the lighting control system in the future global industry growth. The growing demand for the high-quality lighting control system, an increase in purchasing power of consumers, growing fashioning or designing among consumers, and growing innovation and development from manufacturers in the lighting control system further expected to raise the segment during the forecast period.
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The major factors that are driving the growth of this segment are the rising demand for functionality and used for marketing as a rising demand for flexible lighting control system usage. This expected to enhance the dominance of the segment in the global market over the forecast period.
Some of the leading competitors are Spruce Impex Pvt Ltd., Totre Packaging, Gee Enterprises, Spanco Enterprises, Swift Technoplast Private Ltd., Loscam Australia Pty Ltd., Pilco Storage Systems Private Ltd., Brambles Ltd., Schoeller Allibert, Rehrig Pacific Company, and CABKA Group.
Some of the key observations regarding lighting control system market include:
- In 2019, Silvair to provide wireless technology for OSRAM’s new lighting control system. Silvair, a pioneer in mesh lighting networks and a leading provider of qualified Bluetooth mesh solutions for lighting control, has announced a technology partnership with OSRAM, a leading global lighting and high-tech company.
- In 2017, the market generated $6.19 billion with developed markets holding close to 75 percent of the market share. North America was the largest shareholder. However, Asia-Pacific is expected to experience the highest growth due to escalating demand from developing markets like China, Japan, and India.
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