Published March 15, 2023
The global Lighting Controls Market size is forecasted to expand at a 17.6% CAGR during 2022-2029. Major investments by industry participants for novel product releases, as well as an increase in mergers and partnerships for expansion strategy, are expected to propel the market forward.
The global Lighting Controls Market value is estimated at USD 17.03 billion in 2021. During the period 2022 to 2029, the market is expected to grow at a CAGR of 17.6%, from USD 18.61 billion in 2022 to USD 57.81 billion by 2029.
According to Fortune Business Insights, major driving factor includes the rising demand for energy-efficient lighting solutions has been fuelled by the imperative to reduce energy consumption and carbon emissions. Lighting controls, including occupancy sensors, daylight sensors, and timers, have the potential to curtail energy consumption and enhance efficiency.
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Some of the key players include:
- General Electric Company (U.S.)
- Signify Holding (Philips Lightings) (Netherlands)
- Cisco Systems Inc. (U.S.)
- Schneider Electric (France)
- Toshiba (Japan)
- Legrand S.A. (France)
- Lutron Electronics Co., Inc. (U.S.)
- Eaton Corporation PL (Ireland)
- Honeywell International Inc. (U.S.)
- OSRAM Licht AG (Germany)
Factors affecting the growth of Lighting Controls Market:
- Increasing demand for energy-efficient lighting: The need to reduce energy consumption and carbon emissions has led to an increasing demand for energy-efficient lighting solutions. Lighting controls such as occupancy sensors, daylight sensors, and timers can help to reduce energy consumption and increase efficiency.
- Technological advancements: The lighting controls market is highly dependent on technological advancements, as these advancements lead to the development of more efficient and advanced lighting control systems. Therefore, the industry must continually invest in research and development to stay competitive.
- Government regulations and initiatives: Government regulations and initiatives aimed at reducing energy consumption and carbon emissions are driving the growth of the lighting controls market. For example, some governments offer incentives or mandates for the use of energy-efficient lighting and lighting controls.
- Increasing adoption of LED lighting: The increasing adoption of LED lighting is also driving the growth of the lighting controls market. LED lighting is highly efficient and can be easily controlled through lighting control systems.
- Smart home and building automation: The increasing adoption of smart home and building automation systems is driving the growth of the lighting controls market. Lighting control systems can be integrated into these systems, allowing users to control their lighting remotely through mobile devices.
- Cost savings: Lighting control systems can help to reduce energy consumption and maintenance costs, leading to significant cost savings over time. This cost-saving potential is driving the growth of the lighting controls market.
- Maintenance and support services: Maintenance and support services such as installation, repair, and maintenance of lighting control systems are also driving the growth of the lighting controls market. These services are essential to ensure the proper functioning and longevity of lighting control systems.
- Complexity of lighting systems: The complexity of lighting systems is also driving the growth of the lighting controls market. As lighting systems become more complex, the need for advanced lighting control systems also increases.
- Growing awareness of the benefits of lighting controls: As consumers become more aware of the benefits of lighting controls, the demand for these systems is likely to increase. Lighting controls can improve energy efficiency, enhance comfort and productivity, and reduce maintenance costs.
- Integration with other systems: The integration of lighting control systems with other building systems, such as heating, ventilation, and air conditioning (HVAC), security, and fire safety, is also driving the growth of the lighting controls market. Integrated systems can provide greater control and automation, leading to increased efficiency and comfort.
Key Highlights of the Report:
- Market Performance (2022-2029)
- Market Outlook (2022-2029)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
The most recent Fortune Business Insights report identifies a key opportunity for market expansion over the forecast period. In this report, market opportunities are plotted using a detailed study of the current Lighting Controls Market scenario, mergers and acquisitions, investments in research and development, technological developments, novel marketing strategies, and buyers' behaviour. The key opportunities covered in the report will provide a better understanding of the global Market and its future growth.
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The primary market segments and their sub-segments covered in this study provide information on the overall business climate. The categories in this research are built by analyzing supply and demand scenario that provides a thorough view of the market. The segment study provides a detailed view of the fastest-growing market sector as well as the factors influencing the fast/slow growth of the other segments. This section includes a comprehensive market share and revenue analysis.
Segment by Type
- By Product
- By End-user
- By Connectivity Type
- By Region
The use of Lighting Controls Market can help investors to make more informed decisions, access a wider range of investment options, and achieve their financial goals more effectively. Additionally, the market for report is growing rapidly, driven by factors such as increasing wealth, the shift towards digital channels, and the growing demand for personalized financial advice. As a result, the market is expected to continue to grow in the coming years.
Table of Contents - Major Key Points
1) Lighting Controls Market Overview
- Market Segment by Type
- Global Market Segment by Application
- Global Market, Region Wise
- Scope of the Report
2) Industry Outlook
- Market Industry Technology Status and Trends
- Industry Entry Barriers
- Market Drivers Analysis
- Market Challenges Analysis
- Consumer Preference Analysis
3) Global Market Landscape by Player
- Market Competitive Situation and Trends
- Market Concentration Rate
- Market Share of Top 3 and Top 6 Players
- Mergers and Acquisitions, Expansion
4) Global Lighting Controls Market Sales Volume and Revenue Region Wise
- Global Market Sales Volume and Market Share, Region Wise (2022-2029)
- Global Market Revenue and Market Share, Region Wise (2022-2029)
- Global Market Sales Volume, Revenue, Price and Gross Margin
5) Global Market Sales Volume, Revenue, Price Trend by Type
6) Global Market Analysis by Application
7) Market Upstream and Downstream Analysis
- Market Industrial Chain Analysis
- Key Raw Materials Suppliers and Price Analysis
- Manufacturing Cost Structure Analysis
8) Key Players Profiles
- Recent Development
- Key Players Analysis
9) Research Findings and Conclusion
12) Research Data Source
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To view the original version on The Express Wire visit Lighting Controls Market to Cross USD 57.81 billion by 2029, exhibiting a CAGR of 17.6%