Worldwide Intelligent Lighting Controls Industry to 2027 - Drivers, Restraints & Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Intelligent Lighting Controls Market by Type, Connectivity Type and Application: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.

Smart lighting control system is a network-based lighting control solution that uses various components, such as occupancy sensors, transmitters & receivers, and microcontrollers, for controlling lighting. The control systems offer various advantages such as maximizing energy savings, while adhering to building codes and complying with green building and energy conservation programs. These systems have been widely used in lighting applications of smart building & smart home establishments, industries, and automotive areas. Reduced energy consumption is one of the major advantages of using intelligent lighting controls.

The smart cities segment dominates the intelligent lighting controls market, owing to the highest adoption of intelligent lighting controls in these sectors. According to the U.S. Energy Information Administration, lighting accounts for approximately 40% of the total energy cost in smart building & smart home buildings. Fluctuating electricity prices have escalated operating costs of smart building & smart home and automotive spaces. Smart lighting control system helps in effective utilization of energy sources; thereby, providing customized lighting levels for optimal working conditions. Several companies have installed plug and play installation systems for smart lighting controls to maximize the use of lighting control systems.

The factors such as high demand for cost-effective and energy-saving OLED lighting, increase in government initiatives toward OLED adoption, and growth in display and large screen backlight market act as major drivers, driving market growth globally. However, problems pertaining to high cost of the technology and various technological limitations hamper the market to a certain extent. Furthermore, increase in demand for eco-friendly lighting solutions and rise in adoption of smart lighting system is expected to offer lucrative opportunities for market growth.

The significant factors impacting the growth of the global intelligent lighting controls market include increase in penetration of LED bulbs and lightings globally and rise in government initiatives toward energy saving scheme. However, high initial installation cost of smart lighting controls system acts as the major barrier for early adoption; thereby, hampering the growth of the market. On the contrary, emerging smart city projects in developing economies and growing inclination toward energy-efficient lighting solutions are anticipated to provide lucrative opportunities for the growth of the intelligent lighting controls market during the forecast period.

Key Benefits

• This study includes the analytical depiction of the intelligent lighting controls market forecast along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information regarding the key drivers, restraints, and opportunities in the intelligent lighting control market.
• The intelligent lighting control market growth is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
• Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Findings

• Based on type, the sensors segment generated the highest revenue in the global intelligent lighting controls market in 2019.
• Based on connectivity, wired segment generated the highest revenue in the global intelligent lighting controls market in 2019
• Based on applications, the smart cities segment generated the highest revenue in the global intelligent lighting controls market share in 2019.

Market Dynamics

Drivers

• Increasing Penetration of Led Bulbs and Lightings Globally
• Increase in Government Initiatives Towards Energy Saving

Restraint

• High Initial Installation Cost

Opportunity

• Emerging Smart City Projects in Developing Economies
• Growing Inclination Towards Energy-Efficient Lighting Solutions

Companies Mentioned

• Acuity Brands
• Cisco
• Cree Inc.
• Eaton
• GE Lighting
• Honeywell
• OSRAM
• Panasonic Corporation
• Philips
• Siemens

For more information about this report visit https://www.researchandmarkets.com/r/15onnt