DUBLIN--(BUSINESS WIRE)--The "Lighting Control System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The lighting control system market is expected to reach USD 50.06 billion in 2026 from USD 19.69 billion in 2020, witnessing a CAGR of 16.99%, during the forecast period (2021 - 2026).
- General Electric Company
- Philips Lighting NV
- Eaton Corporation PL
- Honeywell International Inc.
- Acuity Brands Inc.
- Cree Inc.
- Lutron Electronics Co. Inc.
- Leviton Manufacturing Company Inc.
- Digital Lumens Inc.
- WAGO Corporation
- Infineon Technologies
- Schneider Electric
- Cisco Systems Inc.
- Taiwan Semiconductor
Key Market Trends
Smart City Development Initiatives to Drive the market for Smart Lighting
- According to the United Nations Human Settlements Program, cities consume 78% of the world's energy and Philips also predicted that by 2050, 66% of the population may live in cities, due to urbanization. These have resulted in smart cities, where smart cities rely on IoT, where everything is dependent on each other. From streets lights to traffic signals and beyond. Smart lighting can be a backbone for a smart city network.
- Nowadays, most cities that install new smart lighting or retrofit existing fixtures choose systems that already are equipped with sensor technology or that can be upgraded easily to utilize the advantages of IoT applications.
- For instance, in February 2018, London worked on an innovative lighting strategy that would use smart lighting to cut energy and light pollution, and manage light levels and color at different times of the day.
Asia-Pacific to Witness the Fastest CAGR
- The growth in Asia-Pacific is attributed to the rapid infrastructure building activities being undertaken in the region, mainly in China where lighting control systems pave the way for the modernization of infrastructure. It is anticipated to consume more energy resources in the longer run, especially with the growing energy demand from the developing countries, such as China and India. The lighting segment usually consumes the majority of the electricity in a commercial building and draws substantial energy levels for a private residence.
- Apart from this the increasing awareness regarding the efficiency of the connected lighting system in the emerging countries, like China, India, and Taiwan, is enabling significant cost savings through optimal energy consumption.
- India is making an affirmative shift from using conventional lighting to LED and energy efficient smart lights. Due to this change, India is perceived as a market with great potential for international and domestic manufacturers alike.
- According to a report by ELCOMA, the lighting industry is expected to reduce energy consumption for lighting from the present 18% of total power consumption to 13% by 2020, by introducing more energy efficient products and working more closely with the government to execute various schemes and awareness programs.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Demand For Energy-efficient Lighting Systems
4.3.2 Growing Modernization And Infrastructural Development
4.4 Market Restraints
4.4.1 High Cost of Installation
4.5 Value Chain / Supply Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Type
188.8.131.52 LED Drivers
184.108.40.206 Switches and Dimmers
220.127.116.11 Relay Units
5.2 By Communication Protocol
5.3 By Application
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT OUTLOOK
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/3v0q5e.