Dublin, May 26, 2021 (GLOBE NEWSWIRE) -- The "Lighting Control System Market - Global Outlook & Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global lighting control system market by revenue is expected to grow at a CAGR of approx. 19% during 2020-2026.
The APAC region has dominated the market due to a large population and significant penetration of LED bulbs in Japan and China. One of the major sectors, which generates the demand for the lighting control system is indoor lighting. Countries such as India, Brazil, and others have put constant efforts into installing efficient-lighting control systems in outdoor/public places.
The rising installment of lighting control systems through retrofitting has boosted the demand over the past few years. The commercial sector dominated the market in 2020, with offices accounting for the highest share in the market. The demand can be attributed to the growth in personal income, growing awareness of energy efficiency, and other demographic trends.
Rapid urbanization and the increasing demand for smart and comfortable lifestyles expect to fuel the market growth. The COVID-19 pandemic has a negative effect on the market. One of the main effects of the pandemic on the lighting control device industry is the disruption in the availability of electrical components. Furthermore, the lighting industry's supply and demand have been influenced by a shortage of raw materials for producing light casings, chips, and other factors.
Global Lighting Control System Market Segmentation
The global lighting control system market research report includes a detailed segmentation by communication protocol, application, offerings, installation, geography.
Wired communication protocols account for over 70% share in the market. This is majorly due to high safety and reliability. They account for the highest percentage as they were invented way before wireless protocols and most buildings comprise wired systems.
Furthermore, since wired systems do not need any technical skills to install or run, many end-users continue to use them. However, since the wiring is a tedious task and is highly inefficient to retrofit applications, the demand for wired control systems is growing at a slower rate.
The indoor segment dominates the global lighting control system market share, accounting for over 90% of the market with an expected growth of over 18% during the forecast period. The outdoor segment constituted approx. 8% share of the global market in 2020; however, it expects to grow at a fast CAGR of over 23% during the forecast period.
Increased focus of government agencies toward efficient energy usage and reduced carbon emission are taking initiatives to incorporate highly efficient lighting systems in outdoor settings. Increasing infrastructural activities in residential and commercial sectors across the world, along with rising disposable income and the growing demand for smart cities and smart houses, are the significant factors contributing to the growth of lighting systems. Installation and use of lighting controls are providing enormous opportunities for energy savings globally.
The inherent properties of SSL offer the opportunity to integrate controls and increase the energy savings potential of lighting systems. The controllability of LED technology and the low cost to integrate sensing, data processing, and network interface hardware are expected to boost the demand for lighting control systems from both indoor and outdoor applications.
The hardware lighting control system market expects to reach approx. USD 18 billion by 2026. The hardware segment accounts for over 70% share in the market. The increasing installation of LED-based systems from government agencies to achieve energy efficiency and reduce operational expenditure is likely to drive demand for hardware components. Moreover, the increasing demand for infrastructural development and modernization requiring the deployment of the hardware component is influencing market growth.
New installations are likely to account for almost 78% share of the market. A significant increase in construction activities, rapid infrastructural development, rising government concern about energy consumption in new buildings, and the growing installment of outdoor lighting demand for new installation.
Although new installations currently dominate the market, the demand for retrofit installation expects to grow at a CAGR of almost 21% compared to 18% for new installations. The advent of IoT, lighting control software, wireless communication protocols, and requirements for replacing inefficient lights are propelling the demand for retrofit installations. The market is witnessing a growing demand for retrofit installations from several application end-users segments.
Market Opportunities & Trends
Advent Of IoT In Lighting Control
Demand For Lighting Control In Street Lights
Rising Demand From Retrofit Market
Market Growth Enablers
Growing Penetration Of Luminaire-Level Lighting Control
Increasing Demand For Energy-Efficient Lighting
Shift To SSLS From Conventional Lighting Products
Security & Reliability Issues
High Installation Cost & Complexity
Industrial & Others
Highways & Roadways
Software & Services
OSRAM Licht Group
Acuity Brands Lighting
Other Prominent Vendors
Universal Douglas Lighting Americas
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
6 Market at a Glance
8 Market Opportunities & Trends
9 Market Growth Enablers
10 Market Restraints
11 Market Landscape
13 Communication Protocol
For more information about this report visit https://www.researchandmarkets.com/r/huc8bp
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