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Global Lighting Controls Growth Opportunities

·2-min read

The analyst estimates the global lighting controls market to grow by 4. 7% in 2021 after experiencing a 6. 3% growth decline in 2020 due to the COVID-19 pandemic. The market is expected to reach pre-COVID-19 growth rates in 2023 and achieve $11.

New York, May 12, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Global Lighting Controls Growth Opportunities" -
82 billion in revenue by 2028, expanding at a compound annual growth rate of 7.5% from 2021 to 2028. This study provides an overview of the global lighting controls market, with analyses of global and regional revenues, growth drivers and restraints, notable acquisitions and restructuring activities, and growth opportunities.North America holds the largest revenue share of the global lighting controls market, a trend that is forecast to continue until 2028. The regional market is maturing quickly as governments and building management companies strive toward energy efficiency and smart buildings through innovative and interoperable building systems, including lighting controls. Europe will remain the second-largest market after North America, driven by the adoption of advanced lighting control solutions in offices and the hospitality segment. Europe’s revenue share of the total lighting controls market is projected to decrease, but its growth rate between 2021 and 2028 will be higher than North America. Asia-Pacific will emerge as the fastest-growing market during the forecast period from 2022 to 2028. Wired lighting controls are anticipated to remain the dominant technology in the market, but will lose a portion of their market share to wireless technologies. The increase in energy retrofit projects will drive the deployment of wireless lighting controls because they incur low expenditure and accelerate project execution. Robust growth is predicted for touchless lighting control solutions, such as sensors and light management systems, as the construction industry prioritizes future-proofing buildings. User interfaces like switches and dimmers are expected to find traction only in residential buildings. Key growth drivers for the global lighting controls market include enhancing occupant comfort and well-being inside a built environment, demand for energy-efficient lighting, regulatory compliance to building codes, new construction and renovation of buildings, and technology advancements. Growth restraints include security concerns about wireless or connected lighting systems, lack of proper building codes in developing countries, and international trade conflicts and wars. The leading market participants identified in the study are Acuity Brands, GE Current, Helvar, Honeywell, Legrand, Leviton, Lutron, Signify, Universal Douglas, and Zumtobel.
Author: Dennis Marcell Victor
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