Sep 22, 2020: Global smart lighting and control systems market is estimated to expand at a substantial CAGR in the forecast period as the scope, product types, and its applications are increasing across the globe. Factors such as increasing effort to control the hazardous impact of electricity consumption on the environment, high acceptance of technology, expansion and modernization of infrastructure, technological advancement, the availability of cost-efficient LEDs, increasing penetration of internet of things (IoT) are likely to drive the smart lighting and control systems market in forthcoming period.
On the other hand, privacy and security issues and lack of awareness regarding smart lighting and control system are anticipated to hinder market growth in the future. However, integration with phones is likely to create lucrative opportunities for the market. Smart lighting and control systems market could be explored by type, connectivity, end user and geography. Market by lighting source could span High-Intensity Discharge Lamps (HIDs), Fluorescent Lamps, and Light Emitting Diodes (LEDs).
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Smart lighting and control systems market could be explored by connectivity as Wired and Wireless. market based on the end user could span government sector, residential, industrial and commercial. The “Residential” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come.
Smart lighting and control systems market is categorized based on geography into North America, Latin America, Japan, Middle East, and Africa, Western Europe, Asia Pacific, and Eastern Europe. North America is a leading region in the market. It is likely to maintain its dominance in the forecast period owing to factors such as acceptance of the latest technology, high demand from key end-user and rising awareness among the populace. North America is followed by the European region.
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Key players operating in the smart lighting and control systems market include General Electric Company, Koninklijke Philips N.V., Lightwave Plc, LiFI Labs, Inc., Eaton Corporation, Elgato Systems, Belkin International, Inc., Honeywell International, Inc., Acuity Brands Lighting, Inc., Lutron Electronics Company, Inc., and among others. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Geographically, this report is segmented into several key Regions, with production, consumption, revenue (M USD), market share and growth rate of Smart Lighting and Control Systems in these regions, from 2012 to 2023 (forecast), covering
- North America (United States, Canada and Mexico)
- Europe (Germany, France, UK, Russia and Italy)
- Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
- South America (Brazil, Argentina, Columbia)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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