Intelligent Lighting Control Market Overview
The global intelligent lighting control market is thriving on the back of the growing demand for intelligent lighting control systems from nations around the world, especially developed nations, where there are numerous advancements in various sectors. Growing urbanization, increasing government expenditure on developing smart cities, growing government expenditure on providing residential homes, rising civil and construction industry and others are some of the factors which are anticipated to contribute towards the growth of the global intelligent lighting control market. Additionally, rising smart technology, which has significantly transformed the overall lighting industry in terms of money and energy saving, along with the incredible features provided by intelligent lighting control systems, such as security, convenience and comfort it offers are some of the additional factors anticipated to promote significantly towards the growth of the global intelligent lighting control market.
The global intelligent lighting control market reached a value of around USD 5000 million in the year 2017 and is expected to cross USD 20,000 million by the end of 2026 by registering a CAGR of around 16% over the forecast period 2019-2026.
Growth Highlights based on Region during 2017-2026
The global intelligent lighting control market is segmented by regions into North America, Latin America, Europe, Asia Pacific and Middle East & Africa. Among these regions, the market of Europe intelligent lighting control is driven by surge in the adoption of connected and smart home devices, along with the increasing construction of commercial and residential spaces and is anticipated to gain a share of around 25% in the year 2026 by registering a CAGR of around 14% during the forecast period. Moreover, the intelligent lighting control market in the region is anticipated to grow at a growth rate of around 3x during the assessment period. On the other hand, the Asia Pacific intelligent lighting control market is anticipated to grow with the highest CAGR of around 20% during the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
By Lighting Components
The global intelligent lighting control market has been segmented on the basis of lighting components into dimmers & switches. sensors, microcontrollers & microprocessors, intelligent luminaries and others. Sensors segment held the largest market share of around 30% in the year 2017 and is anticipated to cross USD 5600 million by the end of 2026 by registering a CAGR of around 15% throughout the forecast period. Additionally, the microcontrollers & microprocessors segment is anticipated to grow with the highest CAGR of around 18% during the forecast period.
Market Drivers and Challenges
Several technological advancements have been observed in the lighting systems over the ages which has significantly contributed to the rising demand for advanced intelligent lighting controls around the world. Owing to such a factor, lighting control systems have also found various applications across divers industry verticals. Apparently, other technological advancements, such as light dimming technology, incorporation of wireless technologies, development of energy efficient lighting control systems, along with systems that can be controlled by the deployment of sensors are some of the factors that is raising the need for the implementation of lighting control systems across various applications, which is anticipated to drive the growth of the global intelligent lighting control market. On the other hand, growing demand for electricity around the world has raised the cost of electricity multifold which is also raising the need amongst consumers from around the globe to decrease their spending on electricity by using energy efficient lighting systems, which is also anticipated to drive the growth of the global intelligent lighting control market.
Although intelligent lighting control systems possess numerous benefit, yet the high cost of replacement of these systems, which might not be possible for consumers in the low- and middle-income nations, along with the growing labor costs for installation of these systems are some of the factors anticipated to limit the growth of the global intelligent lighting control market.
Top Featured Competitive Landscape
Some of the affluent industry leaders in the global intelligent lighting control market are Signify Holding, Honeywell International Inc., General Electric, OSRAM GmbH, Acuity Brands Lighting, Inc., Hubbell Incorporated, Schneider Electric, Eaton, Aclara Technologies LLC and Leviton Manufacturing Co., Inc.