In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Intelligent lighting control is a network based controlling system of lights with the help of one or more central computing devices incorporating communication between the inputs and outputs of various types present in the system. Intelligent lighting controls offer the right amount of light in and during the required space and time. Rising trend of smart housing has resulted in expanding use of intelligent lighting controls for residential purposes along with increasing use of intelligent lighting controls use in various end-user industries and commercial places. Intelligent lighting controls help in energy saving by maximizing performance efficiency and thus complying with energy conservation programs. These intelligent lighting controls can be worked by occupancy sensors, photocells, touchscreens, and through various other modes. The smart lighting technology has opened gateways for various end-user industries ranging from software solution providers to sensor manufacturers and control systems and dimmer manufacturing market players. Increasing demand for theatrical lighting controls for home use purposes is anticipated to propel the intelligent lighting controls market further.
Intelligent lighting control market is anticipated to record a CAGR of 17.2% over the forecast period. Many multi-national companies are concentrating towards new product advances in intelligent lighting control. Moreover, the many advantageous properties of intelligent lighting control are exploited for energy conservation in commercial and residential places with growing energy demand. New uses for intelligent lighting control are being discovered with rise in product advancements and changing consumer preferences which is expected to drive the intelligent lighting control market rapidly. CLICK TO DOWNLOAD SAMPLE REPORT
According to World Bank data, the global energy consumption index has declined from 118.3 in 2014 to 68 in 2017. This energy awareness has increased demand for energy efficient lightings which is expected to propagate the growth of the global intelligent lighting control market during the forecast period.
The global intelligent lighting control market is observing vibrant growth on the back of increasing demand of energy in the market. Advances in lighting and fixture market in the past few years and growing technological explorations is projected to drive intelligent lighting control market besides the wide range of functions of intelligent lighting control in an immense range of industries for instance in commercial buildings, luxury hospitality, smart housing and others during the forecast period.
On the basis of regional platform, global Intelligent Lighting Control market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Rising disposable income coupled with availability of innovative smart lighting devices, North America is panned to observe substantial growth in intelligent lighting control market on account of rising intelligent lighting control usage in various end-user industries. North America is expected to be followed by Asia Pacific in terms of consumption due to expanding intelligent lighting control requirements for energy and money saving with improved convenience for users. On the back of continuous decrease in average selling prices of light sources and increasing customization for smart homes, Asia Pacific is budding as a regional intelligent lighting control utility market.
Europe is expected to drive demand and positively impact intelligent lighting control market growth over the forecast period on account of increasing intelligent lighting control application in hospitality industry across the region.
Our-in depth analysis of the global Intelligent Lighting Control market includes the following segments:
Global Intelligent Lighting Control Market is further classified on the basis of region as follows:
The rising demand for intelligent lighting control for various energy saving processes in automotive, hospitality, interior designing of various large scale end-user industries are expected to drive the market rapidly over the forecast period. Moreover, rise in personnel disposable income of population in the developed and developing nations such as U.S., India, China, South Korea and others are opening new opportunities for consumer electronic industry players.
The growing R&D activities associated to intelligent lighting control is further expected to increase the market growth on account of discovery of new applications and products. Rapid urbanization with increase in economic development and rising hospitality industry is expected to boost the intelligent lighting control market in the developed and developing regions around the world. Increasing trend of smart homes with rising energy demand in the long run and growing developing economies is predicted to drive the intelligent lighting control market over the forecast period. Addition of voice control feature along with changing paradigm of lighting control industry to electronics industry are some of the factors anticipated to drive the intelligent lighting control market over the forecast period.
However, cost constraints associated with smart lighting systems and lower adoption rate of smart devices in under-developed and countries falling under initially developing stage such as Afghanistan, Sudan, Niger, Bhutan and others are estimated to serve as factors in limiting the growth of the intelligent lighting control market over the forecast period.