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Opportunities For The Global Lighting Control Market To Reach $21.1 Billion By 2023
According to a new market report published by Lucintel, the future of the lighting control market looks attractive with opportunities in the residential, commercial, and industrial sectors. The global lighting control market is expected to reach an estimated $21.1 billion by 2023 with a CAGR of 12% from 2018 to 2023. The major growth drivers for this market are growth in development of smart cities, increasing adoption of Internet of Things (IoT) in the lighting industry, rising utility costs, and favorable government regulations for energy efficiency.
In this market, LED drivers, sensors, switches & dimmers, relay units, and gateways are used for lighting control in residential, commercial, industrial, and various outdoor lighting applications. LED drivers will remain the largest product type and are expected to witness the highest growth over the forecast period due to increasing penetration of LED lighting, increasing utility and maintenance cost, and increasing demand for connected lighting.
Within the lighting control market, the indoor lighting application will remain the largest market; it is also expected to witness highest growth rate due to the increasing penetration of smart lighting system and increasing customer awareness for energy efficiency.
Asia Pacific is expected to remain the largest region and will experience the highest growth over the forecast period due to the increasing lighting demand in China and India. This growth will also be supported by development in smart cities, increasing penetration of intelligent lighting systems, and increasing awareness for energy efficient lighting products.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing demand for daylight sensors, growth in camera-based lighting control technology, and development of hybrid lighting control systems. General Electric, Cree Inc., Osram, Philips, and Lutron are among the major lighting control manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global lighting control market by application, installation type, connection type, product, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Lighting Control Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global lighting control market by application, installation type, connection type, product and region as follows:
By Product Type [$M shipment analysis from 2012 to 2023]:
• LED drivers
• Switches & Dimmers
• Relay Units
By Application Type [$M shipment analysis from 2012 to 2023]:
– Highways & roadways lighting
– Lighting for public places
By Installation Type [$M shipment analysis from 2012 to 2023]:
• New installation
• Retrofit installation
By Connection Type [$M shipment analysis from 2012 to 2023]:
– Powerline communication
By Region [$M shipment analysis from 2012 to 2023]:
• North America
– United States
– United Kingdom
• Asia Pacific
– South Korea
• The Rest of the World
This 170-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email@example.com. Lucintel offerings include Telecommunication Report, Telecommunication Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Matrix.
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q.1 What are some of the most promising, high-growth opportunities for the global lighting control market by application (indoor and outdoor), installation type (new installation and retrofit installation), connection type (wired and wireless), product (LED driver, sensors, switches & dimmers, relay units and gateways) and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via product substitution?
Q.11 What M&A activity has occurred in the last 5 years?
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