PUBLISHER: Allied Market Research | PRODUCT CODE: 1344408
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344408
According to a new report published by Allied Market Research, titled, "Lighting Control System Market," The lighting control system market was valued at $17.4 billion in 2022, and is estimated to reach $34.8 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032.
The scope of the report discusses the potential opportunities for the key players to enter the lighting control system market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key areas of investment. The report includes Porter's five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.
The lighting control system market is segmented on the basis of component, technology, application, and region. On the basis of component, it is classified into solution and services. On the basis of technology, it is classified into wired and wireless, with wireless further classified into Wi-Fi, Bluetooth, ZigBee, proprietary, hybrid and others. On the basis of application, it is classified into indoor and outdoor, with indoor further classified into residential, commercial, and industrial, and lastly, commercial, broken down into offices, restaurant and hotel, healthcare facility, educational institution, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The growth of the global lighting control system market is driven by the increasing capability and functionality of lighting control systems. Many functionalities have been added to the lighting control systems, making them a more attractive option for customers. Another driving factor is that many governments across the world have introduced policies to support energy-saving products. For instance, the European Union and the U.S. are offering grants, easier access to loans, tax rebates, and subsidies to lighting projects, which reduce CO2 emissions. However, system reliability is a concern when lighting control systems are installed in large environments. Given the fact that lighting control systems are relatively and most of them are proprietary systems, means that these proprietary systems are rarely tested outside of the manufacturer's laboratories. On the other hand, the rapid development of smart city projects in Asia-Pacific present an opportunity for lighting control systems during the forecast period. Lighting control systems can be used to provide huge momentum in the process of building smart cities, specifically as they successfully address sustainable development challenges.
Commercial