Global Lighting Controls Growth Opportunities

Description

Human-Centric Lighting, Energy Efficiency Goals, and Usage Data Optimization from Connected Lighting Controls Spur Transformational Growth

Frost & Sullivan estimates the global lighting controls market to grow by 4.7% in 2021 after experiencing a 6.3% growth decline in 2020 due to the COVID-19 pandemic. The market is expected to reach pre-COVID-19 growth rates in 2023 and achieve $11.82 billion in revenue by 2028, expanding at a compound annual growth rate of 7.5% from 2021 to 2028. This Frost & Sullivan study provides an overview of the global lighting controls market, with analyses of global and regional revenues, growth drivers and restraints, notable acquisitions and restructuring activities, and growth opportunities.

North America holds the largest revenue share of the global lighting controls market, a trend that is forecast to continue until 2028. The regional market is maturing quickly as governments and building management companies strive toward energy efficiency and smart buildings through innovative and interoperable building systems, including lighting controls. Europe will remain the second-largest market after North America, driven by the adoption of advanced lighting control solutions in offices and the hospitality segment. Europe's revenue share of the total lighting controls market is projected to decrease, but its growth rate between 2021 and 2028 will be higher than North America. Asia-Pacific will emerge as the fastest-growing market during the forecast period from 2022 to 2028.

Wired lighting controls are anticipated to remain the dominant technology in the market, but will lose a portion of their market share to wireless technologies. The increase in energy retrofit projects will drive the deployment of wireless lighting controls because they incur low expenditure and accelerate project execution. Robust growth is predicted for touchless lighting control solutions, such as sensors and light management systems, as the construction industry prioritizes future-proofing buildings. User interfaces like switches and dimmers are expected to find traction only in residential buildings.

Key growth drivers for the global lighting controls market include: enhancing occupant comfort and well-being inside a built environment, demand for energy-efficient lighting, regulatory compliance to building codes, new construction and renovation of buildings, and technology advancements. Growth restraints include security concerns about wireless or connected lighting systems, lack of proper building codes in developing countries, and international trade conflicts and wars. The leading market participants identified in the study are Acuity Brands, GE Current, Helvar, Honeywell, Legrand, Leviton, Lutron, Signify, Universal Douglas, and Zumtobel.

Product Code: PCB1-19

Strategic Imperatives

Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top Three Strategic Imperatives on the Lighting Controls Industry
Growth Opportunities Fuel the Growth Pipeline Engine™

Growth Opportunity Analysis

Scope of Analysis
Scope of Analysis (continued)
Market Segmentation by Product
Market Segmentation by System Type and Technology
Key Competitors
Transformational Trends in the Lighting Industry
Lighting Industry Landscape and Role of Lighting Controls
IoT Use Cases and Benefits for Lighting
Key Growth Metrics
Distribution Channel
Growth Drivers
Growth Restraints
Forecast Assumptions
Revenue Forecast
Revenue Forecast Analysis
Revenue Forecast by Region
Revenue Forecast Analysis by Region
Revenue Forecast by Industry Vertical
Revenue Forecast Analysis by Industry Vertical
Revenue Forecast by Product
Revenue Forecast Analysis by Product
Revenue Forecast by System Type
Revenue Forecast by Technology
Revenue Forecast Analysis by System Type and Technology
Trends in Lighting Controls
Trends in Lighting Controls (continued)
Pricing Trends and Forecast Analysis
Competitive Environment
Revenue Share
Revenue Share Analysis
Notable Acquisitions and Restructuring Activities
Notable Acquisitions and Restructuring Activities (continued)

Growth Opportunity Analysis-North America

Key Growth Metrics-North America
Revenue Forecast-North America
Revenue Forecast by Industry Vertical-North America
Revenue Forecast Analysis by Industry Vertical-North America

Growth Opportunity Analysis-Europe

Key Growth Metrics-Europe
Revenue Forecast-Europe
Revenue Forecast by Industry Vertical-Europe
Revenue Forecast Analysis by Industry Vertical-Europe

Growth Opportunity Analysis-Asia-Pacific

Key Growth Metrics-Asia-Pacific
Revenue Forecast-Asia-Pacific
Revenue Forecast by Industry Vertical-Asia-Pacific
Revenue Forecast Analysis by Industry Vertical-Asia-Pacific

Growth Opportunity Analysis-RoW

Key Growth Metrics-RoW
Revenue Forecast-RoW
Revenue Forecast by Industry Vertical-RoW
Revenue Forecast Analysis by Industry Vertical-RoW

Growth Opportunity Universe

Growth Opportunity 1: OpenADR Interface to Reduce Power Consumption of Lighting Systems
Growth Opportunity 1: OpenADR Interface to Reduce Power Consumption of Lighting Systems (continued)
Growth Opportunity 2: Focus on Building Renovation Projects to Spur Market Growth
Growth Opportunity 2: Focus on Building Renovation Projects to Spur Market Growth (continued)
Growth Opportunity 3: Usage Data Optimization as Value-Added Service
Growth Opportunity 3: Usage Data Optimization as Value-Added Service (continued)

Appendix

Abbreviations and Acronyms Used
Other Notable Companies in the Lighting Controls Market

Next Steps

Your Next Steps
Why Frost, Why Now?
List of Exhibits
List of Exhibits (continued)
Legal Disclaimer