Hardware components to hold major share of lighting control system market, by offering, during forecast period.”
Hardware components are expected to hold a major share of the lighting control systemmarket during the forecast period owing to their widespread use in lighting control systems. Hardware components in lighting products are LED drivers and ballasts, sensors, switches, dimmers, relay units, and gateways. Increasing demand for energy-saving lighting systems is a key driving factor for the lighting control system market for hardware.
“Lighting control system market for outdoor applications to grow at highest CAGR from 2019 to 2024.”
The lighting control system market for outdoor lighting applications is expected to grow at the highest CAGR during the forecast period. Outdoor lighting includes lighting for highways and roadways lighting, lighting for public places, and architectural lighting. Increasing focus on enhancing connectivity by building roads and road lights, especially in developing countries in Asia Pacific (APAC), is expected to spur the growth of the lighting control system market for outdoor applications.
“APAC held largest share of lighting control system market in 2018.”
APAC accounted for a significant share of the lighting control system market in 2018, and a similar trend is expected to continue during the forecast period. The largest market share in APAC is attributed to the rapid infrastructure building activities being undertaken in APAC, mainly in China, where smart lighting paves the way for the modernization of infrastructure.
Major players in the lighting control system market are Signify Holding (Signify, Netherlands), Legrand S.A. (Legrand, France), Eaton Corporation (Eaton, Ireland), General Electric Company (GE, US), and OSRAM Licht AG (OSRAM, Germany). Other players operating in the lighting control system market include Acuity Brands, Inc. (Acuity, US), Leviton Manufacturing Company, Inc. (Leviton, US), Lutron Electronics Co. Inc (Lutron, US), Ideal Industries Inc. (Ideal Industries, US), Schneider Electric (Schneider, France), and Honeywell International Inc. (Honeywell, US).
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