A recent study by Triton Market Research titled ‘Global Intelligent Lighting Control System Market’ contains the Global Analysis and Forecasts by Connection Type (Wired, Wireless), Light Source (Fluorescent Lamps, High-Intensity Discharge Lamps, Light Emitting Diode Lamps), Component Type (Sensors, Microprocessors and Microcontrollers, Ballasts and LED Drivers, Switches & Dimmers, Transmitters and Receivers), Application (Commercial, Residential, Outdoor, Automotive, Industrial), and by Geography (Middle East and Africa, Latin America, North America, Europe, Asia-Pacific).
The adoption of wireless technology to effectively control the lighting system is known as an intelligent lighting control system. Such innovative systems have applications in several sectors, such as commercial, residential, automotive, and industrial, among others.
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Triton’s research report denotes that the global intelligent lighting control system market is anticipated to surge at a CAGR of 14.33% in revenue during the studied years 2021-2028. It is likely to gather revenue worth $6048.47 million by 2028.
The increase in electricity cost, rising awareness relating to technology, and support from the government, are factors driving the development of the studied market worldwide. Since the price of electricity also depends on fuel price, the overall electricity costs have surged, along with natural gas prices. Moreover, the increase in electricity prices has led to a rise in the operating budget for building owners and electricity bills for residential occupants. These factors significantly influence the adoption of intelligent lighting controls to curb the rising electricity prices.
However, the high cost of investments, longer breakeven period, and lack of system integration and skilled labor, have negatively impacted the intelligent lighting control system market’s growth.
The market for the intelligent lighting control system is broadly segmented into connection type, light source, component type, and application. Based on connection type, it is bifurcated into wired and wireless. In terms of light source, the market is divided into fluorescent lamps, high-intensity discharge lamps, and light emitting diode lamps. Further, the component type is sectioned into sensors, microprocessors and microcontrollers, ballasts and LED drivers, switches & dimmers, and transmitters and receivers. Lastly, the application section is branched into commercial, residential, outdoor, automotive, and industrial.
Globally, North America is dominating in the intelligent lighting control system market. In the region, the United States and Canada are leading in adopting innovative technologies, which adds to the studied market’s progress. For instance, wireless connectivity type are experiencing higher traction across the region. Additionally, several companies are launching new products, including low-voltage lighting control systems, color tuners, and other innovative products to improve building intelligent systems. This has resulted in the increase in demand for smart lighting controls, which simultaneously amplifies the intelligent lighting control system market’s evolution across North America.
Acuity Brands Inc, Lutron Electronics Co Inc, Honeywell International Inc, Control4 Corporation, Cree Inc, LSI Industries Inc, Hubbell Incorporated, Legrand, Eaton Corporation PLC, Schneider Electric, OSRAM GmbH, Philips Lighting, and Leviton Manufacturing Co Inc are major enterprises profiled in the market.
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Question & Answer: Intelligent Lighting Control System Market
Question 1: What factors are driving the development of the intelligent lighting control system market worldwide?
Answer: The increase in electricity cost, rising awareness relating to technology, and support from the government, are factors driving the development of the studied market worldwide.
Since the price of electricity also depends on fuel price, the overall electricity costs have surged, along with natural gas prices. Moreover, the increase in electricity prices has led to a rise in the operating budget for building owners and electricity bills for residential occupants. These factors significantly influence the adoption of intelligent lighting controls to curb the rising electricity prices.
Question 2: What factors have negatively impacted the intelligent lighting control system market’s growth?
Answer: The high cost of investments, longer breakeven period, and lack of system integration and skilled labor, have negatively impacted the intelligent lighting control system market’s growth.
Question 3: Which region is the dominating the intelligent lighting control system market?
Answer: Globally, North America is dominating in the intelligent lighting control system market. In the region, the United States and Canada are leading in adopting innovative technologies, which adds to the studied market’s progress. For instance, wireless connectivity type are experiencing higher traction across the region. Additionally, several companies are launching new products, including low-voltage lighting control systems, color tuners, and other innovative products to improve building intelligent systems. This has resulted in the increase in demand for smart lighting controls, which simultaneously amplifies the intelligent lighting control system market’s evolution across North America.
Question 4: Which are the major enterprises profiled in the intelligent lighting control system market?
Answer: Acuity Brands Inc, Lutron Electronics Co Inc, Honeywell International Inc, Control4 Corporation, Cree Inc, LSI Industries Inc, Hubbell Incorporated, Legrand, Eaton Corporation PLC, Schneider Electric, OSRAM GmbH, Philips Lighting, and Leviton Manufacturing Co Inc are major enterprises profiled in the market.
Related Report:
The global smart home market is projected to augment at a CAGR of 15.01% during the considered period of 2019-2027, while attaining $141112.45 million in revenue by 2027.
A smart home refers to the implementation of innovative technologies that enhance the comfort as well as security within a house. These products include the usage of automation and IoT solutions to collect information, which effectively serves the household members.
The growing aging population, the surge in IoT devices, the increase in urbanization and infrastructure projection, and government initiatives, are prominent factors that are stimulating the growth of the studied market globally. Besides, the demand for urban security and the development of smart city projects, are opening new opportunities for the smart home market during the forecast period.
However, the complicated installation process of smart devices, issues with data management, the elevated cost of smart home projects, and privacy concerns significantly weigh down the expansion of the smart home market.
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