With 17.6% CAGR, Lighting Control Market Size to Reach USD 57.81 Billion [2022-2029]
Fortune Business Insights
7 min read
Fortune Business Insights
According to Fortune Business Insights, the global Lighting Control Market Size is projected to hit USD 57.81 Billion in 2029, at CAGR of 17.6% during forecast period [2022-2029]; Increasing Need for Energy Saving to Propel Market Growth
Pune, India, Sept. 01, 2022 (GLOBE NEWSWIRE) -- The global Lighting Control Market size was valued at USD 17.03 billion in 2021 and USD 18.61 billion in 2022. The market is expected to reach USD 57.81 billion by 2029 at a CAGR of 17.6% during the forecast period. Upcoming smart city projects in developing and developed countries are anticipated to drive market growth. Lighting controls systems are expected to increase owing to integration of advanced technologies using the Internet of Things, thereby fueling market progress. Fortune Business Insights™ shares this information in its report titled “Lighting Controls Market Share, 2022-2029.”
Key Industry Development
January 2021- Honeywell International partnered with Signify. The partnership is intended for the integration of Signify’s lighting system with Honeywell’s Building Management software to provide a centralized smart lighting system for commercial use.
Switches Segment Recorded Highest Revenue Owing to Extensive Internet of Things Adoption
On the basis of product, the market is segmented into LED drivers and ballasts, switches, sensors, dimmers, transmitter and receivers, and others. The switches segment is expected to lead the market as it recorded the highest revenue in 2021. It is also predicted to maintain the dominance due to increasing use of the Internet of Things and connected devices.
Wired Segment to Lead the Segment Due to Technical Benefits
According to connectivity type, the market is classified into wired and wireless. Wired segment is anticipated to dominate the market due to its highly technical benefits. The segment is expected to gain more popularity due to the ability to provide fast data communication and smart lighting.
Residential Sector to Govern the Segment Owing to Adoption of Light Control Technology
Based on end-user, the market is classified into residential, industrial, commercial, and highways & roadways lighting. Residential segment is anticipated to dominate the market due to high adoption of smart lighting systems, which is expected to drive segment’s growth.
Regionally, the market is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Closure in Manufacturing Activities Impacted Market Growth Negatively
This market experienced the moderate decline in 2020 during the COVID-19 pandemic. Manufacturers of connected devices were heavily dependent on Chinese companies as they were one of the major suppliers of raw materials. The recovery from the pandemic is attributed to increasing number of installation of smart lighting systems in residential and commercial spaces.
Drivers and Restraints
Rising Inclination Toward Energy-Efficient Solutions to Fuel Market Growth
Lighting controls are a network of smart devices that ensure smooth operation of lighting systems and sets up communication between switches and lights in a particular area. Growing inclination toward energy-efficient solutions is expected to drive the Lighting Control Market growth. Energy conservation is one of the leading concerns globally. The system is also known as smart connected lighting system, which is positively impacted by the usage of the Internet of Things. Many businesses have adopted energy saving goals, which is expected to surge the product demand.
However, high initial costs and deployment costs of the system are estimated to hamper the market progress.
Regional Insights
Presence of Market Players to Propel Market Growth in Asia Pacific
Asia Pacific is projected to dominate the Lighting Control Market share due to the presence of top key market players in the region. Valuation of the region stood at USD 8.97 billion in 2021. Growth in small & medium scaled manufacturers in China, Japan, South Korea, and India is projected to fuel market growth.
In North America, the market in the U.S. is likely to fuel industry growth due to significant adoption of advanced technology in industrial and residential sectors.
Europe is also expected to show a considerable growth, owing to availability of large manufacturing production units in Germany.
Key Players Deploy Partnerships to Inflate their Sales Figures
Key companies operating in the market announced partnership strategies amongst themselves. For example, in July 2022, Wipro partnered with Siemens to offer advanced technologies-based lighting solutions for commercial spaces and official work spaces. This partnership is expected to gain consumers’ attention and boost its sales. Moreover, major players operating in the market have adopted various strategies, R&D activities, modernizations, new product launches, and mergers to boost market growth.
Companies Profiled in the Lighting Control Market Report
General Electric Company (U.S.)
Signify Holding (Philips Lightings) (Netherlands)
Cisco Systems Inc. (U.S.)
Schneider Electric (France)
Toshiba (Japan)
Legrand S.A. (France)
Lutron Electronics Co., Inc. (U.S.)
Eaton Corporation PL (Ireland)
Honeywell International Inc. (U.S.)
OSRAM Licht AG (Germany)
Quick Buy - Lighting Control Market Research Report:
The global Lighting Control Market size was valued at USD 17.03 billion in 2021 and USD 18.61 billion in 2022. The market is expected to reach USD 57.81 billion by 2029 at a CAGR of 17.6% during the forecast period.
What is the key market drivers?
Ongoing and Upcoming smart city project in developing economies is driving the market.
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