High requirement of energy-efficient lighting control systems, increasing adoption of Internet of Things (IoT) in lighting industry, acceptance of standard protocols for lighting control and modernization and infrastructure development are the major drivers for the lighting control system.
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The global experts said, the lighting control system market, is expected to grow from USD 12.22 Billion in 2016 to USD 38.67 Billion by 2023, at a CAGR of 17.82% between 2017 and 2023.
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This report covers the lighting control system market analysis on the basis of installation type, offering, application, communication protocol, and geographical region.
The lighting control system market based on offering is dominated by hardware components.
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LED drivers and ballasts components held a major share of the market for hardware components. The lighting control system market for the services segment is expected to grow at a significant rate during the forecast period.
The market for outdoor applications is expected to grow at a significant rate between 2017 and 2023. Increasing focus on enhancing connectivity by building roads and road lights, especially in the developing countries of the APAC region, would spur the growth of the outdoor lighting control system market.
The lighting control system market for the wireless communication protocol is expected to grow at a high rate between 2017 and 2023. The development of wireless technologies for lighting control systems is expected to propel the market for wireless communication technologies during the forecast period.
ZigBee is expected to dominate the wireless communication protocol market for lighting control systems during the forecast period.
APAC accounted for a major share of the lighting control system market in 2016. The emerging economies of China and India are impacting the lighting control system market significantly.
The major restraining factors for the growth of lighting control system market include the perception of higher cost of installations and limited awareness about payback periods, and security and privacy issues in IoT-based lighting systems. The major vendors in the lighting control system market are General Electric Company (GE) (US), Philips Lighting NV (Netherlands), Eaton Corporation (Ireland),.
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