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Global Intelligent Lighting Controls Market to Reach $5.50 Billion, by 2024, Reports BIS Research

Industrial Market Research

The overall lighting market is growing at a significant rate and is expected to reach a substantial level by 2022. In the lighting market, intelligent lighting controls are gaining immense popularity and the market for the same is expected to grow at a significant rate in the coming years. This is due to the integration of physical security industry with intelligent lighting, changing paradigm of lighting control industry to electronics industry and adding voice control feature to the upcoming products. Increasing smart homes market along with customization benefits and continuously decreasing average selling price (ASP) of LED bulbs and drivers are some of the factors driving the growth of intelligent lighting control market. However, designing challenges while using LED controls, lack of regulatory standards, and the associated interoperability issues are restraining the growth of the global intelligent lighting controls market.

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The intelligent lighting controls market is currently being dominated by sensors in terms of value. This is because sensors form an integral part of any intelligent lighting systems as they can detect and operate automatically according to the pre-defined conditions. In terms of application verticals, the lighting controls market is currently being dominated by the commercial sector. Geographically, North America led the intelligent controls market in 2017 and is expected to witness a strong growth rate during the forecast period, in terms of volume and value.

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However, Asia Pacific is estimated to witness the highest growth rate during the forecast period.

 According to a new market intelligence report by BIS Research, titled "Global Intelligent Lighting Contro…recast, 2018-2024", the intelligent lighting controls market was estimated at $1.79 billion in 2017 and is estimated to reach $5.50 billion by 2024 at a CAGR of 13.3% during the forecast period. Intelligent lighting controls are gaining immense popularity and its market is expected to grow at a significant rate in the coming years. This is due to the integration of physical security industry with intelligent lighting, changing paradigm of lighting control industry to electronics industry, and adding voice control feature to the upcoming products. Increasing smart homes market along with customization benefits and continuously decreasing average selling price (ASP) of LED bulbs and drivers are some of the factors driving the growth of intelligent lighting controls market. the presence of industry leaders such as General Lighting, Philips Lighting and OSRAM Licht AG, among others, has significantly contributed to the growth of the intelligent lighting controls market.

The ongoing changes in the industry has led the study to incorporate a detailed chapter on the market dynamics including the key driving and restraining forces, along with the opportunities for the global intelligent lighting controls market. The market numbers play an important role in the industry, following which a proper market sizing and estimation by component types, by connection types, by light source, by applications, and by geographical location has been undertaken for the industry.

The intelligent lighting controls market is expected to grow over $5.50 billion by 2024 at a CAGR of 13.3% through 2018-2024, with North America leading the market. The US has always been at the forefront of the world map when it comes to technological advancement. Like other disruptive technologies, intelligent lighting controls has also extended its roots in the US market. In terms of manufacturing, most of the prominent companies are US based, offering significant impetus to the growth of this market in the US as well as the whole of North America. Even the companies which are not US based have significant presence in the country, either because of their manufacturing facilities or widespread R&D bases. Asia Pacific is an emerging market for intelligent lighting controls and is expected to grow with the highest rate during the forecast period and surpass the market of Europe. This is mainly due to low cost of consumer equipment in the region. Additionally, the rising trend of smart homes in the region is also supporting the growth of the Asia Pacific intelligent lighting controls market.

Key questions answered in the report

  • What are the prevailing component types, connection types and light sources used in intelligent lighting controls?
  • What are the different application areas of intelligent lighting controls?
  • What are the different factors that are expected to drive the market in the forecast period?
  • What are the factors restraining the growth of global intelligent lighting controls market?
  • Who are the different participants in the global intelligent lighting controls market?
  • What kind of new strategies are being adopted by the existing market players to make a mark in the industry?
  • Which region will lead the global intelligent lighting controls market by the end of the forecast period?

Report: bisresearch.com/requestsample?id=362&type=download

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