The surge in electricity bills has prompted the expansion of the lighting control system market 2020. The semiconductor and electronics industry reports are produced by Market Research Future, which highlights market options for expansion. An income total of USD 39 billion with the backing of an 18% CAGR by the end of 2023 is forecasted for the market.
The use of smart lighting control systems follows the rise in energy cost and their adverse impact on the environment. Also, the trend of modernization and infrastructural development is estimated to spur the intelligent lighting controls market in the coming period.
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The segmental insights into the lighting control system market are conducted on the basis of component, technology, application, and region. Based on the component, the lighting control system comprises of hardware segment, which further consists of sensors, dimmers, switches, LED drivers, and others. The software component segment consists of web-based, cloud-based, services. Based on the technology, the lighting control system market consists of ZigBee, Wi-Fi, PLC, Bluetooth, POE, and others. Based on the application, the lighting control system market comprises of railways, commercial, industrial, residential, highways, roadways, others. Based on the regions, the lighting control system market consists of North America, Europe, Asia Pacific, and the rest of the regions globally.
Detailed Regional Analysis
The regional investigation of the lighting control system market consists of North America, Europe, Asia Pacific, and the rest of the regions globally. The Asia-Pacific region is controlling the Lighting control system Market on the global stage with the principal market stake generally due to enhanced infrastructure building operations in nations such as Japan and China. The lighting control system market in the North American regional market shows promise to develop at an important CAGR from 2016 to 2022 due to the escalating understanding of energy savings. The regional European Lighting Control Systems Market is projected to develop at an extensive CAGR owing to the escalating implementation of home automation.
The inclusion of certain elements of functionality in production facilities is likely to create better supply potential for the overall market. The effect of global currencies is expected to have a significant impact on market growth. The upsurge in exports is expected to create a constructive situation for expansion in the coming period. The influence of global trade policies by various administrations is expected to further enhance the market expansion potential in the forecast period. The inventions being discovered or attempted in the market are also considered to provide further opportunities for growth in the coming period. The momentum of change in the market is predicted to create new opportunities for growth in the forecast period. The availability of new sources of raw material is likely to induce more opportunities for growth in the market. The streamlining of the distribution channels is expected to create better supply chains and lead to a more positive effect on the global market.
The fundamental contenders in the light controlling system market are General Electric Company (GE) (US), Lutron Electronics Co. Inc. (US), Leviton Manufacturing Company, Inc. (US), Philips Lighting N.V. (Netherlands), Legrand S.A. (France), Cree, Inc. (US), Acuity Brands Inc. (US), OSRAM Licht AG (Germany), Eaton Corporation (Ireland), and` among others.
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