The global market for Lighting Control Components is projected to exceed US$10 billion by 2024
Growing Prominence
of Smart, Connected, and Intelligent LED Lighting Drives Strong Demand for Lighting
Control Components, According to New Report by Global
Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market size, share and
demand forecasts on the global Lighting Control Components market. The
global market for Lighting Control Components is projected to exceed US$10
billion by 2024, driven by the growing popularity of smart connected
lighting products integrated with intelligent lighting control, favorable
incentives and reimbursements policies, tighter standards and regulations, and
growing focus on reducing energy consumption.
Lighting Control Systems are intelligent networks that
receive real-time input to automatically control lighting through a centralized
computing device. Lighting control components save 20%-50% of electricity on an
average from being wasted on illuminating empty rooms and vacant spaces by intelligent
control of lighting output based on factors such as availability of natural
light, time of the day, and occupant movement, among others. Superior
attributes of lighting control systems over traditional manual switches that
are driving widespread adoption include their ability to control set of lights
or individual lights from just one user interface device; reduced energy
consumption resulting in increased energy savings; less installation costs; improved
flexibility; affordable controllability; color tuning; seamless integration
with luminaires; increased comfort level through adequate lighting; automatic
functionality without human intervention; and superior quality illumination
with significant extended life. Increasing support from the government in the
form of tighter standards and regulations; continuous rise in energy prices;
and steady penetration of solid-state lighting technologies such as LEDs,
represent primary factors driving the global lighting control components
market.
Future growth in the market will be driven by growing
demand for connected, smart, and embedded lighting control solutions that leverage
electronic control systems to control light on the basis of movement, natural
light, occupancy and temperature for lowering energy consumption. Based on
their energy saving and other benefits, smart lighting control systems are
anticipated to find increasing adoption in commercial, industrial, residential,
and outdoor lighting applications and play a prominent role in enabling smart
homes, smart buildings, smart cities and smart street lighting projects. Huge
potential offered by the Internet
of Things (IoT) technology that promises to create buildings capable of
self-optimizing their energy performance, enhancing user comfort, and
diagnosing maintenance needs represent another important growth driver in the
long term. Additional growth drivers poised to benefit market prospects in the
near term include surging demand for control systems in the commercial
buildings segment; increasing penetration in residential buildings; increasing
popularity of wireless control technologies; declining prices of LEDs and favorable
policies that encourage the adoption of LEDs over conventional luminaries; and the
advent of cloud-based lighting controls, and sophisticated wired and wireless
network protocols including EnOcean, ZigBee and BACnet.
As stated by the new market research report on Lighting
Control Components, Europe represents the largest market worldwide. Asia-Pacific
represents the fastest growing market worldwide with a projected CAGR of 14.3%
over the analysis period. Rapid economic and infrastructure growth, increasing energy
conservation initiatives, robust construction
activity in the industrial, commercial as well as residential sectors,
expected standardization of interfacing
protocols, increasing awareness
at the corporate and commercial levels, exponential increase in urban
population and their rising spending power, particularly in regional
powerhouses such as China and India,
represent major growth drivers in the region.
Key players in
the market include Acuity Brands, Inc., Cree, Inc., Current, Powered by GE, Eaton
Corp., Fagerhults Belysning AB, FW Thorpe Plc, Hubbell Control Solutions (HCS),
Legrand S.A., Leviton Manufacturing Co.,
Inc., LG Innotek, Lutron Electronics, Inc., Osram GmbH, Panasonic Corporation, Philips
Lighting North America Corporation, Schneider Electric SA, TCP International
Holdings Ltd., Theben AG, and Zumtobel Group AG, among others.
The research report titled “Lighting
Control Components: A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive review of market trends, drivers,
issues, challenges, product launches and strategic industry activities of major
companies worldwide. The report provides market estimates and projections in dollars
for major geographic regions including the United States, Canada, Japan, Europe
(France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific
(China, India, and Rest of Asia-Pacific), Latin America (Brazil and Rest of
Latin America), and Rest of World. Key general lighting applications analyzed
in the report include Corporate, Outdoor, Residential, Retail, and Others.
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