Dec 30, 2021 (AmericaNewsHour) -- Research Nester has released a report titled "Intelligent Lighting Control Market - Global Demand Analysis & Opportunity Outlook 2026" which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter's five force model.
Intelligent lighting control systems help optimize energy efficiency, thereby helping consumers spend less on electricity bills. Rising electricity costs worldwide on the back of increasing demand for electricity is raising the concern amongst individuals around the globe to adopt intelligent lighting control systems. Moreover, with the advent in electrical technology, several technologies have been observed in intelligent lighting control systems which include light dimming technology, incorporation of wireless technologies, development of energy efficient lighting control systems , along with systems that can be controlled by the deployment of sensors. Such factors are anticipated to drive the growth of the global intelligent lighting control market.
The global intelligent lighting control market is anticipated to grow at a CAGR of around 16% during the forecast period, i.e. 2019-2026. The market is thriving on account of growing civil and construction industry across the globe, rising demand for intelligent lighting control systems from developed nations, where there are numerous advancements in various sectors, along with the increasing government expenditure on developing smart cities, growing urbanization worldwide and increasing government expenditure on providing residential homes among others. Moreover, the global intelligent lighting control market was valued at around USD 5000 million in the year 2017 and is anticipated to cross USD 20,000 million by the end of 2026.
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The global intelligent lighting control market is segmented by lighting components intodimmers & switches. sensors, microcontrollers & microprocessors, intelligent luminaries and others. Among these segments, sensors segment held the largest market share of around 30% in the year 2017 and is further anticipated to cross USD 5600 million by the end of 2026 by registering a CAGR of around 15% throughout the forecast period. The microcontrollers & microprocessors segment is anticipated to grow with the highest CAGR of around 18% during the forecast period.
Geographically, the global intelligent lighting controlmarket is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which,Europe is anticipated to hold a notable market share of around 25% in the year 2026 and attain a CAGR of around 14% during the forecast period on account of increasing construction of commercial and residential spaces and surge in the adoption of connected and smart home devices in the region. Further, the market in the region is anticipated to grow at a growth rate of around 3x during the assessment period. On the other hand, the market in Asia Pacific is predicted to grow with the highest CAGR of around 20% during the forecast period.
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However, concerns for the growing labor costs for installation ofintelligent lighting controlsystems along with the high cost of replacement ofintelligent lighting control systems that affect the consumers from low- and middle-income nations are some of the factors estimated to act as a barrier to the growth of the globalintelligent lighting control market.
This report also studies existing competitive scenario of some of the key players of the globalintelligent lighting controlmarket, which includes profiling of Signify Holding (ams:PHIA), Honeywell International Inc. /zigman2/quotes/205583690/composite HON +1.68% , General Electric /zigman2/quotes/208495069/composite GE +2.27% , OSRAM GmbH (etr:OSR), Acuity Brands Lighting, Inc. /zigman2/quotes/207670879/composite AYI +1.66% , Hubbell Incorporated /zigman2/quotes/210462263/composite HUBB +3.66% , Schneider Electric (epa:SU), Eaton /zigman2/quotes/205393239/composite ETN +2.60% , Aclara Technologies LLC and Leviton Manufacturing Co., Inc.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the reporttitled "Intelligent Lighting Control Market - Global Demand Analysis & Opportunity Outlook 2026", analyses the overall intelligent lighting control industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the globalintelligent lighting controlmarket in the near future.
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