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(I-SoftwareNews.Com, July 06, 2017 ) The report "Lighting Control System Market by Installation Type (New Installation and Retrofit), Offering (Hardware, Software, and Lighting as a Service), Application (Indoor and Outdoor), Communication Protocol, and Geography - Global Forecast to 2023", 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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The factors such as high requirement of energy-efficient lighting control and management systems, increasing adoption of Internet of Things (IoT) in lighting industry, acceptance of standard protocols for lighting control, and modernization and infrastructure development are driving the growth of the lighting control and management system market.
Hardware components to hold a major share of the lighting control system market between 2017 and 2023
The hardware components segment is expected to hold a major share of the lighting control system market between 2017 and 2023, owing to their widespread use in the lighting control systems. The hardware components in lighting products are LED drivers and ballasts, sensors, switches, dimmers, relay units, and gateways. LED drivers and ballasts, switches, and dimmers account for a major share of the lighting control system market for hardware components during the forecast period
Lighting control system market for outdoor applications to grow at a significant rate between 2017 and 2023
The lighting control system market for the outdoor lighting application is expected to grow at the highest rate. Outdoor lighting includes lighting for highways, roadways, bridges and tunnels, architectural lighting, lighting in public places such as stadiums and parks, and other lighting applications such as harbors. Increasing focus on enhancing connectivity by building roads and road lights, especially in the developing countries of APAC, would spur the growth of the said market.
APAC held the largest share of the lighting control system market in 2016
The APAC region accounted for a major share of the lighting control system market in 2016, and the similar trend is expected to continue during the forecast period. The largest market share in APAC is attributed to the rapid infrastructure building activities being undertaken in the region, mainly China where lighting control systems pave the way for the modernization of infrastructure.
Major players in the lighting control system market are General Electric Company (GE) (US), Philips Lighting N.V. (Netherlands), Eaton Corporation (Ireland), Legrand S.A. (France), OSRAM Licht AG (Germany), Acuity Brands Inc. (US), and Cree, Inc. (US).
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