The global lighting control market is expected to reach an estimated $21.1 billion by 2023 with a CAGR of 12% from 2018 to 2023.
According to a new market report published by Lucintel, the dramatic growth of this market segment is due to growth in development of smart cities, increasing adoption of Internet of Things (IoT) in the lighting industry, rising utility costs, and favorable government regulations for energy efficiency.
The report, “Growth Opportunities in the Global Lighting Control Market 2018-2023: Trends, Forecast, and Opportunity Analysis,” says LED drivers will remain the largest product type and are expected to witness the highest growth over the forecast period due to increasing penetration of LED lighting, increasing utility and maintenance cost, and increasing demand for connected lighting.
Within the lighting control market, the indoor lighting application will remain the largest market; it is also expected to witness highest growth rate due to the increasing penetration of smart lighting system and increasing customer awareness for energy efficiency.
Asia Pacific is expected to remain the largest region and will experience the highest growth over the forecast period due to the increasing lighting demand in China and India. This growth will also be supported by development in smart cities, increasing penetration of intelligent lighting systems, and increasing awareness for energy efficient lighting products, according to the report.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing demand for daylight sensors, growth in camera-based lighting control technology, and development of hybrid lighting control systems. General Electric, Cree Inc., Osram, Philips and Lutron are among the major lighting control manufacturers.
Just last month it was reported that the market for IoT lighting solutions was poised to reach $4.5 billion by 2026.
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