According to MarketsandMarkets’ forecast, 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. High requirement of energy-efficient lighting control systems, increasing adoption of Internet of Things (IoT) in lighting industry, acceptance of standard protocols for lighting control, and modernization and infrastructure development are the major drivers for the lighting control system.
Get sample of this report:
https://www.marketsandmarkets.com/requestsample.asp?id=66050609
This report covers the Lighting Control System Market on the basis of installation type, offering, application, communication protocol, and geography. The lighting control system market based on offering is dominated by hardware components. The hardware components in lighting products are LED drivers and ballasts, sensors, switches, dimmers, relay units, and gateways. LED drivers and ballasts components held a major share of the market for hardware components. The lighting control system market for the services segment is expected to grow at a significant rate during the forecast period. The growth of the services segment is mainly propelled by the use of lighting services for the purpose of cost savings along with energy conservation and it is ecologically safe option.
The commercial segment is expected to account for the largest share of the light management system market during the forecast period. Light management systems are used widely in commercial set-ups such as corporate offices, healthcare facilities, retail complexes, hotels, restaurants, and educational institutes. Reducing energy consumption has become a major objective for organizations, governments, utilities, and other stakeholders. Controls and connectivity enable the personalization of lighting as well as allow users to reduce energy use, optimize spaces, and lower maintenance costs.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the Top Players In The Light Management System Market. These players include GE (US), Philips Lighting (Netherlands), Eaton (Ireland), Zumtobel (Austria), and OSRAM (Germany). The leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market shares.
For Inquiry before buying:
https://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=66050609
APAC accounted for a major share of the lighting control system market in 2016. The emerging economies of China and India are impacting the lighting control system market significantly. Also, APAC is expected to be the fastest-growing region for the lighting control system market during the forecast period owing to the rapid infrastructure building activities being undertaken in this region, mainly China where smart lighting paves the way for the modernization of infrastructure.
The major restraining factors for the growth Of Lighting Control System Market include the perception of higher cost of installations and limited awareness about payback periods, and security and privacy issues in IoT-based lighting systems.