Intelligent Lighting Control Market to Grow at a CAGR of 23.64% During the Forecast Period 2024-2031
Growing smart city programs and high demand for energy-efficient
lighting solutions are driving the Intelligent Lighting Control market across
the globe.
According to the
TechSci Research report, “Intelligent Lighting Control Market- Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2031F.”, Global Intelligent Lighting
Control market is expected to register a high CAGR during forecast period owing
to high demand for energy-efficient lighting, increasing research &
development spending for the infrastructure development, and growing demand of the
adoption of LED lighting & bulb across the world. A smart lighting system with
intelligent lighting controls helps to adjust the quantity, nature, and
characteristics of light in a specific area. These smart gadgets aid in
lowering electricity waste in addition to increasing energy efficiency. The
intelligent module serves as the lighting control system's execution unit and
control terminal when used in conjunction with the backdrop intelligent central
control system, creating an organic system.
Increase in government
efforts aimed at less energy consumption is boosting the market growth. For
instance, over 10% of the increase in global energy consumption in 2000 was
attributable to India. India's energy consumption nearly quadrupled over this
period, raising its share of global demand from 4.4% to 5.7%. For instance, the
Indian government has adopted a two-pronged approach to fulfil the energy needs
of its people while simultaneously regulating the rise of CO2 emissions. Additionally,
in February 2018, London began developing an innovative lighting plan that
would make use of smart lighting to reduce energy use and light pollution as
well as control light intensity and color at various times of the day. This
reason has encouraged the installation of clever smart lighting solutions. The
energy savings rate achieved by these devices is increasing quickly,
which causes the market to expand at a high CAGR during the forecast
period.
The growth of the global
intelligent lighting controls market is being driven by an increase in
investments. For instance, URC Automation, a supplier of commercial and
residential automation systems, and Legrand, a developer of smart lighting
systems and smart lighting solutions, merged in February 2022. This
collaboration enabled Legrand to develop an enhanced and more automatic
smart lighting solution for its vantage and climate lighting systems. Furthermore,
in May 2022, URC Automation teamed with FX Luminaire, a provider of landscape
and architectural lighting systems, to create an intelligent home automation
and control system for residential and commercial applications. This agreement
provides FX luminaire customers with a smart lighting solution. Due to these
investments, the market is expected to grow with the high CAGR in the forecast
period.
Browse over 260 market data
Figures spread through 176 Pages and an in-depth TOC on the "Global Intelligent Lighting Control Market"
Based on Application,
the Global Intelligent Lighting Control market is segmented into Industrial,
Residential, Commercial. and Infrastructure. The commercial sector is the
fastest growing segment in the Global Intelligent Lighting Controls Market with
a CAGR of 24.34% in the forecast period. The predicted period sees a sharp
increase in demand for intelligent lighting control due to the sheer volume of
impending commercial construction projects. The typical annual kilowatt-hour
usage per square foot for building a business is approximately 22.5 kWh. For
instance, the U.S. Department of Energy estimates that commercial buildings
account for 18% of all energy utilized in the nation. Governments are acting to
reduce energy use as a result, and manufacturers are concentrating on
Intelligent Lighting Controls. Owing to these aforementioned aspects, the
market is expected to rise with a high CAGR in the forecast year.
Based on Region, the Global
Intelligent lighting Control market is segmented into Asia-Pacific, Europe,
North America, Middle East & Africa, South America. The Asia Pacific Region
is estimated to dominate the Global Intelligent Lighting Controls Market, with a
market share of 41.64% in 2022. Due to the presence of top important players in
nations like China and India, the Asia Pacific region is expected to grow in
the market. Government initiatives to support energy-saving lighting systems
and the introduction of cutting-edge technological advancements have changed
lighting control technology in the Asia-Pacific area. Additionally, with
China's limited petroleum resources and the government's goal for energy
independence, it is estimated that the country's potential hydropower capacity
might reach 600 GW. As a result, the Asia Pacific region's market for global
intelligent lighting controls is expanding quickly.
Key market players in the Global
Intelligent Lighting Control market include:
- Acuity
Brands Inc
- Legrand
SA
- Signify
N.V
- Siemens
AG
- Honeywell
International Inc
- Cisco
Systems Inc
- Eaton
Corporation plc
- Panasonic
Corporation
- OSRAM
Licht AG
- Leviton
Manufacturing Company Inc
- Savant
Systems Inc
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“Global Intelligent Lighting
Control Market stood at USD 12,166.98
million in 2022 and is expected to register a CAGR of 23.64% during 2023E-2031F,
owing to growing smart city program, high demand for energy-efficient lighting solutions,
and increasing R&D spending for infrastructure development among others
across the globe. In order to
improve infrastructure development throughout the nation, the governments of
many nations are increasing their investment in research and development
initiatives. For instance, the UK Government for Business, Energy &
Industrial Strategy (BEIS), committed funding commitments of more than USD 30.3
billion to UK Research & Innovation (UKRI) in March 2022 to assist several
R&D enterprises. Also, on January 5, 2021, the Energy Efficiency Services Ltd.,
a state-owned company in India, planned to invest USD 960 million by 2024 and
cover the whole rural area of India in the national street lighting scheme.
Moreover, Energy Efficiency Services Ltd. is anticipated to refit or install
more than 30 million LED streetlights. Therefore, the market for intelligent
lighting control across the globe is expected to rise in the forecast period
2024-2031F.” said Mr Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Intelligent Lighting Control Market –
Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast,
2018-2031F Segmented By Light Source (Light Emitting Diode, Fluorescent Lamp,
Discharge Lamps, High Intensity), By Application (Industrial, Residential,
Commercial. Infrastructure), By Type (LED Drivers, Switch Actuators, Sensors,
Microcontrollers, Transmitters & Receivers, Dimmers, Others), By
Connectivity (Wired, Wireless), By Region, Competition”, has
evaluated the future growth potential of Intelligent Lighting Control market and
provides statistics and information on market structure, size, share, and
future growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Intelligent Lighting Control market.
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