( PR4US.com | Press Release | 2017-08-02 21:07:43 )
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.
According to the global experts, 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. For complet PDF brochure, click here: http://bit.ly/2tj20Hj
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 market for outdoor applications is expected to grow at a significant rate between 2017 and 2023. Increasing focus on enhancing connectivity by building roads and road lights, especially in the developing countries of the APAC region, would spur the growth of the outdoor lighting control system market. The indoor applications accounted for a major share of the lighting control system market in 2016.
The lighting control system market for the wireless communication protocol is expected to grow at a high rate between 2017 and 2023. The development of wireless technologies for lighting control systems is expected to propel the market for wireless communication technologies during the forecast period.
ZigBee is expected to dominate the wireless communication protocol market for lighting control systems during the forecast period.
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.
The major vendors in the lighting control system market are General Electric Company (GE) (US), Philips Lighting NV (Netherlands), Eaton Corporation (Ireland), Legrand S.A. (France), OSRAM Licht AG (Germany), and Acuity Brands Inc. (US), among others. These players adopt various strategies such as product launches, product developments, partnerships, contracts, agreements, mergers and acquisitions, collaborations and expansions to cater to the needs of their customers.
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