The growth of the market is attributed to the growing number of smart homes along with decreasing average selling price (ASP) of LED bulbs and drivers
Vancouver, BC -- (SBWIRE) -- 02/08/2021 -- Intelligent Lighting Control Market
The intelligent lighting control market is set to attain a valuation of USD 27.29 Billion by 2027, registering a CAGR of 17.5%. The applications of intelligent lighting control (such as electric vehicle charging stations, good water and gas metering, air quality observation systems, and intelligent parking) are used in manufacturing, media and entertainment, the automotive industry, and the development of smart cities.
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Prominent Players Profiled in the Intelligent Lighting Control Market:
Lutron Electronics, General Electric Company, Honeywell International, Leviton Manufacturing, Cree, Acuity Brands, Enlighted, OSRAM Gmbh, LSI Industries and Hubbell Incorporated.
Market Drivers
The rising awareness of energy management and government regulations on the utilization of energy-efficient merchandise has driven the intelligent lighting control market growth. The introduction of low-price sensors over the forecast period would minimize installation value, thereby generating growth opportunities for the market. Increasing urbanization in developing economies and rising inclination towards energy-efficient lighting solutions are expected to provide various opportunities for the expansion of the intelligent lighting controls market.
Intelligent lighting controls offer the best utilization of energy with minimized wastage of electricity consumption. Further, the rising penetration of semiconductor diode bulbs and lightings worldwide and growing government initiatives towards energy saving themes are the key factors impacting the market growth.
Product Outlook (Revenue, USD Billion; 2017-2027)
Sensors
Ballast and LED Drivers
Microcontrollers
Dimmers and Switch Actuators
Transmitters and Receivers
Applications Outlook (Revenue, USD Billion; 2017-2027)
Smart Cities
Automotive
Manufacturing
Media and Entertainment
Others
Connectivity Outlook (Revenue, USD Billion; 2017-2027)
Wired
Wireless
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Key Summary of the Intelligent Lighting Control Market Report:
Insightful information regarding the global Intelligent Lighting Control market
Identification of growth in various segments and sub-segments of the Intelligent Lighting Control market
Strategic recommendations for investment opportunities
The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
Emerging trends and current market segment analysis to help investors formulate new business strategies
Accelerates the decision making process through the detailed description of the drivers, restraints, growth prospects, and limitations
Thorough SWOT analysis and Porter's Five Forces analysis along with feasibility analysis and investment return analysis
Regional Analysis
In 2019, in terms of revenue, the North America intelligent lighting control market accounted for 39.8% over the forecast period. Specific Energy Service Corporations (ESCOs) are developed in the region to supply wide-ranging energy services to the house owners of buildings.
The Asia Pacific region is expected to be a critical revenue-generating region over the forecast period. This is due to the increasing government investments for developing smart cities in emerging economies like India and China. Therefore, a rising rate of production and the consumption of lighting merchandise are attracting foreign key players to expand business within the region.
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