Increase in penetration of
LED bulbs and lightings globally and rise in government initiatives toward
energy saving measures fuel the growth of the global intelligent lighting
controls market. On the other hand, high initial installation cost impedes the
growth to some extent. However, emerging smart city projects in developing
economies and growing inclination toward energy-efficient lighting solutions
are expected to create multiple opportunities in the industry.
According
to the report, the global intelligent
lighting controls industry was
estimated at $7.49 billion in 2019, and
is expected to hit $26.06
billion by 2027, registering a CAGR of 17.4% from 2020 to
2027.
COVID-19
scenario-
The outbreak of
the pandemic has impacted the global intelligent lighting controls market
badly. The global lockdown has led to significant decline in the demand for
lighting strictures among the end-users.
Many companies
are reporting difficulties in obtaining raw materials due to a number of
reasons such as late deliveries and shortage of shipping capacity. However,
with several government bodies imposing relaxations on the existing
regulations, the market is expected to gradually recoup its position in terms
of revenue.
The sensors
segment to lead the trail by 2027-
Based on type, the sensors segment contributed to around
one-fifth of the global intelligent lighting controls market revenue in 2019,
and is expected to lead the trail by the end of 2027. The same segment is also
projected to register the fastest CAGR of 20.4% during the estimated period.
Rapid development of smart sensors fuels the growth of the segment.
Read Full News: https://www.alliedmarketresearch.com/intelligent-lighting-controls-market
The wired
segment to maintain the lion's share-
Based on connectivity type, the wired segment accounted for
around three-fourths of the global intelligent lighting controls market share
in 2019, and is anticipated to rule the roost throughout the forecast period.
This is attributed to its simple installation feature. Simultaneously,
the wireless segment would portray the fastest CAGR of 18.9% till 2027. This is
due to growing preference toward IoT.
North America to dominate in terms of revenue-
Based on geography, North America held the major share in
2019, generating more than one-third of the global intelligent lighting
controls market, owing to growing concern toward energy consumption among
people in the province. The Asia-Pacific region, on the
other hand, would grow at the fastest CAGR of 20.5% from 2020 to 2027. Increase
in trend toward smart infrastructure development drives the market growth in Asia-Pacific.
Key players in
the industry-
·
Cisco
·
Cree, Inc.
·
Eaton
·
Acuity Brands
·
OSRAM
·
Panasonic Corporation
·
Honeywell
·
Philips
·
Siemens
GE Lighting
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