According to a market report by Lucintel, the future of the smart lighting control system market looks promising with opportunities in the residential, commercial lighting, healthcare, traffic, and industrial applications. The global smart lighting control system market is expected to reach an estimated $7.2 billion by 2028 with a CAGR of 7.6% from 2023 to 2028. The major drivers for this market are growing demand of street and roadways lighting and increasing government regulations on the adoption of energy-efficient products across the globe.
In this market, lights & luminaires and lighting controls are the two types of smart lighting control system used by various end use industries. Lucintel forecasts that lighting controls is expected to witness higher growth over forecast period due to introduction of smart control systems, which delivers improved lighting features, high performance, and energy efficiency.
Within this market, commercial lighting is expected to witness higher growth over forecast period due to growing consumption of electricity and increasing focus on energy management to reduce the electricity costs..
North America is expected to witness higher growth over forecast period due to the increasing need for lighting controls, which ensures long-distance controllers, flexible programming, energy-efficient features, and longer lifespan.
Philips Lighting, Acuity Brands, Osram, Cree, and Lutron Electronics are the major suppliers in the global smart lighting control system market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global smart lighting control system market by product type, application, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Smart Lighting Control System Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global smart lighting control system market by product type, application, and region, as follows:
Smart Lighting Control System Market by Product Type [Value ($B) Shipment Analysis from 2017 to 2028]:
Lights & Luminaires
Lighting Controls
Smart Lighting Control System Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:
Residential
Commercial Lighting
Healthcare
Traffic
Industrial
Others
Smart Lighting Control System Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
North America
Europe
Asia Pacific
The Rest of the World
This more than 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at
helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global
Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis,
Growth Consulting, M&A, and
Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit
www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the smart lighting control system market by product type (lights & luminaires and lighting controls), application (residential, commercial lighting, healthcare, traffic, industrial, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?