Global Intelligent Lighting Control System Market | Growth

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The Global Intelligent Lighting Control System
Market to Grow at CAGR of 14.33 by 2028

• Triton Market Research presents the Global
  Intelligent Lighting Control System Market
  segmented by Application (Residential,
  Automotive, Commercial, Industrial, Outdoor),
  Connection Type (Wireless, Wired), Component Type
  (Microprocessors and Microcontrollers,
  Transmitters and Receivers, Sensors, Switches
  Dimmers, Ballasts and LED Drivers), Light Source
  (Light Emitting Diode Lamps, Fluorescent Lamps,
  High-Intensity Discharge Lamps), and by Geography
  (Asia-Pacific, Europe, Latin America, North
  America, Middle East and Africa). The report also
  discusses the Market Summary, Industry Outlook,
  Market Definition, Key Insights, Porters Five
  Forces Analysis, Key Impact Analysis, Market
  Attractiveness Index, Vendor Scorecard, Industry
  Components, Drivers, Restraints, Opportunities,
  Impact of COVID-19, Competitive Landscape,
  Methodology Scope, Global Market Size,
  Forecasts Analysis (2021-2028).
• Tritons report suggests that the global
  intelligent lighting control system market is
  expected to showcase growth by 14.33 of CAGR
  during the considered phase of 2021-2028.

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An intelligent lighting control system includes
the implementation of wireless technology to
control lighting systems efficiently. Moreover,
these technologically advanced systems are
employed in various industries, including
residential, automotive, commercial, and
others. Factors such as growth in smart homes and
the rise in wireless lighting control systems,
are creating several new opportunities for the
studied market over the forecast period. Smart
homes provide the advantage of controlling home
electric appliances via remote. Here, energy
management systems and security access control
systems are primarily driving the adoption of
smart home technology. This growth in smart homes
is likely to influence the demand for intelligent
lighting systems, thereby offering several growth
opportunities for the intelligent lighting
control system market. However, high initial
investment, a more extended breakeven period, and
the dearth of system integration and skilled
workforce, are restraining factors limiting the
global markets progress. North America is
considered to hold the largest market share of
the intelligent lighting control system market,
and is estimated to have its stronghold till
2028. The region has observed substantial growth
in the adoption of wireless connectivity type
controls. Moreover, it is possible to attain a
significant reduction in electricity costs
through the implementation of advanced lighting
control systems. Additionally, various regulatory
bodies have initiated orders to decrease energy
consumption, along with CO2 emissions across the
region. Hence, these factors are estimated to
stimulate the progress of the intelligent
lighting control system market across North
America. The major companies thriving in the
market include Legrand, OSRAM GmbH, LSI
Industries Inc, Lutron Electronics Co Inc,
Schneider Electric, Eaton Corporation PLC,
Hubbell Incorporated, Acuity Brands Inc, Control4
Corporation, Leviton Manufacturing Co Inc,
Honeywell International Inc, Philips Lighting,
and Cree Inc. As smart lighting control systems
are developed in volumes, the economies of scale
would vary for new players than existing players.
This indicated that the threat of new entrants is
relatively low in the market. However, the ease
of availability of raw materials for new players
poses a threat for existing players. On the other
hand, the competition among the current market
players is high, owing to the presence of several
manufacturers producing intelligent lighting
control systems.
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