Global Lighting control system Market, By Component (Hardware, Software, Services), By Technology (Bluetooth, Wi-Fi, PLC), By Application (Residential, Commercial, Highways)- Forecast 2023

Global Lighting Control System Market Research Report- Forecast 2023

Overview:

The Global Baggage Screening Market is growing with the rapid pace; mainly due to the increased Air Travel. According to a recent study report published by the Market Research Future, The global Lighting Control Systems Market is booming and expected to gain prominence over the forecast period. The Market is forecasted to demonstrate a huge growth by 2023, surpassing its previous growth records in terms of value with a whooping CAGR during the anticipated period (2017 – 2023). The global Lighting Control Systems market is expected to reach the valuation of USD 39 Billion by registering a whooping double digit CAGR of 18% by 2023.

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The factors contributing to the growth of the lighting control system market are the increasing demand for energy efficient products, technological innovations, increasing adoption of internet of things, modernization and infrastructural development. Furthermore, increasing awareness among consumers and increasing electricity prices are expected to boost the market over the forecast period. However, wireless connections can be unreliable at times and ongoing maintenance are the factors hampering the overall growth of the market.

The high implementation various smart lighting and energy efficiency are the factors which are expected to enhance the growth of the lighting control system market. However, cyber security issues is hampering the growth of the overall market. The hardware component segment accounted for the largest market share.

Factors such as energy efficiency, convenience, increasing awareness among consumers, increasing adoption of smart technologies and government regulations are boosting the growth of the lighting control system market. Furthermore, the usage of wireless technologies such as Wi-Fi, ZigBee, and Bluetooth among others are enhancing the growth of the overall market.

Key Players:

The Market of Lighting Control Systems appears to be highly competitive owing to the presence of numerous well-established players having international and global presence. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for the leading players. These key players compete based upon pricing, reputation and services. Vendors strive to develop the Systems that deliver a suite of application offerings to help address the information system needs of airports. Using time-tested methodologies and best practices, key players try to bring together disparate point systems from multiple providers into a security-rich, integrated environment that addresses resource planning, passenger experience and asset management.

Segments:

For the Better understanding of this report the Global Lighting Control Systems Market has been segmented in to 4 key dynamics.

Segmentation By Component: Comprises Hardware (Switches, Sensors, Dimmers, LED Drivers and other), Software (Cloud based, Web based), Services (Professional Services, Maintenance Services, Managed Services and other.

Segmentation By Technology: Comprises Bluetooth, Wi-Fi, PLC, POE, ZigBee and other

Segmentation By Application: Comprises Industrial, Roadways, Railways, Residential, Commercial, Highways and other

Segmentation By Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

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Regional Analysis:

Regionally, Asia-Pacific accounted for the largest market share majorly due to better infrastructure building activities in countries such as India and China, modernization of infrastructure and increasing demand for digitization. However, North-America is also expected to grow at a fast rate majorly due to high adoption of new technological innovations, increasing demand for smart homes and increasing demand for energy efficient products.

Geographically, Asia-Pacific accounted for the largest market share in the global lighting control system market, whereas North-America is expected to grow at a fast pace over the forecast period, 2017-2023.

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