According to a new report published by Allied Market Research, titled, “Luminaire and Lighting Control Market by Product, Component, Light, Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global luminaire and lighting control market size was valued at $72.72 billion in 2020, and is projected to reach $130.56 billion by 2030, registering a CAGR of 6.44%. The North America region is expected to be the leading contributor to the global market during the forecast period, followed by Asia-Pacific and Europe.
The luminaire and lighting controls comprise different components that include sensors, LED drivers, dimmers & switch actuators, microcontrollers, transmitters & receivers, and intelligent luminaries. In a typical traditional lighting system, luminaire, sensors and lighting controllers are installed separately. These sensors are connected to luminaires and control inputs that is aggregated at a control panel which featuring controller. The ongoing miniaturization of sensors and controllers allows both to be embedded in luminaires.
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The application of luminaire and lighting controls include indoor and outdoor. The indoor lighting includes lighting systems that are installed within homes, offices, industrial units and other smart light systems within the premise boundaries. Lighting controls are devices and systems that turn lighting ON/OF or raise/lower output according to need. Over the past few years, these functions have become increasingly automated to save energy in indoor segment, with demand focused on new construction due to energy codes. More recently, lighting controls began to offer advanced features such as onboard intelligence, allowing independent decision-making and addressability within a scalable lighting control network.
The prominent factors that impact the luminaire and lighting control market growth are increasing demand of street and roadways lighting, high development of smart lighting system, and government initiatives toward energy saving product. However, high initial installation cost restricts the market growth. On the contrary, surging development of smart city projects in Asia-Pacific is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect the development of the global luminaire and lighting control market during the forecast period.
Region-wise, the luminaire and lighting control market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed maximum revenue in 2020. However, between 2020 and 2030, the market in Asia-Pacific region is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging economical countries such as India, China, Japan, and South Korea. The overall luminaire and lighting control market analysis is determined to understand the profitable trends to gain a stronger foothold
Covid-19 Impact Analysis
The COVID-19 pandemic has significantly impacted global economies, resulting in workforce & travel restrictions, supply chain & production disruptions, and reduced demand & spending across many sectors. Sudden decline in infrastructure development and installation projects is expected to hamper the market growth for residential, commercial, and industrial verticals. The luminaire and lighting controls market size witnessed dip in its growth rate, owing to delayed construction projects, which led to a substantial impact. However, the demand from the medical industry accelerated during the pandemic.
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Key Findings Of The Study
- In 2020, the hardware segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 6.10% during the forecast period.
- The indoor segment accounted for more than 60% of the global market share in 2020.
- The lighting control segment witness highest growth rate during the forecast period.
- Germany was the major shareholder in the Europe luminaire and lighting control market revenue, accounting for approximately 28% share in 2020.
The key players profiled in the report include Acuity Brands, Inc., Cree, Inc., Eaton Corporation, General Electric, OSRAM AG, Philips N.V., Dialight, Legrand S.A., Lutron Electronics Co., Inc, and Hubbell Incorporated. These players have adopted various strategies, such as partnership, agreement, collaboration, and product launch, to expand their foothold in luminaire and lighting control industry.
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