Lighting Control System Market Size is Projected to Reach USD 29990 Million by 2026 - Valuates Reports
BANGALORE, India, Oct. 23, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Lighting Control System Market By Type (Hardware, Software, Lighting as a Service), By Application (Indoor, Outdoor) and Region – Global Forecast to 2026", published on Valuates Reports
The global Lighting Control System Market size is projected to reach USD 29990 Million by 2026, from USD 15330 Million in 2020, at a CAGR of 11.8% during 2021-2026.
Major factors driving the growth of lighting control system market size are the requirement of energy-efficient lighting control systems and increasing adoption of the Internet of Things (IoT) in the lighting industry.
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TRENDS INFLUENCING THE LIGHT CONTROL SYSTEM MARKET SIZE
Manufacturers of lighting control systems are designing advanced technologies to expand their services to achieve high-quality customer service. The rapid growth and proliferation of technologies, especially in the Internet of Things (IoT) applications, leads to a large number of home automation products. Increasing technological and infrastructural advances and the worldwide penetration of advanced solutions, especially in emerging economies, offer significant opportunities for the Lighting Control System Market size.
The growth of wireless communication technology and the rise of the revolution in smart cities are the other factors that are expected to fuel the lighting control system market size. The use of wireless technology, such as ZigBee, Wi-Fi, and Bluetooth, is also propelling this market's growth.
Some of the other factors, such as the growing use of LED lights and luminaires in outdoor lighting applications, growing government energy-saving measures, increasing demand for energy-efficient lighting systems, and increasing modernization and infrastructural growth, are expected to increase the lighting control system market size.
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LIGHT CONTROL SYSTEM MARKET SHARE
New installations are expected to account for a larger lighting control system market share during the forecast period. The rise in global efforts to develop infrastructure-related works, primarily in buildings used for residential and commercial purposes, is a driving force for new installations.