Understand How The Lighting Control System Market Is Set To Grow In Through 2023-2032
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global lighting control system market is on a trajectory of substantial growth, projected to surge from $30.82 billion in 2022 to an estimated $36.56 billion in 2023, reflecting a robust Compound Annual Growth Rate (CAGR) of 18.6%. As we look further ahead, the market is poised to reach an impressive $70.63 billion by 2027, sustaining a notable CAGR of 17.9%.
Driving Force: Building Boom Fuels Market Expansion
Commercial and Non-Commercial Buildings Leading the Charge
The stellar growth of the lighting control system market is intricately linked to the burgeoning construction of commercial and non-commercial buildings. As both sectors witness significant expansion, the demand for advanced lighting control systems, including dimmers and color-changing bulbs, is on the rise. This intelligent approach to lighting not only enhances aesthetics but also contributes to energy efficiency. The US, in particular, is expected to witness a 35% expansion in commercial building floor space by 2050, reaching a staggering 124.6 billion square feet. Additionally, the average size of US homes expanded by 45% in 2021. This growth in both commercial and residential structures is a driving force behind the surge in the lighting control system market.
- The US commercial building floor space is projected to expand by 35% from 2021 to reach 124.6 billion square feet by 2050.
Market Leaders: Pioneering Progress
Key Players Guiding the Market
Major players shaping the trajectory of the lighting control system market include industry powerhouses like General Electric Co., Panasonic Corporation, Schneider Electric SE, and Signify NV. These key players contribute significantly to market dynamics, driving innovation and steering the evolution of lighting control systems.
Innovation Spotlight: Technological Advancements Take Center Stage
Revolutionizing with Advanced Technologies
Technological advancements emerge as a pivotal trend gaining momentum in the lighting control system market. Leading companies are actively integrating advanced technologies to sustain their competitive edge. A case in point is Intermatic Incorporated, which, in August 2021, launched the ARISTATM Advanced Lighting Control System. This programmable smart lighting solution caters to commercial and public facilities, covering up to 10,000 square feet. Designed for adaptability, the system offers a range of modular components, addressing installation challenges with battery-powered sensors and secure Bluetooth 5.0 mesh networking technologies.
- Intermatic Incorporated launched the ARISTATM Advanced Lighting Control System in August 2021.
Market Dynamics: Segmenting for Varied Applications
Tailoring Solutions for Diverse Needs
The lighting control system market is strategically segmented to cater to diverse applications. These segments include:
- By Installation Type:
- New Installation
- By Offering:
- By Communication Protocol:
- By End-Use:
Global Landscape: North America Leading, Asia-Pacific Rising Fast
In 2022, North America emerged as the dominant region in the lighting control system market. However, looking ahead, Asia-Pacific is anticipated to be the fastest-growing region during the forecast period, signaling a global shift in the dynamics of the lighting control system market.
Get A Free Sample On The Global Lighting Control System Market Report:
Read The Full Lighting Control System Market Report Here:
The Lighting Control System Global Market Report 2023 provides an overview of the lighting control system market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The lighting control system market forecast analyzes lighting control system market size, lighting control system market share, leading competitor and their market positions.
The Table Of Content For The Lighting Control System Market Include:
1. Lighting Control System Market Executive Summary
2. Lighting Control System Market Segments
3. Lighting Control System Market Size And Lighting Control System Market Growth Rate
4. Key Lighting Control System Market Trends
5. Major Lighting Control System Market Drivers
25. Key Mergers And Acquisitions In The Lighting Control System Market
26. Top Lighting Control System Companies
27. Lighting Control System Market Opportunities And Strategies
28. Lighting Control System Market, Conclusions And Recommendations
Explore Similar Reports From The Business Research Company:
Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Follow us on:
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: