In 2020, APAC dominated the lighting control system market accounting for over 42% share by revenue.
According to the latest Arizton's market research report, the lighting management system market size to reach over USD 26 billion by 2026, growing at a CAGR of around 19% during the forecast period.
Growth Analysis of the Global Lighting Management System Market
In recent years, IoT has completely transformed the lighting industry. An LED becoming capable of automatically switch on, off, or dimming the lights when IoT and sensors are involved and this, in turn, results in overall savings of 90% energy. To accelerate the IoT adoption in the global lighting control system market, vendors are focusing on industry-wide collaboration. The government in various nations across the world are making efforts to reduce energy consumption by banning inefficient technology, introducing stricter energy efficiency legislation, and offering incentives for entire building infrastructures. This favorable environment is expected to fuel growth in the lighting management system market across the globe. With the growing popularity of LED lighting, there has been a major shift in the worldwide adoption of lighting control systems.
What’s Trending in the Market?
- The advent of wireless technology is expected to fuel growth and is becoming a leading trend in the market.
- The lighting management system market is expected to witness one of the highest demands from retrofit installations.
- Increasing usage of LED-based lighting control hardware by government and other firms for achieving efficiency and reducing maintenance and operational costs.
- Japan aims to increase the penetration of SSLs by around 100% by 2030.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by communication protocol, applications, offerings, installation, and geography
- Competitive Landscape – 8 Key Company Profiles and 11 Other Prominent Vendors
APAC to Boom in the Global Lighting Management System Market
The presence of developed countries such as Japan and China, that has a high penetration of LEDs is surging the growth of the lighting management system market in APAC. The rest of the APAC countries such as Australia, New Zealand, and others are also expected to make significant contributions to the market growth over the next few years. The rising adoption of smart lighting systems, as well as the government's strong focus on building smart cities, are propelling the growth of the lighting management system market in the region. Ongoing infrastructure modernization projects in developing economies such as China and India are enhancing growth opportunities for the players in the APAC market. Japan aims to increase the penetration of solid-state lighting that majorly comprises LED to 98%−100% by 2030.
Strategies Adopted by the Global Lighting Management System Market
Acquisitions, collaborations, consolidation, partnerships, and integration are the core strategies followed by a majority of the manufacturers in the lighting control system market. Software and technology companies are also expected to enter the lighting control system market by offering software solutions. The advent of voice-controlled lighting solutions, creating opportunities for the players to explore and develop voice-controlled lighting control systems. Legrand is a global company having expertise in electrical devices, home automation, energy efficiency solutions, building infrastructure, and more. Legrand offers lighting control solutions mainly for commercial applications. Legrand has a wide presence across the globe with manufacturing and distribution subsidiaries and offices in around 90 countries. Investment in technology and digitalization will enable the company to achieve competitive advantages in the long run.
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