According to a new report, published by KBV research, The Global Lighting Control System Market size is expected to reach $29.8 billion by 2030, rising at a market growth of 7.6% CAGR during the forecast period.
The Outdoor segment is showcasing a CAGR of 8.6% during (2023 - 2030). The market for lighting control systems for outdoor applications is anticipated to rise as connectivity is increasingly prioritized through the construction of highways and road lights, particularly in emerging nations. Lighting for highways, roads, bridges, and tunnels, as well as lighting at airports, train stations, and other public locations like parks and stadiums, are among the common users of outdoor applications.
The Solution segment is generating the highest revenue share in the Global Lighting Control System Market by Component in 2022 thereby, achieving a market value of $20.2 billion by 2030. Lighting control solution uses one or more central computing units to communicate among various system outputs and inputs relevant to lighting control. Because lighting control systems are widely employed in both indoor and outdoor lighting in commercial, industrial, and residential settings, the need for lighting control solutions is gradually increasing, contributing to market expansion.
The Wireless segment has shown the growth rate of 8.3% during (2023 - 2030). Due to the rising usage of wireless networks, the market is predicted to witness growth in this segment. Furthermore, the market is predicted to have greater demand for this type of lighting control system due to wide availability of Wi-Fi and Bluetooth connectivity.
The North America market dominated the Global Lighting Control System Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9.5 billion by 2030. The Europe market is exhibiting a CAGR of 7.4% during (2023 - 2030). Additionally, The Asia Pacific market would showcase a CAGR of 8.5% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/lighting-control-system-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Signify N.V., Acuity Brands Lighting, Inc., Cree Lighting (Ideal Industries, Inc.), GE Current, a Daintree company, Legrand S.A. (Legrand Group), Eaton Corporation PLC, ams-OSRAM AG, Hubbell Incorporated, Dialight PLC and Lutron Electronics Co., Inc.
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