“Lighting Control System Market by Installation Type (New Installation and Retrofit), Offering (Hardware, Software, and Lighting as a Service), Application (Indoor and Outdoor), Communication Protocol, and Geography – Global Forecast to 2023″, The lighting control system market is expected to grow from USD 12.22 Billion in 2016 to USD 38.67 Billion by 2023, at a CAGR of 17.82% between 2017 and 2023.
The lighting control system market based on offering is dominated by hardware components. The hardware components in lighting products are LED drivers and ballasts, sensors, switches, dimmers, relay units, and gateways. LED drivers and ballasts components held a major share of the market for hardware components. The lighting control system market for the services segment is expected to grow at a significant rate during the forecast period. The growth of the services segment is mainly propelled by the use of lighting services for the purpose of cost savings along with energy conservation and it is ecologically safe option.
The market for outdoor applications is expected to grow at a significant rate between 2017 and 2023. Increasing focus on enhancing connectivity by building roads and road lights, especially in the developing countries of the APAC region, would spur the growth of the outdoor lighting control system market. The indoor applications accounted for a major share of the lighting control system market in 2016.
The lighting control system market for the wireless communication protocol is expected to grow at a high rate between 2017 and 2023. The development of wireless technologies for lighting control systems is expected to propel the market for wireless communication technologies during the forecast period. ZigBee is expected to dominate the wireless communication protocol market for lighting control systems during the forecast period.
APAC accounted for a major share of the lighting control system market in 2016. The emerging economies of China and India are impacting the lighting control system market significantly. Also, APAC is expected to be the fastest-growing region for the lighting control system market during the forecast period owing to the rapid infrastructure building activities being undertaken in this region, mainly China where smart lighting paves the way for the modernization of infrastructure.
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