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(Wireless-NewsWire.Com, June 21, 2017 ) The future global economy is anticipated to consume more energy resources in the longer run, especially with the growing energy demand from the developing countries such as China and India. Lighting segment usually consumes majority of the electricity in a commercial building, and draws substantial energy levels for a private residence. Intelligent lighting controls continue to propel the lighting industry towards growth with increasing revenue at a global level. Intelligent lighting controls witnessed a major increase in the adoption rate for the usage in various applications due to several advancements offered by the technology.
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The intelligent lighting controls market is expected to grow at a significant rate during the forecast period. This is due to integration of physical security industry with intelligent lighting, changing paradigm of lighting control industry to electronics industry and adding voice control feature to the upcoming products. Increasing smart homes market along with customization benefits and continuously decreasing average selling price (ASP) of LED bulbs and drivers are some of the factors driving the growth of intelligent lighting control market. The global intelligent lighting control market is estimated to witness a growth at a CAGR of 14.3% and 10.2% over the period 2017 to 2023 in terms of volume and value respectively.
North America led the global intelligent lighting controls market in 2016 in terms of volume and value. Since energy performance contracts are becoming widespread in North America, specific Energy Service Companies (ESCOs) have been developed in last few years to provide wide-ranging energy services to the owners of buildings. The services offered in a form of package, include equipment installations, technical evaluations, hazardous waste removal, billing, financing, energy monitoring and verification services. The growth of North American intelligent lighting control market is actively supported by the installation of new intelligent lighting systems in the non-residential segment.
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However, Asia Pacific is expected to grow with the highest rate during the forecast period and surpass the market of Europe. This is mainly due to lower cost of consumer equipment in the region. Additionally, the rising trend of smart homes in the region is also supporting the growth of Asia Pacific intelligent lighting controls market. China has a high rate of consumption and production of global lighting products. Within the lighting industry, intelligent lighting enterprises are gradually on the path of expansion which is also attracting many foreign market players for further investments. Additionally, growth of green lighting LED lamps is rising in the China lighting industry.
The most often used strategy for developing a better hold on to the market has been through product launches, followed by partnerships, joint ventures, and collaborations. Moreover, the company profile section includes highlights of significant information about the key companies involved along with their financial positions, key strategies, and developmental activities of recent years. Some of the key players involved in this market are General Electric, Lutron Electronics Co. Inc., Leviton Manufacturing Co. Inc., Honeywell International Inc., Acuity Brands Inc., Cree Inc., Enlighted Inc., Daintree Networks, Koninklijke Philips N.V., OSRAM Licht AG, Legrand, Hubbell Incorporated, LSI Industries Inc., Control4 Corporation, EATON, and Schneider Electric.
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