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San Antonio, TX, United States, 2022/06/24 - The need to replace conventional lighting systems promotes global lighting controls market growth, says Frost & Sullivan.
The demand for energy-efficient lighting, alongside regulatory compliance and building codes are key drivers propelling the lighting controls market, finds Frost & Sullivan’s recent analysis, Growth Opportunities in Global Lighting Controls Industry. Growing consumer awareness of sustainable solutions and the need to replace conventional lighting systems will further boost the industry’s growth. This global market is expected to reach $11.82 billion by 2028 from $7.13 billion in 2021 at a compound annual growth rate (CAGR) of 7.5%.
“Lighting controls have transitioned beyond energy-saving devices to connected and intelligent devices that store and use data to enhance living conditions,” said Dennis Marcell Victor, Energy & Environment Industry Analyst at Frost & Sullivan. “As light points generate valuable amounts of data, machine learning (ML) and artificial intelligence (AI) can provide lighting controls service providers analytical insights about users to create additional revenue.”
Victor added: “The construction industry’s post-COVID-19 pandemic recovery will encourage stakeholders to prioritize enhancing commercial and residential buildings for additional comfort. This will lead them to install platform solutions that can control, analyze, and integrate all systems in a building, including lighting.”
Growing consumer awareness toward energy efficiency and sustainable solutions presents the following growth opportunities for lighting controls service providers:
• The utility sector should implement energy management strategies in the industrial segment, as demand response programs are still underutilized in the lighting industry, followed by other commercial buildings.
• Lighting controls manufacturers should meet codes compliance and obtain certifications to distinguish their products in the market.
• Companies can offer comprehensive facility support and analytical solutions with data collected from light points as a value-added service of lighting systems.
Global Lighting Controls Growth Opportunities is the latest addition to Frost & Sullivan’s Energy & Environment research and analysis available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Lighting Controls Growth Opportunities / PCB1