the rise in government initiatives toward energy-saving measures fuel the growth of the global intelligent lighting controls market
PUNE, MAHARASHTRA, INDIA, October 21, 2020 /EINPresswire.com/ — Increase in penetration of LED bulbs and lightings globally and rise in government initiatives toward energy saving measures fuel the growth of the global intelligent lighting controls market. On the other hand, high initial installation cost impedes the growth to some extent. However, emerging smart city projects in developing economies and growing inclination toward energy-efficient lighting solutions are expected to create multiple opportunities in the industry.
According to the report, the global intelligent lighting controls industry was estimated at $7.49 billion in 2019, and is expected to hit $26.06 billion by 2027, registering a CAGR of 17.4% from 2020 to 2027.
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The sensors segment to lead the trail by 2027-
Based on type, the sensors segment contributed to around one-fifth of the global intelligent lighting controls market revenue in 2019, and is expected to lead the trail by the end of 2027. The same segment is also projected to register the fastest CAGR of 20.4% during the estimated period. Rapid development of smart sensors fuels the growth of the segment.
The outbreak of the pandemic has impacted the global intelligent lighting controls market badly. The global lockdown has led to significant decline in the demand for lighting strictures among the end-users.
Many companies are reporting difficulties in obtaining raw materials due to a number of reasons such as late deliveries and shortage of shipping capacity. However, with several government bodies imposing relaxations on the existing regulations, the market is expected to gradually recoup its position in terms of revenue.
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The wired segment to maintain the lion's share-
Based on connectivity type, the wired segment accounted for around three-fourths of the global intelligent lighting controls market share in 2019, and is anticipated to rule the roost throughout the forecast period. This is attributed to its simple installation feature. Simultaneously, the wireless segment would portray the fastest CAGR of 18.9% till 2027. This is due to growing preference toward IoT.
North America to dominate in terms of revenue-
Based on geography, North America held the major share in 2019, generating more than one-third of the global intelligent lighting controls market, owing to growing concern toward energy consumption among people in the province. The Asia-Pacific region, on the other hand, would grow at the fastest CAGR of 20.5% from 2020 to 2027. Increase in trend toward smart infrastructure development drives the market growth in Asia-Pacific.
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Key players in the industry-
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Source: EIN Presswire