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Portland, OR, August 31, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the lighting and lighting control market generated $ 72.72 billion in 2020 and is expected to generate $ 130.56 billion by 2030, with a CAGR of 6.44% from 2021 to 2030. The report offers a detailed analysis of changing trends in the economy. market, key segments, key investment pockets, value chain, regional scenario, and competitive landscape.
The increasing demand for street and road lighting, the rise in the development of smart lighting systems, and the supportive government initiatives for energy efficient products are driving the growth of the global market for lighting and lighting. lighting control. However, the high initial installation cost hinders the growth of the market. On the other hand, the increased development of smart city projects in the Asia-Pacific region offers new opportunities in the coming years.
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Covid-19 scenario:
- Due to the delay in construction projects, the revenue generated by the fixture and lighting control dropped significantly during the lockdown. However, demand from the medical sector accelerated during the pandemic.
- Slowing production by OEMs and declining demand for electronic device manufacturing have resulted in lower revenues in the global lighting and lighting control market. In addition, shortages of components and materials have resulted in reduced production volumes. Reduced capital budgets and delays in planned projects in different industries have decreased the overall demand for luminaires and lighting control.
- Investments in smart lighting systems R&D with an increase in government initiatives around the world are expected to gain momentum by the end of 2021.
The report offers detailed segmentation of the global luminaires and lighting control market on the basis of product, component, light, technology, application, and region.
On the basis of product, the luminaires segment accounted for the highest share in 2020, holding nearly 90% of the total share, and is expected to maintain its leading position in terms of revenue during the forecast period. However, the lighting control segment is expected to experience the highest CAGR of 11.5% from 2021 to 2030.
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On the basis of light, the LED segment held the highest share in 2020, contributing nearly two-fifths of the global luminaire and lighting control market, and is expected to maintain its leading status during the period. forecast. However, the fluorescent segment is estimated to exhibit the fastest CAGR of 7.0% from 2021 to 2030.
Based on region, North America accounted for the largest market share in 2020, contributing more than a third of the total share, and is expected to maintain its revenue dominance through 2030. However, Asia-Pacific is expected to register the highest CAGR of 7.7% during the forecast period.
The major global luminaires and lighting control market players analyzed in the research include Acuity Brands, Inc. (Georgia), Eaton Corporation (US), Cree, Inc. (US), OSRAM AG ( Germany), General Electric (United States), Dialight (United Kingdom), Philips NV (Netherlands), Lutron Electronics Co., Inc (United States), Legrand SA (France) and Hubbell Incorporated (United States ).
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Related report:
Global smart lighting market size expected to generate revenue of $ 38.68 billion by 2026
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization towards providing high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
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