The global smart lighting control system market is projected to reach $7.2 billion by 2028, at a CAGR of 7.6% during 2023-2028. The growth of smart lighting control system market is driven by growing demand of street and roadways lighting and increasing government regulations on the adoption of energy-efficient products across the globe.
Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the most promising, high-growth opportunities for the smart lighting control system market by product type (lights & luminaires and lighting controls), application (residential, commercial lighting, healthcare, traffic, industrial, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 What are the business risks and threats to the smart lighting control system market?
Q.4 What are some changing demands of customers in the smart lighting control system market?
Q.5 What are the new developments in the smart lighting control system market? Which companies are leading these developments?
Q.6 What strategic initiatives are being implemented by key players for business growth?
Q.7 What are some of the competitive products and processes in this smart lighting control system area and how big of a threat do they pose for loss of market share via product substitution?
Q.8 What M&A activity has occurred in the last 5 years in this smart lighting control system market?
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Based on product type, the smart lighting control system market is segmented into lights & luminaires and lighting controls. The lighting control segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to introduction of smart control systems, which delivers improved lighting features, high performance, and energy efficiency.
North America is expected to witness higher growth over forecast period due to the increasing need for lighting controls, which ensures long-distance controllers, flexible programming, energy-efficient features, and longer lifespan.
Key Players in the smart lighting control system market are Philips Lighting, Acuity Brands, Osram, Cree, and Lutron Electronics.
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The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.
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