The global luminaire and lighting control market was valued at US $71.89 billion in the year 2020, and the market is growing at a CAGR of ~6.5% during the forecast period 2021-2027.
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The luminaire and lighting control strategy consists of individual luminaires, and controls are independent of each other, thus maximizing incremental control within very small areas. An automated lighting control system consists of multiple lighting fixtures connected in a network to control the lighting. Improved energy efficiency, better performance, and a better customer experience are all benefits of lighting control. There are several applications for these systems across varied verticals, like aircraft, automobiles, home appliances, and many others. There is nothing more basic than a luminaire, which includes several lamps, a socket, and other accessories that hold and protect the lamp. Lighting fixtures of this type are battery- or electrically powered, with a control switch either attached to the body of the lamp or the power cable.
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Factors Impacting the Growth of the Luminaire and Lighting Control Market
Lighting controls have become increasingly popular for reducing energy consumption. Further, the luminaire and lighting control market has grown due to an increase in awareness about energy management.
Several government regulations encourage the use of energy-efficient products.
Sensors and LED products at lower prices will enable lighting controls markets to grow at a rapid pace because installation costs will be reduced, creating numerous growth opportunities.
The growing market for luminaires and lighting control is driven by the increasing demand for street and roadway lighting, energy-efficient lighting systems, and government initiatives to reduce energy use.
In the process of creating smart cities, smart lighting solutions are expected to provide a tremendous boost. Luminaire and lighting controls markets benefit from smart lighting that is effective at addressing sustainable development challenges.
The high initial installation price is a major restraint on the global market.
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Several aspects of the COVID-19 pandemic have led to significant disruptions, including workforce and travel restrictions, supply chain disruptions, reduced demand, and recessionary effects. The lack of infrastructure development and installation will hamper the market growth in the residential, commercial, and industrial sectors.
Revenue from luminaires and lighting controls dipped due to delayed construction projects, resulting in a substantial impact. During the pandemic, however, the demand from the medical industry has increased. Further, several market players have devoted resources to developing smart lighting systems, throughout the world, due to increasing government initiatives. The luminaire and lighting control market size is therefore forecast to increase by the end of 2021.
Slower production by OEMs and a decrease in demand for lighting systems and other electronic devices have led to a slight decline in the market for luminaires and lighting controls. Supply chain disruptions due to shortages of components and materials have considerably disrupted global markets. Moreover, the global economy has suffered from reductions in capital budgets and delays in planned projects in various industries.
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The North Americaluminaire and lighting controlmarket dominates the global marketplace due to rise in digital infrastructure technologies. It is estimated that the Asia-Pacificluminaire and lighting control marketwill display the highest CAGR between 2021-2027.
A report on the global luminaire and lighting control market segments the market on the basis of product, component, light, technology, application, and region.
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What is the goal of the report? ? The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes. ? During the forecast period, the report analyzes the growth rate, market size, and market valuation. ? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets. ? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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