Lighting Control Components Market Â– Global Competition Outlook by 2026

(IT-NEWSWIRE.COM, March 01, 2019 ) Global Lighting Control Components Market: Introduction

As the countries strive to produce more green energy due to increasing efficiency standards, lighting companies are implementing more and more control on lighting control components across the world. Lighting control components can range from occupancy detection to lighting controls with the aim of reducing energy consumption across various platforms. The lighting control components include light sensors, relays, passive infrared sensors, resistors, switches and more. The lighting control components make help to control the lights all together. With the help of lighting control components a bank of switches or dimmers can be replaced with single keypad providing the same function. Moreover, Lighting control components are not just limited to a single area or room, the lights of entire house can be controlled with a single button. A centralized lighting control component system incorporates communication between various system inputs and outputs with the use of central controlling device. The scenario for lighting control components has been completely transformed with the advancement in modern technologies. The changing paradigm of lighting industry to electronics industry is one of the major growth opportunities for the lighting control components market.

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Global Lighting Control Components Market: Drivers and Challenges

Rising need for energy efficient lighting control solutions is a major factor driving the growth of the lighting control components market during the forecast period. Many governments and utilities have started deploying LED-based lighting control components with new technology to enhance efficiency and to reduce maintenance and operation costs. This implementation of lighting control components system is expected to be one of the key factors fueling the demand for lighting control components over the forecast period. Likewise, factors such as requirement for lighting control management systems, modernization and infrastructure development, and increasing adoption of Internet of Things are also expected to boost the growth of the lighting control components market. Moreover, the decline in average selling price of the LED driver and LED bulbs is also projected to contribute to the growth of the lighting control components market during the forecast period. However, the consumers have to bear the high initial costs while replacing existing solution to intelligent lighting solution, which is a major factor hampering the growth of the lighting control components market.

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Global Lighting Control Components Market: Competition Landscape

Key Vendors

Examples of some of the participants in the global lighting control components market identified across the value chain include General Electric Company (GE), Lutron Electronics Co. Inc., Philips Lighting N.V., Enlighted Inc., Eaton Corporation, Schneider Electric, Legrand S.A., OSRAM Licht AG, Hubbell Incorporated, Acuity Brands Inc., and Cree, Inc.

Global Lighting Control Components Market: Regional Outlook

Geographically, the global lighting control components market can be segmented into North America, Latin America, Europe, CIS & Russia, Japan, APEJ, and Middle East & Africa.North America is expected to dominate the global lighting control components market in terms of value and volume as energy performance contracts have widespread in North America. The installation of lighting control components in non-residential segment is also responsible for high growth of the lighting control components market in North America. APEJ is projected to show huge potential and substantial growth in the global lighting control components market in due to rapid urbanization, growing safety standards, and rising demand for electronic products.

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