Rise in demand for street and roadways lighting, surge in development of smart lighting systems, and supportive government initiatives toward energy-saving products drive the growth of the global luminaire and lighting control market. Owing to delay in construction projects, the revenue generated from the luminaire and lighting control reduced significantly during the lockdown. However, the demand from the medical sector accelerated during the pandemic.
Portland,OR, Aug. 31, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global luminaire and lighting control market generated $72.72 billion in 2020, and is expected to garner $130.56 billion by 2030, witnessing a CAGR of 6.44% from 2021 to 2030. The report offers a detailed analysis of changing market trends, key segments, key investment pockets, value chain, regional scenario, and competitive landscape.
Rise in demand for street and roadways lighting, surge in development of smart lighting systems, and supportive government initiatives toward energy-saving products drive the growth of the global luminaire and lighting control market. However, high initial installation cost hinders the market growth. On the other hand, rise in development of smart city projects in the Asia-Pacific region provides new opportunities in the coming years.
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Owing to delay in construction projects, the revenue generated from the luminaire and lighting control reduced significantly during the lockdown. However, the demand from the medical sector accelerated during the pandemic.
The slowdown in productions by OEMs and lowered demand for the manufacturing of electronics devices led to reduced revenue in the global luminaire and lighting control market. Moreover, shortages of components and materials led to reduced production volumes. Reduced capital budgets and delays in planned projects in different industries lessened the overall demand for luminaire and lighting control.
Investments in the R&D of smart lighting systems with surge in governmental initiatives worldwide are expected to gain momentum by the end of 2021.
The report offers detailed segmentation of the global luminaire and lighting control market based on product, component, light, technology, application, and region.
Based on product, the luminaire segment accounted for the highest share in 2020, holding nearly 90% of the total share, and is expected to maintain its lead position in terms of revenue during the forecast period. However, the lighting control segment is projected to witness the highest CAGR of 11.5% from 2021 to 2030.
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Based on light, the LED segment held the highest share in 2020, contributing to nearly two-fifths of the global luminaire and lighting control market, and is projected to maintain its leadership status during the forecast period. However, the fluorescent segment is estimated to manifest the fastest CAGR of 7.0% from 2021 to 2030.
Based on region, North America accounted for the largest market share in 2020, contributing to more than one-third of the total share, and is expected to maintain its dominance in terms of revenue by 2030. However, Asia-Pacific is estimated to register the largest CAGR of 7.7% during the forecast period.
Leading players of the global luminaire and lighting control market analyzed in the research include Acuity Brands, Inc. (Georgia), Eaton Corporation (U.S.), Cree, Inc. (U.S.), OSRAM AG (Germany), General Electric (U.S.), Dialight (U.K.), Philips N.V. (The Netherlands), Lutron Electronics Co., Inc (U.S.), Legrand S.A. (France), and Hubbell Incorporated (U.S.).
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