(Credit: Pexels)Lighting control components are estimated to grow by $12.4 billion by 2027 according to a new report published at researchandmarkets.com, with a compound annual growth rate (CAGR) of 11.2% from 2020-2027.
Corporations are projected to increase lighting control use by 9% a year over that time, reaching $4.7 billion, according to the report. The retail industry is expected to grow by 12.6% by 2027.
Smart lighting is a prominent driver of the growth of lighting control, according to the report. There is a growing demand in all areas, including commercial, private and civic sectors. The use of smart lighting is reducing power consumption and emissions across these areas.
The report says corporate uses will continue to dominate the smart lighting controls industry while the energy efficiency of the systems is helping spur growth in retail markets.
Other drivers include increased cloud-based lighting control use and digital lighting control technology transforming how energy is being used and learned in commercial buildings. The increase in use and automation can also reduce consumption across industries.
Smart lighting offers secure, efficient and more productive use of lighting and power.
The lighting control market in the United States was estimated at $1.6 billion in 2020 and China is one of the fastest growing markets in lighting control, with a projected $2.6 billion in the market by 2027 and a CAGR of 14.5%. Japan and Canada are forecast to grow at 7.9% and 9.5%, respectively, over the period and Germany’s market is forecast to grow 8.6%.
There were 128 companies from all over the world that helped provide information and come up with the expected numbers that were used in the report.
Some of those include Panasonic, LG Innotek, Philips Lighting North America, Daintree Networks, Lutron Electronics and Thorn Lighting.
Many of the companies have used their technologies to help businesses, communities and facilities across the globe. Panasonic, for example, has provided smart lighting for a variety of communities and facility uses. Among more local examples, Douglas Lighting Controls transformed how a school district in Utah manages lighting in its buildings.
