May 11, 2020 (Heraldkeepers) — In its research report, Market Research Future (MRFR), emphasizes that the global market 2020 is poised to grow exponentially, securing a substantial market valuation of USD 17 Billion by 2023, and a healthy 19% CAGR over the review period.
Key Players Operating in Global Indoor Lighting Management Market as Identified by MRFR are:
Crompton Greaves (India), Ushio Lighting Technologies (Japan), General Electric (U.S.), Havells Sylvania (U.K.), Osram Licht AG (Germany), Gstar Technology Co. Ltd. (China), Osram Sylvania (U.S.), Thorn Lighting (U.K.), Koninklijke Philips N.V. (Netherlands), Shenzhen MR LED (China), among others.
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Drivers and Restraints:
The major drivers fueling the indoor lighting management market are high people’s disposable income, evolving lifestyle and the availability of low cost light emitting diode for indoor space is driving the sector. The study indicates that the diverse benefits of LED luminaries that include high brightness intensity, high energy consumption, low radiated heat, high durability, negligible UV rays and long life cycle are one of the main factors fueling growth in the market. The study says the dropping price of LED components is boosting demand growth in indoor lighting management. Better lifestyles and high people’s disposable incomes are primary drivers behind the growth of market. Indoor lighting management system offers some advantages such as enhanced efficiency, lower carbon emissions and increased comfort, lower energy consumption, occupancy sensors and remote access system management through wireless communication ultimately propel market development. High initial costs for installing an indoor lighting management system could, however, hamper market growth. Wireless control system, incorrectly engineered and installed system, high maintenance costs and lack of qualified experts to handle lighting operations may also hinder market development.
The indoor lighting management market can be analyzed on the basis of type, product, and application.
The product segment comprises of recessed, suspended, surface mounted, wall mounted, free standing, downlights, projectors, multiple lighting systems, and others. By product, recessed and surface mounted light segments dominated the market in 2019 and are expected to continue its dominance at a higher CAGR during forecast period.
Based on the types, the indoor lighting management consists of task lighting, accent lighting, and ambient lighting. By type, ambient lighting segment dominated the market in 2019 and is expected to keep its dominance at a higher CAGR during forecast period. Alternatively, accent lighting solutions are expected to witness fast growth at a higher CAGR during forecast period.
The space type segment comprises of residential, industrial, commercial and others.
The Application segment comprises of ceiling lights, wall lights, picture lights, table lamps, floor lamps, bathroom lights, kitchen lights, commerical lights, and others.
The geographical overview of the global market has been analyzed in four major regions, comprising the Asia Pacific, North America, Europe, and the rest of the world.
Due to high people’s disposable income, North America is one of the leading players in the market for indoor lighting management and demand for ambient lighting is boosting the market in the region. Indoor lighting management market in the Asia-Pacific region has been powered by rapid development activities across various industries. This rise is mainly due to the growing demand for ambient lighting coupled with strict regulations on energy efficiency. The US and Canada are main contributors behind business growth. Growth is due to the growing demand across the region for ambient lighting and accent lighting solutions.
APAC is also expected t owitness substantial growth over the review period driven by the growing disposable income of consumers, improving economic dynamics among developing countries such as India, China, among others, Moreover the expansion of the construction sector in this region owing to population growth is also fueling Indoor Lighting Management Market growth.