Market Trends of Commercial Lighting Control Industry
Hardware Segment to Witness a Significant Growth
• Connected lighting technology allows for even more savings. The light will automatically turn off when the user leaves the room. The lights will automatically dim when there is no vehicle or pedestrian movement on the road. Connectivity is also essential when leveraging data to enable the following transformation: data-driven services. The demand for commercial light control will increase over the forecast period, as it offers energy efficiency, which is a top priority, with LED lighting technology dominating the market due to its low energy consumption and longer lifespan.
• Additionally, sustainability drives customers to choose environmentally friendly lighting solutions that reduce their carbon footprint and save on energy costs. Human-focused lighting is becoming increasingly important in offices as people become more aware of its impact on their health and well-being. These lights support employees' circadian rhythms because they mimic natural light conditions.
• The growing demand for advanced lighting control systems also encourages vendors to form strategic partnerships, introduce new products, and gain a competitive edge in the commercial lighting control market. For instance, in April 2024, Acuity Brands Inc. introduced Connected STAR to its Emergency Lighting with Self-Testing Automated Reporting (STAR) system. This update improves code adherence for large-scale projects by offering a new deployment method that guarantees correct emergency functionality and lighting during power failures.
• India is a rapidly expanding market for connected lighting systems, as various State governments, local bodies, and sports authorities are demonstrating a growing interest in smart lighting systems. Furthermore, according to trading economics, in the fourth quarter of 2023, the construction sector in India was estimated to be worth more than INR 3.5 trillion, marking a substantial growth compared to earlier periods. Thus, India's growing commercial construction activities will leverage the demand for the studied market.
• Other factors creating growth opportunities for the commercial lighting control market include the rapid development of sensor and wireless technologies and the increasing demand for intelligent lighting solutions for developing street lighting and smart cities.
Asia-Pacific to Witness Significant Growth
• China is the biggest user, manufacturer, and seller of LED lighting products, and continuous governmental efforts are pushing its market toward total adoption of LED lighting. The country is also the world's largest construction market. China's 14th Five-Year Plan emphasizes new infrastructure projects in transportation, energy, water systems, and urbanization, further supporting market growth.
• India's commercial real estate market is one of the most well-organized in the Asia-Pacific region, with the introduction of Real Estate Investment Trusts. Government initiatives such as Make in India and other reforms, such as the Real Estate Regulatory Authority (RERA) and GST, have dramatically boosted the sector.
• Moreover, the Building and Construction Authority (BCA) projected that the total construction demand in Singapore in 2023 would range between USD 19.71 billion and USD 23.36 billion. The public sector is expected to contribute about 60% of the total construction demand. Additionally, the new factories opening in the region are incorporating various features to achieve carbon neutrality by reducing carbon dioxide emissions.
• Many technological advancements are currently taking place in the country. The Make in India campaign is centered around increasing domestic production and reducing dependency on foreign products. As a result, there has been an increase in the establishment of LED industry facilities, corresponding to the expansion of the LED ecosystem in the country. Moreover, in September 2023, Signify launched a novel application, characteristics, and merchandise for its WiZ intelligent lighting system to improve the daily convenience of users. The latest additions include SpaceSense, a motion-sensing technology for lighting systems that eliminates the need for any sensors to be set up.
