The global Light Management System Market is expected to grow from an estimated $11.66 billion in 2018 to $21.51 billion by 2023, at a CAGR of 13.03%, during the forecast period. The increasing adoption of energy-efficient lighting automation systems is the major driver of the lighting management system market. The growing demand for building automation in North America and Europe make them potential growth markets for the providers of lighting management systems.
Dimming control management is used to reduce the energy consumption of light sources and, consequently, the intensity and output of those light sources. Compared to on-off switching controls, they can improve energy savings, better align lighting with human needs, and help extend the working life of light sources. Dimming control management includes systems that provide the management of luminance and colour and temperature of lighting.
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Light management systems are used widely in commercial set-ups such as corporate offices, healthcare facilities, retail complexes, hotels, restaurants, and educational institutes. Reducing energy consumption has become a major objective for organizations, governments, utilities, and other stakeholders. Controls and connectivity enable the personalization of lighting as well as allow users to reduce energy use, optimize spaces, and lower maintenance costs.
North America is expected to be the largest market for light management systems.
The North American market is expected to lead the light management system market in 2018. The growing demand for building automation in Asia Pacific and North America make them potential growth markets for the providers of lighting management systems. Moreover, increasing smart city developments in different parts of the world will provide new opportunities during the forecast period.
The increasing adoption of energy-efficient light automation systems is the major driver of the light management system market. The growing investments in smart cities across the world will offer significant opportunities for light management system providers. The US, Germany, and China are the largest markets and have witnessed increasing investments in their commercial sectors in the recent past. The growing demand for building automation in Asia Pacific and North America make them potential growth markets for the providers of light management systems.
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Some of the leading players in the Light Management System Market are GE (US), Philips Lighting (Netherlands), Eaton (Ireland), Zumtobel (Austria), and OSRAM (Germany).