The world value of lighting control products in 2013 was approximately $1.67 billion at factory gate prices. Memoori forecasts that the global market for lighting controls from 2013 to 2020 will grow at a CAGR of 12%. By 2017, it will reach a value of $2.54 billion.
A major factor that will determine growth of lighting controls over the next seven years will be the level of penetration achieved in opening up the retrofit market, which has seen little growth over the last 15 years and still only accounts for 10% of the total lighting controls business. Wireless technology can open up this market, bringing down installation costs and significantly improve the Return on Investment.
Memoori’s report also shows that it is the impact of LED technology that is providing vast opportunities to improve lighting products and their efficiency. This has coincided with the mandated demand to reduce CO2 emissions in buildings, creating a unique and challenging opportunity. Although the manufacture and design of lighting controls is for the most part a separate business, the introduction of LED Lighting opens up new possibilities for enhanced control and also extends it further across the “Internet of Things”.
The report also shows that some 32% of the value of the lighting controls market goes into office buildings, which is by far the largest market but nevertheless has come down from some 50% in 1996. The next largest market by building type is the retail sector with a 12% market share. This sector has the potential to increase its share over the next 5 years particularly in the developed markets across the world.
About the Report
At 156 pages with 34 charts and tables, Smart Buildings: The Lighting Controls Business 2013 to 2017 report filters out all the important conclusions, supported with facts, as to what is shaping the future of the lighting controls industry.
Click here to learn more about the report.