According to a new market report on luminaire and lighting control published by Transparency Market Research, the global luminaire and lighting control market is expected to reach $111 billion by 2026, expanding at a CAGR of 5.6% from 2018 to 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region expanding at a CAGR of 6.0% during the forecast period.
As energy costs continue to rise, demand for energy-efficient solutions is increasing rapidly, especially in the U.S. In line with the same, many utilities and city governments are deploying LED-based lighting control systems with advanced technology to enhance efficiency and reduce operation and maintenance costs. This has led to rise in adoption of LED- based lighting products and systems.
The global luminaire and lighting control market is broadly segmented by product, light, technology, component, application, and region. In terms of product, the market is classified into luminaire and lighting control.
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