Commercial Lighting Controls Revenue Is Expected to Experience a 5% Compound Annual Growth Rate from 2019-2028
Building codes and requirements to save energy are helping to drive the market
A new report from Navigant Research examines the global market for lighting controls in commercial buildings, providing market forecasts for revenue through 2028.
The lighting controls market is being driven by increased adoption of LEDs, building codes, energy savings, the growth of Internet of Things (IoT), and increased desire for controllability and data collection and insights. While the market continues to experience disruption, initiated by LED lighting, controls are expected to be the next frontier in this shifting market. Click to tweet: According to a new report from @NavigantRSRCH, global lighting controls revenue is expected to increase from 2019 to 2028 at a compound annual growth rate (CAGR) of 5.4%.
“Building codes and the desire and requirements to save energy are helping to push forward the lighting controls market,” says Krystal Maxwell, senior research analyst with Navigant Research. “As controls continue to advance in sophistication, the drive toward increased building data is expected to propel the connected controls market, increasing adoption of all controls.”
Regionally, Asia Pacific is estimated to account for roughly half of revenue for lighting controls in 2019 thanks to a large building stock and quick renovation rates. However, all regions are expected to see growth throughout the forecast period, with the Middle East & Africa anticipated to grow the fastest due to a small initial market for lighting controls.
The report, Market Data: Lighting Controls for Commercial Buildings, analyzes the global market for lighting controls within commercial buildings. The report briefly covers the market issues, including key drivers of the lighting controls market for commercial buildings. The study examines sensors, relays, switches, ballasts, and drivers. Global market forecasts for revenue, segmented by equipment type, building type, construction type, and region, extend through 2028. An Executive Summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Market Data: Lighting Controls for Commercial Buildings, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.