Jun. 17, 2022
Steady Growth Predicted For Lighting Controls
The global lighting controls market grew by 4.7 per cent in 2021 after experiencing a 6.3 per cent growth decline in 2020 due to the COVID-19 pandemic, says research from ResearchandMarkets.com. The market is expected to reach pre-COVID-19 growth rates in 2023 and achieve $11.82 billion in revenue by 2028, expanding at a compound annual growth rate of 7.5 per cent from 2021 to 2028. North America holds the largest revenue share of the global lighting controls market, a trend that is forecast to continue until 2028. The regional market is maturing quickly as governments and building management companies strive toward energy efficiency and smart buildings through innovative and interoperable building systems, including lighting controls. Wired lighting controls are anticipated to remain the dominant technology in the market but will lose a portion of their market share to wireless technologies.