Market Trends of Lighting Management Systems Industry
This section covers the major market trends shaping the Lighting Management Systems Market according to our research experts:
Industrial Sector to Lead the Market
- The increasing efficiency and reducing cost of lighting management systems are making them an economically preferred option. The growing construction industry, particularly in developing countries, is expected to drive the market during the forecast period.
- Lighting Control Systems have proved to be efficient and cost saving, for indoor and outdoor applications for all type of installments ranging from industrial to commercial.
- Favorable government policies and energy saving capabilities of Lighting Management Systems are expected to be the major driving factors for the market.
- The increasing industrial development and population growth have led to a growth in global demand for energy, which in turn have increased the demand for efficient electricity management systems.
- Therefore the aforementioned factors are expected to help the market grow in forecast period.
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North America to Dominate the Market Growth
- North America is a major market for lighting management systems,owing to the increased focus on cost saving and environmental concerns.
- Increase in efficiency and automation have increased the demand for lighting management systems in industrial, commercial and office buildings in the region.
- According to an estimate 80%-90% of the lighting in industrial sector in USA are conventional High Intensity Discharge Sources, but this is continuously on decline to give way to more efficient and environment friendly LED based lighting management systems. LED's have proved to have up to 2-4 times the life of metal halide or sodium vapor lights.
- Therefore, with increased concerns over energy efficiency, environmental concerns, and economical benefits, the market for lighting management systems is expected to grow in the forecasted period.
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