The global light management system market is projected to reach USD 21.51 Billion by 2023, growing at a CAGR of 13.03%, from 2018 to 2023. This market growth is primarily driven by the growing adoption of energy-efficient lighting automation systems, rising smart controls installations to lower maintenance costs, and increasing need for energy savings and to reduce light pollution.
North America is expected to be the largest market for light management systems, followed by Europe, during the forecast period. The global market is dominated by major players including GE (US), Philips Lighting (Netherlands), Eaton (Ireland), Zumtobel (Austria), and OSRAM (Germany).
The market growth strategies adopted by the key players in light management system market include contracts & agreements, new product launches, expansions and investments, mergers & acquisitions, and joint ventures, partnerships and collaborations. Contracts & agreements was the most commonly adopted strategy by market players from January 2014 to November 2017. Industry players also adopted new product launches during the stated period.
Philips Lighting is one of the leading companies offering light management systems to all types of end-users. The company specializes in lighting management systems and associated solutions for residential, industrial, commercial, and municipal end-users. The company has adopted various strategies such as contracts & agreements and expansions to gain a larger share of the light management system market. In 2016, the company started a joint venture with Xiaomi (China) to provide smart home lighting, including connected LED luminaires and lamps and apps for controlling lights, in China.
Eaton is a global provider of power management products and solutions for hydraulic, electrical, and mechanical systems. The company operates through 5 business segments, namely, electrical products, electrical systems and services, vehicle, hydraulics, and aerospace. The company acquired Cooper Industries (US) in 2012, which helped increase its business reach across the world. Light management systems are manufactured by Eatonís Cooper Power Systems Business. Cooper is a global manufacturer and provider of power delivery apparatus and solutions including power transmission and distribution, electrical protection, and lighting and wiring components. In October 2015, Eaton acquired Ephesus Lighting, Inc. (US). Ephesus is a leader in LED lighting for stadiums and other high-lumen outdoor and industrial applications. This acquisition helped Eaton in strengthening its outdoor lighting business segment and increase its presence in North America. In September 2016, the collaboration between Eaton and CIMCON Lighting, Inc. (US) combined Eatonís range of products with CIMCONís intelligent, wireless controls, sensors, and software to bring powerful connected lighting solutions for smart cities.
Light Management System Market by Function (Dimming Control, Occupancy-Based, Schedule-Based, and Daylight Control), End-User (Smart Homes, Commercial, Industrial, and Municipal), Application, Type, and Region - Global Forecast to 2023
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