Verify Markets, a research firm specializing in industrial, environmental, energy, and water markets, finds that the need for energy savings and peak demand reduction are key drivers for continued growth in the lighting controls market. Government stimulus programs, stringent energy-efficiency directives, and mandates have further fueled the demand for efficient lighting products.
In 2011, the lighting controls market witnessed a growth spike as a result of government spending on energy-conservation initiatives. The market size, including lighting controls modules, user interfaces, and sensors, totaled over $1.9 billion in 2011, an 8.6 percent increase from the previous year. Verify Markets predicts that the market will also sustain growth from new construction projects, which were in a state of decline in years past.
Although energy code compliance is driving users to implement lighting controls to demonstrate savings, the growing demand is for low-cost and simpler options. The use of sensors and dimmers remain in high demand due to their low cost, reasonable energy savings, added ambience, and scene setting functionalities. Networked controls are also growing rapidly, especially the distributed controls systems with digital calibration capabilities.
Verify Markets has just released two reports on the European and North American lighting controls markets. The studies project that the combined market size will approach $2.4 billion by 2016, due to continued need for energy efficiency and sustainability and combating increasing energy prices. Companies featured in the report include Zumtobel Lighting, Hubbell Lighting, Cooper Lighting, Schneider Electric, Philips, Acuity, OSRAM Sylvania, Lutron, Siemens, and Legrand among many others.
Verify Markets' research and consulting practice provides global industry analysis, custom engagements, end-user analysis, strategy consulting, strategic market intelligence, and forecasts that are designed to facilitate strategic decision-making. The team of consultants, industry experts, and analysts continually monitor and evaluate information to create insights for various business needs.
