The present day competitive business environment requires organizations to use tools that help in maximizing their operational efficiency and productivity. This is done by major subsystems such as Lighting Management Systems (LMS), which help in maintaining a safe and comfortable environment for employees. This automated system of lighting management is based on occupancy and available daylight, thus providing better efficiency as compared to the conventional lighting system operated by switches. The advancements in technology have made these systems more efficient and less expensive, thus increasing the overall demand for light management systems.

Market overview

The global light management system market which is estimated to reach USD 11.66 billion in 2018 is projected to be worth USD 21.51 billion by 2023, growing at a CAGR of 13.03% during the forecast period from 2018 to 2023.

Based on function, dimming control management is expected to hold the largest market share, followed by the occupancy-based management segment. Among applications, the demand for indoor light management systems is expected to witness the fastest growth, owing to the increasing demand for smart lighting controls in commercial sector across developed and developing nations.

Among end-users, the commercial segment is expected to hold the largest market share in the coming years, since light management systems are being widely used in commercial set-ups such as corporate offices, healthcare facilities, retail complexes, and hotels, among others. Moreover, the need to reduce energy consumption has become a major concern with the organizations.

Factors driving and restraining market growth

The growth of the global market for light management systems is being primarily influenced by the following factors:

• Rising demand for smart controls in lighting systems
• Increasing adoption of energy-efficient lighting driven by cost savings & government policies

Apart from these, convergence of IoT with light management systems and development of smart cities are expected to offer attractive growth opportunities for the market in the years to come.

On the flip side, consumer perception of the higher cost of products and installation is expected to hamper the growth of this market.

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Key players and strategies adopted

The global market for light management system includes players, such as GE (US), Philips Lighting (Netherlands), Eaton (Ireland), Zumtobel (Austria), and OSRAM (Germany). These companies are adopting growth strategies, such as new product launches, contracts & agreements, and expansions in order to increase their market shares along with expanding their global presence