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(MoneyNewsWire.Net, July 13, 2018 ) 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 (2018 – 2023¬).
Better Efficiency of Lighting Management System is expected to drive the Market
The lighting management systems provide a better efficiency compared to the conventional switch operated lighting system. The technological advancements are making these systems more efficient and less expensive, which in turn are making them more attractive in terms of economic viability. These factors are driving the lighting management system demand. The lack of residential consumer awareness, particularly in developing countries, is a major restraint for the market.
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Growing Construction Sector in Asia-Pacific Region to Drive the Market
Asia-Pacific region has the biggest construction sector in the world. This region comprises emerging countries, like India and China that are investing heavily in infrastructure projects. This region has one of the fastest growing population, which coupled with rapid urbanization and economic growth in the regions, is expected to drive the private construction sector. Apart from that, the region also has one of the fastest growing industrial sectors. The growing government, industrial, commercial, and residential sector infrastructure project are expected to support a substantial growth rate of the market during the forecast period.
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UAE to Register Significant Growth during the Forecast Period
Dubai is hosting the World Expo event that is to be held in 2020. The construction projects related to Expo 2020 gained a full momentum during 2017. Dubai is considered one of the most stable markets in the region. The Expo 2020 is expected to help attract more Foreign Direct Investment, particularly in the construction sector. It is estimated that Expo 2020 project will create about 300,000 direct jobs and hence, a large influx of immigrants is expected to fill the required workforce, which, in turn, is expected to drive the demand for residential construction projects. Another driver for the construction market in the country is oil price recovery. Government spending dominates the construction industry in the country. Majority of UAE’s revenue comes from upstream oil & gas industry. As a result, after the oil price crisis in mid-2014, the spending on the construction sector in the country declined. But after the recovery in oil prices during 2016-17, the construction industry gained positive momentum. The increasing investments in the construction industry are expected to support the growth of the market during the forecast period in the country.
Key Developments in the Market
March 2018: Tata Communication announced that it plans to install 15,000 street lights in Jamshedpur city of India that will be managed through the internet in partnership with an Internet of Things (IoT) services provider Motwane. TATA Communication has already installed 300 smart street lights
The Major players include - Osram Gmabh, Schneider Electric, General Electric, LG Electronics, Siemens AG, Harman International, Hubbell, Honeywell International, Inc., Sternberg Lighting, Lighting Holding B.V., Leviton Manufacturing Co. Inc., Echelon Corporation, Lutron Electronics Co. Inc., Acuity Brands Lighting Inc, amongst others.
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Companies Mentioned:
Osram Gmabh, Schneider Electric, General Electric, LG Electronics, Siemens AG, Harman International, Hubbell, Honeywell International, Inc., Sternberg Lighting, Lighting Holding B.V., Leviton Manufacturing Co. Inc., Echelon Corporation, Lutron Electronics Co. Inc., Acuity Brands Lighting Inc,
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