Smart Lighting Market Size, Analysis, Business Growth, Industrial Insights, Key Vendors and Global Trends by Forecast 2023
Market Research Future published a research report on “Smart Lighting Market Research Report – Global Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Smart Lighting Global Market – Overview
The global smart lighting market is showing immense growth; mainly due to the growing need for energy-efficient lighting systems. Smart lighting refers to lighting technology designed for energy efficiency. Smart lighting can help in changing the atmosphere of the home with the touch of a button. With the advancements in technology, smart lighting also allows controlling of the lights with a voice command.
According to a recent study report published by Market Research Future, The global market of smart lighting is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). Increasing demand for smart lighting is being driven by the modernization and development of infrastructure such as smart cities is one major factor driving the growth of Smart Lighting Market. Also, growing need for energy-efficient lighting systems is another major factor responsible for fuelling the market growth. Technological advancements and growing acceptance of standard protocols for lighting control is boosting the growth of smart lighting market. Also, increasing demand for smart lighting from various end users like residential, government, commercial and industrial is another major factor driving the market growth. The Smart Lighting market is highly competitive due to the increase in implementation of cloud based technologies and developments in the field of internet of things. On the other hand, lack of awareness regarding installation costs and payback periods are major factors hindering the growth of smart lighting market. Also, security and privacy issues are other factors that may hamper the market growth.
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The prominent players in smart lighting market are – Philips Lighting Holding B.V. (The Netherlands), Acuity Brands Lighting, Inc. (U.S.), General Electric Company (U.S.), Osram Licht AG (Germany), Honeywell International Inc. (U.S.), Legrand S.A. (France), Schneider Electric SE (France), CREE, Inc. (U.S.), Cooper Industries, Inc. (Ireland), Digital Lumens, Inc. (U.S.) and others.
Smart Lighting Global Market – Segmentation
The smart lighting market can be classified into 7 key segments for the convenience of the report and enhanced understanding;
- Segmentation by Component: Comprises of Software and Service
- Segmentation by Product Type: Comprises of Smart Bulbs, Fixtures and Lighting Control
- Segmentation by Light Source: Comprises of Fluorescent Light Source, LED Light Source, HID Light Source and Other Light Sources
- Segmentation by Communication Technology: Comprises of Wired Communication Technologies and Wireless Communication Technologies
- Segmentation by Application: Comprises of Indoor Lighting and Outdoor Lighting
- Segmentation by End User: Comprises of Residential end-users, Commercial end-users, Industrial end-users and Government
- Segmentation by Region: Comprises of Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Smart Lighting Global Market- Regional Analysis
Europe is expected to witness a significant growth and hold the largest market share during the forecast period. Major factor driving the growth of smart lighting market in Europe is the high standards of living of people and growing adoption of smart homes in the region. Also, due to the drastic fall in the usage of native applications and a considerable shift towards the adoption of internet of things applications in the region, the market is likely to show immense growth in the coming future. Smart lighting market in North America is expected to hold the second largest market share of the smart lighting market during the forecast period due to rise in IT technology and increasing adoption of upcoming trends and technologies in smart lighting market in the region. Whereas, the Asia Pacific market for smart lighting is expected to grow at a considerable CAGR (2017-2023) owing to the growing adoption of smart homes and ongoing infrastructure modernization projects in the developing economies such as China and India.
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- Technology investors
- Research/Consultancy firms
- Technology providers
- Residential end-users
- Commercial end-users
- Industrial end-users
- Government bodies
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