Market Highlights
Market Research Future (MRFR), in its latest report on the global smart lighting market states that the market can surge at 27% CAGR through 2017 to 2027. Technical advancements, expansion of global population, and need for energy efficient lights can encourage the growth of the global smart lighting market growth. The high relevance and growing importance of smart lighting system for establishing smart cities can bolster the expansion of the global smart lighting market across the assessment period. The growing inclination of people towards smart infrastructure is likely to cause escalation of the smart lighting market is above USD 25 billion by 2027.
Increasing awareness and concern for the environment have resulted in both consumers and government bodies increased demand for smart lighting. The energy efficiency benefits that smart lighting offers lend itself to cost efficiency as well, thus increasing demand. Growing investments in smart homes and smart cities combined with rapidly advancing wireless communication have augmented the market further. Initial installation costs are high, and there is a lack of skilled professionals; this is expected to hamper market growth. However ongoing development and advancements of smart technology will provide avenues for growth over the assessment period.
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Segmentation:
The study of the worldwide smart lighting market can be segmented by light source, type, application, and communication technology. The type-based segments of the smart lighting market are fixtures, lighting control, and smart bulbs. The high rate of adoption of smart bulbs can cause the global smart lighting market surge. The light source-based segments of the market are fluorescent light source, HID light source, and light source. The growing desirability of HID light source can impel the smart lighting market expansion through the review period. The communication technology-based segments of the market are wireless and wired. The application-based segments of the market are indoor and outdoor. The indoor smart lighting technologies are cutting down on cost and offering better electricity efficacy. Outdoor smart lighting technology are gaining high popularity across different field. These are factors that are expected to spur the smart lighting technology market growth.
Regional Outlook
The European region is the leader of the global smart lighting market with the most significant share of the total market. The region is expected to retain its leadership position over the review period due to the increased adoption of smart lighting systems and the presence of favorable government policies which augments the regional markets growth. Europe is closely followed by North America which displays a similar growth pattern. Both regions are technologically advanced and are making progress toward energy efficiency.
Meanwhile, the Asia Pacific is the fastest growing market across the globe due to the increased development of smart cities in emerging markets in the region. Moreover, comparatively cheap labor and reduced operating costs are drawing international players attention. The region also has abundant availability of raw materials used to produce smart lighting systems. The potential for growth available in the APAC region is expected to facilitate significant market growth over the forecast period.
Key Players
The smart lighting market’s competitive landscape can be largely influenced by of collaboration and acquisitions among key players, rise in research and development undertakings, and launch of new products, and adoption of other effective market strategies by market players. MRFR identified some leading players in the global smart lighting market. They are; Honeywell, Lutron Electronics Co. Inc., Daintree Networks, Echelon Corporation, Streetlight Vision, Koninklijke Philips N.V., Bridgelux, Zumtobel, Osram GmbH, and Legrand S.A. among others. Investors are investing in R&D undertaking to launch more effective products.
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Smart Lighting Market: By Type (Smart Bulbs, Fixtures and Lighting Control), Light Source (Fluorescent, LED), Communication Technology (Wired and Wireless), Software & Service (Smartphone Applications, Lighting As-A-Service) – Global Forecast till 2027
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