Smart lighting market is estimated to exhibit high growth potential during the forecast period owing to increasing development of smart cities. Major driving factor in the growth of smart lighting market is the growing need for energy efficient solutions and smart lighting solutions for the same. Increasing advancements in technology is another major factor responsible for the growth of smart lighting market. Increased demand for intelligent street lighting solutions is one major factor responsible for fueling the growth of smart lighting market.
Giants like Philips Lighting (Netherlands), Acuity Brands Lighting, Inc. (U.S.), General Electric Company (U.S.), OSRAM Licht AG (Germany) and Honeywell International (U.S.) are the major players in the smart lighting market. Philips Lighting has come up with new solutions for smart lighting by embedding ZigBee communication chips inside the LED ceiling lights and luminaries which will help in reducing the energy consumption by controlling the lighting in an intelligent manner. Pre-programmed sensors are already fit into it and can be directly controlled with the help of ZigBee from any phone or tablets. The company focusses on offering innovative solutions and keeps up with the fast pace of the technological advancements. Smart lighting market is expected to witness significant growth with the growing development of smart cities and increasing demand for cost effective solutions in order to improve overall productivity.
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Smart lighting market has been segmented on the basis of component, product type, light source, communication technology and application. The communication technology segment is bifurcated into wired and wireless communication technology. Out of which, the wired communication technology segment is expected to hold the largest market share of smart lighting market whereas, wireless communication technology segment is expected to grow at the highest CAGR during the forecast period. This is owing to the increasing popularity of internet of things and growing demand for connected things. This replacement of wired with wireless will also avoid the hassle of laying wires and improve flexibility.
The major factor restraining the growth of smart lighting market is the lack of awareness about the installation costs and also regarding payback period. This could be a major factor that could cause hindrance in the growth of smart lighting market. Security and privacy issues regarding the implementation of smart lighting solutions is another major factor that could hamper the growth of smart lighting market.
According to Market Research Future Analysis, Smart Lighting Market has been valued at approx. USD 25 Billion by the end of forecast period with 27% of CAGR during forecast period 2017 to 2023.
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.
The regional analysis of smart lighting market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that Europe is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in smart lighting market in Europe is attributed to technical advancements and increasing investments in infrastructure modernization projects in that region. The growth in Europe is followed by North America region.
Smart Lighting market can be segmented on the basis of following:
By Product Type
- Smart Bulbs
- Switches & Dimmers
- Relay Units
- LED drivers & Ballasts
-By Light Source
- Light Emitting Diode (LED)
- Fluorescent Lamps (FL)
- High Intensity Discharge Lamps (HID)
By Communication Technology
- Power Line Communication
- Power Over Ethernet
- Digital Addressable Lighting Interface
- Wired Hybrid Protocols
- Wireless Hybrid Protocols
- Architectural Lighting
- Lighting at Public Places
- Highways & Roadways Lighting
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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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