Smart indoor lighting market is estimated to exhibit high growth potential during the forecast period owing to increasing popularity of digital marketing and branding activities. Major driving factor in the growth of smart indoor lighting market is the increasing consumer awareness about the importance of energy saving.
According to Market Research Future Analysis, Smart indoor lighting market has been valued at approx. USD 8 Billion by the end of forecast period with 27% of CAGR during forecast period 2018 to 2023
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Smart indoor lighting market has been segmented on the basis of light source, product type, communication technology and application. The application segment is further bifurcated into residential, commercial, industrial and others. Out of which, the commercial segment is expected to dominate the smart indoor lighting market owing to the cost and energy saving options offered by smart indoor lighting.
Light manufacturing companies are compelled to introduce innovative lighting technology owing to increasing awareness about the power saving and energy saving needs. Smart lighting is a technology that uses intelligent light control system. Smart lighting technology provides highly flexible lighting at low energy consumption and cost.
The major factor restraining the growth of smart indoor lighting market is the lack of awareness regarding installation costs and payback period. Security and privacy issues are other factors that could cause hindrance in the growth of smart indoor lighting market.
Market Research Future (MRFR) recognizes the following companies as the key players in the smart indoor lighting market – Philips Lighting (The Netherlands), Acuity Brands Lighting, Inc. (U.S.), General Electric Company (U.S.), OSRAM Licht AG (Germany), Honeywell International (U.S.), Cooper Industries, Inc. (Ireland), Digital Lumens, Inc. (U.S.), Legrand S.A. (France), Lutron Electronics Company, Inc. (U.S.), Schneider Electric SE (France), among others.
The regional analysis of Smart Indoor 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 followed by North America, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in smart indoor lighting market in Europe attributes to the technical advancements and increasing investments in infrastructure modernization projects in that region.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
Smart indoor lighting market can be segmented on the basis of light source, product type, communication technology and application. The communication technology segment is further bifurcated into wired communication technologies and wireless communication technologies. Out of which, wired communication technologies segment is expected to dominate the smart lighting market. However, the wireless technologies segment will witness a rapid growth and is expected to grow at the highest CAGR during the forecast period owing to the replacements of wired technologies with the wireless technologies in order to implement hassle-free communication technology in the smart lighting market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
LIST OF TABLES
TABLE 1 SMART INDOOR LIGHTING MARKET, BY LIGHT SOURCE
TABLE 2 SMART INDOOR LIGHTING MARKET, BY PRODUCT TYPE
TABLE 3 SMART INDOOR LIGHTING MARKET, BY COMMUNICATION TECHNOLOGY
TABLE 4 SMART INDOOR LIGHTING MARKET, BY APPLICATION
TABLE 5 SMART INDOOR LIGHTING MARKET, BY REGIONS
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LIST OF FIGURES
FIGURE 1 RESEARCH LIGHT SOURCE
FIGURE 2 SMART INDOOR LIGHTING MARKET, BY LIGHT SOURCE (%)
FIGURE 3 SMART INDOOR LIGHTING MARKET, BY PRODUCT TYPE (%)
FIGURE 4 SMART INDOOR LIGHTING MARKET, BY COMMUNICATION TECHNOLOGY (%)
FIGURE 5 SMART INDOOR LIGHTING MARKET, BY APPLICATION (%)
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