According to Market Research Future, the global Smart Lighting Market is set to grow at an astounding CAGR of 27% during the forecast period of 2017 to 2027. With advancing technology and a growing, growing population, energy efficiency has become highly relevant and important. With cities around the world moving toward smart city infrastructure the market is expected witness exponential growth and reach an estimated evaluation of USD 25 Bn by the end of 2027.
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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.
The global smart lighting market has been segmented on the basis of type, light source, communication technology, application, and region. By type, the market is segmented into lighting control, fixtures, and smart bulbs.
By light source, the market is segmented into HID light source, fluorescent light source, and light source.
By communication technology, the market is segmented into wired and wireless.
By application, the market is divided into outdoor, and indoor.
The global division of the smart lighting market includes North America, Europe, Asia Pacific and the Rest of the World.
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.
The competitive landscape of the global smart lighting market includes various prominent players. Collaboration, research and development, and product launches are some of the effective market strategies implemented by market players. Market leading players in the report include Lutron Electronics Co. Inc., Honeywell, Echelon Corporation, Daintree Networks, Koninklijke Philips N.V., Streetlight Vision, Osram GmbH, Bridgelux, Zumtobel, and Legrand S.A. to name a few.
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