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.
In this rapidly changing world of technology, smart lighting market is projected to show major growth prospects during the forecast period. Major factor driving the smart lighting market is the increasing demand for intelligent lighting control solutions owing to the increasing development of smart cities. Increasing need for energy efficient lighting systems is another major factor responsible for fueling the growth of smart lighting market.
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Major Key Players
Lutron Electronics Co. Inc. (U.S.),
Daintree Networks (U.S.),
Echelon Corporation (U.S.),
Streetlight Vision (France),
Koninklijke Philips N.V. (Netherland),
Legrand S.A. (France),
Osram GmbH (Germany),
Zumtobel (Austria), and Honeywell (U.S) among others.
According to MRFR, The global smart lighting market is expected to grow at a CAGR of approximately 27% during the forecast period 2017-2027.
The global smart lighting market is segmented by type, light source, communication technology, software & service, and application. Based on the type segment, the market consists of smart bulbs, fixtures and lighting control. By the light source, the market consists of a fluorescent light source, LED light source, HID light source, and another light source. By the communication technology segment, the market consists of Wired Communication Technologies and Wireless Communication Technologies. By the software & service, the software is further segmented into smartphone applications and by service into lighting as-a-service. By the application, it is segmented into indoor and outdoor lighting.
The global smart lighting market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the smart lighting market in Europe is expected to witness significant growth and hold the largest market share during the forecast period. Germany, France and UK are anticipated to drive the growth of smart lighting market. In Europe, the high standards of living of people have led to an increase in investments in smart homes and hence are the major driving factor for the growth of smart indoor lighting market. The presence of advanced infrastructure and increasing technological advancements in numerous countries are other factors driving the growth of smart indoor lighting market. Increasing need for cost effective solutions and growing demand for energy efficient solutions is another major factor responsible for driving the growth of smart lighting market. North America ranks second in terms of market share in smart lighting market.
In the global smart lighting market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, smart lighting market is projected to contribute faster to the growth of revenue backed by increasing popularity of smart cities and intelligent street lighting solutions in countries such as Japan, China, South Korea and India.
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- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Original Equipment Manufacturers
- Residential end-users
- Commercial end-users
- Industrial end-users
- Government bodies