Market Highlights
In its research report, Market Research Future (MRFR), emphasizes that
the global smart lighting market 2020 is slated to grow exponentially over the
review period, securing a substantial market valuation of USD 25 Billion by
2027, and a healthy 27% CAGR over the review period.
Drivers and Restraints
The new lighting technologies developments allow smart lighting
providers to exploit new business opportunities around the globe. Government
agencies in various countries are taking several steps to build sustainable
cities, and one of the significant projects being pursued is the implementation
of sustainable lighting. The key factors driving the smart lighting market's
growth are growing awareness of the environmental benefits of energy
efficiency, rising and developing wireless communication technology, and
growing investment in, among others, the smart home & cities industry.
Energy efficiency has become highly significant and important thanks to
advanced technology and a increasing population. As cities shifting across the
world towards smart city technology, the market is projected to see rapid
growth and hit an estimated USD 25 billion by the end of 2027. However, factors
such as high construction costs, and lack of professional experts impede the
development of the market for smart lighting.
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Segmentation:
The global smart lighting market is segmented
by type, communication technology, light source, software & service, and
application. Based on the type segment, the market comprises fixtures
smart bulbs, and lighting control. By the light source, the market comprises a
LED light source, fluorescent light source, HID light source, and another light
source. By the communication technology segment, the market comprises Wired
Communication Technologies and Wireless Communication Technologies. By the
software & service, the software is segmented into smartphone applications
and by service into lighting as-a-service. By the application, the market
is segmented into indoor and outdoor lighting.
Competitive Landscape:
The major market players operating in the
global smart lighting market as identified by MRFR are Osram GmbH
(Germany), Lutron Electronics Co. Inc. (U.S.), Daintree Networks (U.S.),
Legrand S.A. (France), Bridgelux (U.S.), Echelon Corporation (U.S.),
Koninklijke Philips N.V. (Netherland), Streetlight Vision (France), Zumtobel
(Austria), and Honeywell (U.S) among others. ABB has collaborated with Signify
to introduce a new range of smart light switches to go with Signify's
intelligent lighting systems and provide seamless integration with Philips Hue,
a lighting company. Furthermore. Australia's Sunshine Coast Council has
contracted Telensa to install its smart street lighting system, World. The 24
month long project will see the area implementing intelligent lighting for
economic, financial and social benefits.
Regional Analysis:
The global business regional analysis was conducted in four major
regions including Asia Pacific, North America, Europe and the rest of the
world.
It is observed that in 2014, the European region dominated the global
smart lighting market, and is projected to hold the same position in the coming
years, led by the North American market. North America, which shows a similar
growth trend, closely follows Europe. All countries have advanced technologies
and are making strides in energy conservation. Meanwhile, due to the
accelerated growth of smart cities in the region's developing markets, Asia Pacific
is the fastest growing market anywhere in the world. Fueling the smart lighting
market in this area is the increased adoption of smart lighting systems as an
energy efficient lighting solution. Asia Pacific area is projected to be the
fastest growing market because of increased use of smart lighting, raw material
supply and low labor costs. Moreover, foreign players are drawing attention to
comparatively inexpensive labor and high operating costs. There is also an
abundance of raw materials available to manufacture smart lighting systems in
the Area. The growth potential available in the APAC area is expected to
encourage considerable market growth over the forecast period.
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