Smart Lighting Market Share, Global Opportunities, Comprehensive Analysis, Sales Revenue, Development Status, Business Growth and Industry Expansion Strategies 2023
Jul 5, 2018
Market Research Future published a research report on “Smart Lighting Market Research Report - Global Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Pune, India - July 5, 2018 /MarketersMedia/ —
Market Scenario
Major 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 concentrating on the smart lighting market due to increasing development of smart cities and growing need for energy efficient solutions for the same. 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. Increasing demand for smart lighting solutions is one major factor driving the growth of smart lighting market. Cost effectiveness is another major factor responsible for fueling the growth of smart lighting market.
Europe region holds the largest market share of global Smart Lighting Market followed by North America and Asia Pacific regions. The growth is Europe region is mainly dominated by France, UK and Germany and is attributed to the increasing demand for energy efficient solutions in the region. The region also has a well-established infrastructure which allows implementation of advanced technologies. Also the shifted focus to connected homes is one major factor responsible for driving the growth of smart lighting market in North America region.
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Smart lighting market has been segmented on the basis of component, product type, light source, communication technology and application. The light source segment is bifurcated into Light emitting diode (LED, fluorescent lamp (FL) and high intensity discharge lamps (HID). Out of which, the LED light source sub segment is expected to grow at the highest arte during the forecast period. The growth is attributed to the factors like low power consumption rate and also lower maintenance costs compared to other light source types.
The global Smart Lighting Market is expected to grow at approx. USD 25 Billion by 2023, at 27% of CAGR between 2017 and 2023.
Key Players
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.
Smart Lighting Global Market - Segmentation
The smart lighting market can be classified into 7 key segments for the convenience of the report and enhanced understanding;
• Segmentation by Component: Comprises of Software and Service
• Segmentation by Product Type: Comprises of Smart Bulbs, Fixtures and Lighting Control
• Segmentation by Light Source: Comprises of Fluorescent Light Source, LED Light Source, HID Light Source and Other Light Sources
• Segmentation by Communication Technology: Comprises of Wired Communication Technologies and Wireless Communication Technologies
• Segmentation by Application: Comprises of Indoor Lighting and Outdoor Lighting
• Segmentation by End User: Comprises of Residential end-users, Commercial end-users, Industrial end-users and Government
• Segmentation by Region: Comprises of Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
Smart Lighting Global Market - Regional Analysis
Europe is expected to witness a significant growth and hold the largest market share during the forecast period. Major factor driving the growth of smart lighting market in Europe is the high standards of living of people and growing adoption of smart homes in the region. Also, due to the drastic fall in the usage of native applications and a considerable shift towards the adoption of internet of things applications in the region, the market is likely to show immense growth in the coming future. Smart lighting market in North America is expected to hold the second largest market share of the smart lighting market during the forecast period due to rise in IT technology and increasing adoption of upcoming trends and technologies in smart lighting market in the region. Whereas, the Asia Pacific market for smart lighting is expected to grow at a considerable CAGR (2017-2023) owing to the growing adoption of smart homes and ongoing infrastructure modernization projects in the developing economies such as China and India.
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Intended Audience
• Technology investors
• Research/Consultancy firms
• Technology providers
• Residential end-users
• Commercial end-users
• Industrial end-users
• Government bodies
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Source: MarketersMedia
Release ID: 372712
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