The global smart lighting market was valued at USD 6.7 billion in 2017 and is expected to witness a CAGR of 22.2% during the forecast period (2018 – 2024). The growth of this market is attributed towards the use of the control system that enables the user to control light on the basis of various factors that includes the amount of natural light, occupancy, temperature, and movement.
Moreover, it has been observed that the cost of energy involved with lighting is comparatively high as a consequence the government organizations and several industries are extensively accentuating efforts in order to reduce energy utilization and modifying conventional lighting systems with efficient and advanced lighting control systems. These factors are further anticipated to accentuate the growth of the smart lighting market.
Furthermore, it has been observed that the demand for smart lighting technology is extensively being observed from several industries for instance residential, industrial, automobiles and government buildings. Moreover, these lighting systems are enabling the users to monitor task in an effective manner and by providing economical and flexible lighting. However, the high initial cost of installation, security and privacy concerns in smart lighting systems and limited knowledge related to payback periods are the major factors hampering the growth of the smart lighting market.
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Based on the product, the smart lighting market is categorized into the lighting control system and luminaries. Luminaries, which is further categorized into smart bulb and fixture, account for the larger share in the market, whereas smart bulb, categorized into driver & ballast, switch & relay, sensor, and gateway, exhibit the faster growth during the forecast period.
Based on the source of smart light, the market is segmented into the light emitting diode, a fluorescent lamp, high-intensity discharge lamp, and others. Among these, globally, LED segment held the largest share of 46.4% in the market in 2017 and is also anticipated to witness the highest growth during the forecast period.
The smart lighting market on the basis of communication technology is segmented into wireless technology and wired technology. Among these two technologies, wireless technology is expected to witness the fastest growth during the forecast period owing to the elimination of wire utilization that is ultimately abolishing the requirement for protection and installation of cables. As a result, it has been observed that the cost associated with wireless lighting is relatively low and is flexible in nature as compared to wired technology.
The wireless communication technology sensors help in developing an autonomous network that makes moving, updating, replacing and adding sensors convenient after the installation. Moreover, rapid developments observed in wireless technology are expected to drive the wireless communication technology smart lighting market during the projected period.
On the basis of application, the smart lighting market is segmented into the indoor application and outdoor application. Among these two segments, indoor applications held the larger market share of 75.5% in 2017. The indoor application is further sub-segmented into commercial, residential and others. Among these subcategories, smart lightings are excessively being installed in residential applications in accordance with an entire house or even for a specific room. Moreover, the market for residential indoor applications is expected to witness the fastest growth during the forecast period in the market due to the establishment of wireless technique.
Geographically, Asia-Pacific is expected to witness the fastest CAGR of 25.1% during the forecast period in the smart lighting market due to extensive growth opportunities availed to the manufacturers, which are being adopted by the customers in mounting household activities and converting it into the digitalized platform. Furthermore, it has been observed that the swelling construction activities that are occurring in the region is the major factor that is fuelling the growth of the smart lighting industry in the region.
Moreover, increasing construction activities that are occurring in China and India are enabling rapid development in this region that is expected to create several growth opportunities for home automation and utilization of energy efficient lighting systems in this region. Furthermore, increasing expenditure on public infrastructure and the implementation of energy efficient technologies is anticipated to impact the growth of the smart lighting market in a positive manner and at a rapid pace.
Some of the key players operating in the global smart lighting market include Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc., Honeywell International Inc., and Legrand SA.
Global Smart Lighting Market Coverage
Product Insight and Forecast 2014 - 2024
Source Insight and Forecast 2014 - 2024
Application Insight and Forecast 2014 - 2024
Communication Insight and Forecast 2014 - 2024
Smart Lighting Market by Region
Rest of the World