The global smart lighting market can achieve a healthy CAGR of 27% CAGR during the forecast period (2017-2023), asserts Market Research Future (MRFR). The valuation of the market is set to achieve a USD 25 Billion by the same growth period.
Growth Drivers & Key Challenges
The swelling development of smart cities and the rising requirement for energy-efficient solutions for the same are critical drivers for market growth. In this industry, Philips lighting is the new sensation that has come up with new solutions for smart lighting. These have embedded ZigBee communication chips inside the LED ceiling lights and luminaries, and these help in intelligently plummeting energy consumption. These factors are considered to be driving the market throughout the growth period.
At the same time, the rising demand for smart lighting solutions is also one major factor driving the progression of the Smart Lighting Market. Furthermore, cost-effectiveness is yet another significant factor that is responsible for fueling the growth of the smart lighting market during the forecast period. Apart from this, modernization has been a substantial reason for the expansion of smart lighting systems as infrastructures of home, offices, buildings, hotels, and more are getting advanced, which is creating massive demand for these lights. The development of smart cities is also equally responsible for the latest smart lighting system, which has boomed the market rise to a double-digit.
Other than these, the factor of the growing need for energy-efficient lighting systems, technological advancements, and mounting acceptance of standard protocols for lighting control is boosting the growth of the smart lighting market. The Smart Lighting market is observed as being highly competitive, owing to the escalation in the implementation of cloud-based technologies and developments in the field of the internet of things. These are significantly boosting the market to expand considerably over the forecast period.
On the flip side, the factor of lack of awareness regarding installation costs and payback periods could raise to hinder the growth of the smart lighting market during the progression period.
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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.
The smart lighting market globally has been segmented by the elements of component, product type, light source, communication technology, and application.
The light source segment comprises of Light-emitting diode (LED, fluorescent lamp (FL) and high-intensity discharge lamps (HID). Wherein, the LED light source sub-segment might expand at the highest rate during the forecast period due to low power consumption rate and lower maintenance costs as compared to other light source types.
- Segmentation by Product: Comprises of Smart Bulbs, Fixtures, and Lighting Control segments.
- By Light Source segmentation: Comprises of Fluorescent Light Source, LED Light Source, HID Light Source, and Other Light Sources segments.
- By Communication Technology: Wired Communication Technologies and Wireless Communication Technologies segments.
- By Application: Indoor Lighting and Outdoor Lighting segments.
The global smart lighting market is mainly concentrated in the regions of Asia Pacific, North America, Europe, and Rest of the World.
Among these, Europe can witness a momentous growth and could occupy the largest market share during the assessment period. The primary factor driving the growth of the smart lighting market in this region is accredited to the high standards of living of people and developing the adoption of smart homes in the region. With this, the drastic fall in the usage of native applications and a considerable shift towards the adoption of the internet of things applications in the region has also influenced the market to show immense growth in the coming future. The increase in Europe region is mainly led by countries like France, UK, and Germany and is attributed to the rising demand for energy-efficient solutions in the region.
Whereas, the Smart lighting market in North America can also occupy the second largest market share of the smart lighting market during the forecast period owing to the rise in IT technology and the rising adoption of forthcoming trends and techniques in the smart lighting market in the region.
In the last, the Asia Pacific market for smart lighting can inflate at a considerable CAGR due to the emerging adoption of smart homes and ongoing infrastructure modernization projects in the developing economies such as China and India.
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