According to the new research report published by The Insight Partners, titled “Smart Lighting Market - Global Analysis and Forecast to 2025”, the global smart lighting market is expected to reach US$ 51.05 billion in 2025, registering a CAGR of 17.1% during the forecast period 2016-2025.
In 2015, Europe accounted for the largest revenue share of more than one-third of the total market share, followed by North America.
North America is expected to experience fringe growth during the forecast period. The USA is the largest consumer of smart lighting technology, headed by the growing awareness among users about the importance of energy saving. The demand for smart lighting systems is expected to grow to fulfill the energy requirement of countries as the population grows. LEDs have certainly become a very important component of smart lighting systems as they are the most efficient lighting fixtures currently existing in the market.
Smart lightning components manufacturer is developing the components that would make it simpler to govern light fixtures or regulate light color from a mobile device or computers. These control products exist in the market already; however, companies that include, semiconductor firm Marvell along with LED manufacturer Bridgelux, are designing a technology to lower down the cost in commercial and consumer lighting. Every region worldwide project a different picture of the smart lighting market.
Currently, there are numerous events taking place across the globe in order to spread awareness regarding smart light. These conferences and summits aim to look for new opportunities and innovations in the field of the smart lighting market. Several companies from different regions worldwide participate in these events. Europe and North America are the leading continents have a large number of companies grouping up to encourage other developing economies to actively participate in this market. In past few years, countries like USA, UK, Germany, and France have shown tremendous growth in their respective cities that have shown effective results in terms of low energy consumption and better security on and off the roads. The Asian countries are anticipated to show high demand growth owing to the numerically increasing newcomers in the market. Countries like China, Japan, Singapore, Indonesia, India, and Australia are some of the rapidly transforming economies fueling the growth of Asia Pacific in the nearing future. Thus, it can be said that the Asia Pacific would be giving tough completion to presently leading economies, i.e., North America and Europe.
The smart lighting market is segmented based on the application, i.e. industrial lighting, residential lighting, government, automotive lighting, and outdoor lighting. The industrial segment is expected to have a prominent market share during the forecast period. The growth in urbanization has led to a dramatic transformation in the industrial growth rate. Today the corporate offices and manufacturing industries and factory workshop are focusing upon the infrastructure of the building in order to provide its employees and work with a safe and user-friendly environment. The trend alert says that offices are looking for such technology that would not only adjust the luminosity of the lights but also provide the users with real-time information like number people in the office or workplace, weather forecast, vacancy detection, and several similar facilities.
Key findings of the study:
MEA region is anticipated to account the high Y-o-Y growth during the forecast period of the smart lighting market and is expected to register a CAGR of 24.4%
Based on the connecting technology, the wireless technology segment is expected to dominate the market during the forecast period
In Asia-Pacific, China is witnessing high demand for smart lighting due to the increasing government initiatives.
Europe accounts for the largest market share for smart lighting technology, also the European lighting industry is world leaders in lighting system technology and Human-Centric Lighting. As the pioneer of the lighting industry, Europe has a LightingEurope committee that always contributes to energy efficiency measures for quality and efficient lighting. The adoption and deployment of new technologies such as Solid State Lighting based on LED offer major opportunities for meeting the challenge. A number of European cities who had previously installed Solid State Lighting and experienced its advantages over the traditional lighting system. They report a rise in lighting efficiency, energy savings and consequent considerable cost savings and reduced maintenance costs. Solid State Lighting is already mature enough to be justified by a comprehensive business case grounded upon Total Cost of Ownership. In addition, it enables innovative lighting integrations to improve cultural aesthetics and encourage citizen safety and well-being.
The key companies profiled in this report include Acuity Brands Lighting Inc., Daintree Networks, Inc., Digital Lumens, Inc., Eaton Corporation Plc, General Electric, Legrand SA, Lutron Electronics, Inc., OSRAM GmbH, Koninklijke Philips N.V., and Sensity Systems, Inc.
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