Market Highlights
Market Research Future (MRFR), in its latest report on the global smart lighting market states that the market can surge at 27% CAGR through 2017 to 2027. Technical advancements, expansion of global population, and need for energy efficient lights can encourage the growth of the global smart lighting market growth. The high relevance and growing importance of smart lighting system for establishing smart cities can bolster the expansion of the global smart lighting market across the assessment period. The growing inclination of people towards smart infrastructure is likely to cause escalation of the smart lighting market is above USD 25 billion by 2027.
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.
Segmentation:
The global smart lighting market size 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.
Regional Analysis
Europe smart lighting market can lead in the global market. The regional market can secure the largest share of the global smart lighting market. The increase in smart lighting systems adoption and availability of favorable government policies can prompt the regional market growth. Likewise, North America smart lighting market is expected to be influenced by similar factors. Technical advancements and adoption of energy efficient strategies can boost the expansion of the smart light market in these regions. Asia Pacific smart lighting market is expected to surge at a rapid pace. The rise in the development of smart cities is identified as a major booster for the APAC market. The availability of affordable labor and low operating costs are noted to draw investment from international players. Asia Pacific has abundance of raw materials that can aid in the production of smart lighting systems. MRFR identified that the growth potential of the APAC smart lighting market is high.
Competitive Analysis
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.
