Published: Dec, 2018
The global market for smart lighting is highly fragmented in nature. Transparency Market Research in their report observed that players in the market are spending hefty amount behind research and development to produce a more efficient product. This is helping them to expand their product portfolio. This is anticipated to intensify the competition among players to capture customer base. Established players are focusing on expanding their geographical reach. Players in the market are also working on to provide a better service. Some of the major players in the market Osram Licht AG, Honeywell International Inc., Lutron Electronics, Digital Lumens, Royal Philips N.V., and Acuity Brands.
According to Transparency market Research, the global smart lighting market is prognosticated to expand a robust CAGR of 15.9% during the assessed period 2014 – 2020. The market is likely to be valued at US$ 56.6 bn by the end of the tenure period. The market on the basis of lighting type is segregated into fluorescent lamp, high intensity discharge lamp, compact fluorescent lamp, LED lamps, high intensity discharge lamp, and others. Of these, LED lamp segment held the majority of the share owing to alleviation from expensive electricity bills. The lamps were extensively used in both commercial and residential buildings. On the basis of geography, Europe held the leading position and is expected to continue dominating over the tenure period owing to the presence of numerous players in the region and rapid adoption of smart lighting. On the other hand, North America held a whooping share of 35% share of the overall market.
High Demand for Energy Efficient Lighting to Fuel the Demand
Rapid advancement in the technology is considered to be one of the major reason boosting the market growth. Rising urbanization and increase in construction activities is leading to surge in number of residential building, which is having a positive influence on the smart lighting market. High demand for energy efficient lighting is prognosticated to play a pivotal role in pushing the market in the forward direction. Growing demand for lights equipped with wireless and sensor technology has further favored the growth of the market. Apart from these, high demand for smart intelligent street lights to avoid accidents and encourage smart city concept is fostering the growth of the market.
High Initial Cost of Smart Lighting to Hamper Market Growth
The global smart lighting market is riding on several drivers, however it has been noticed that the market is confronted by some restraints which are likely to hamper market growth. One of the key concern that the market faces is the temperature sensitivity. It has been noted that the surrounding temperature have an impact on the quality of diodes lighting. When these lights are lit up in high temperature surrounding, parameters are noted to change the current passing by the semiconductor elements. This is likely to burn out the LED module. To locate a surrounding that can adapt smart lighting system is predicted to hamper market growth. Furthermore, high initial cost in smart lighting is predicted to dissuade users. On the other hand, government initiatives to foster adoption smart lighting is expected to help the market gain momentum.
The information presented in this review is based on a TMR report, titled “Smart Lighting Market (Component – Relays, Sensors, Controllable Breakers, Switch Actuators, and Dimmer Actuators; Lighting Type – LED Lamps, Compact Fluorescent Lamp, Fluorescent Lamp, and High Intensity Discharge Lamp; Application – Commercial and Industrial, Outdoor Lighting, Residential, and Public and Government Buildings) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”
For the study, the Global Smart Lighting Market is segmented into:
Global Smart Lighting Market, by Component
- Controllable Breakers
- Switch Actuators
- Dimmer Actuators
Global Smart Lighting Market, by Lighting Type
- LED Lamps
- Fluorescent Lamp
- Compact Fluorescent Lamp
- High Intensity Discharge Lamp
Global Smart Lighting Market, by Application
- Commercial & Industrial
- Outdoor Lighting
- Public & Government Buildings
Global Smart Lighting Market – Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453