DUBLIN--(BUSINESS WIRE)--The "Global Smart Lighting Market Size, Share - Segmented by Product Type, Light Source, Communication Technology, Application, and Region - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The Smart lighting market is expected to reach USD 24.02 billion in 2023 from USD 7.42 billion in 2017, witnessing a CAGR of 21.6% during the forecast period 2018 - 2023.
Smart lighting technology is designed for the efficient use of energy, which includes high-efficiency fixtures and automated controls, which make adjustments based on conditions, such as occupancy and daylight. Growing demand for Internet of Things (IoT) technology, wireless optical networking data transmission technology, growing OLEDs penetration, and the emergence of light fidelity (Li-Fi) technology is resulting in growth of adoption of smart lighting. Rapid urbanization has drawn the attention of the residential, commercial, and industrial users to adopt smart lighting.
Development of smart buildings, government initiatives in smart city projects, and increasing adoption and decreasing cost of LEDs are driving the growth of the market, while higher costs of installation and security and privacy concerns are restraining the growth of the market.
Indoor Application to Hold a Major Share over the Forecast Period
The indoor application has seen a significant growth in the smart lighting market and is estimated to have a significant growth over the forecast period. The indoor application of smart lighting includes residential, commercial, and industrial users. The high adoption of connected lighting systems for residential and commercial purposes has resulted in a major share for indoor application. Major companies, such as Philips and Amazon are entering into a strategic partnership to launch smart light bulbs that work with Alexa to leverage the opportunity. It is estimated to reduce power usage by up to 80% and can be used in the home indoor lighting, meeting room, museum, restaurants, cafe, etc. Increasing residential and commercial construction in countries, like India, China, and Japan has increased the growth of the market.
Asia-Pacific to be the Major Region over the Forecast Period in Smart Lighting Market
Asia-Pacific has seen a significant growth in smart lighting market in the recent years, and the region is expected to have the highest growth over the forecast period. Developing smart city infrastructure in the region and the large-scale installation of smart lighting system across the commercial and residential sectors and rising investments of the government on public infrastructure is increasing the growth of the market in the region. The governments of the developing countries are focusing on developing highly-connected smart city infrastructure across the region while encouraging participation from public and private stakeholders. The growing awareness regarding the efficiency of connected lighting system among the emerging countries, like China, India, Japan, and Singapore in enabling significant cost savings through optimal energy consumption is driving the market in the region.
Key Developments in the Smart Lighting Market
May 2018: Cree Expands SmartCast Intelligence Platform. The company plans to announce a new collaboration with Synapse Wireless, Inc. (Synapse) to deliver intuitive, intelligent lighting control designed specifically for outdoor area and high-bay applications
Jul 2018: Philips lighting planned to launch more than 20 experience centers across the country this year, to cash in on the strong demand for smart lighting products. The company has seen sales of smart lights grow three times in the consumer segment in the last one year and seeks to increase the sales five times this year
Key Topics Covered:
1.1 Key Deliverables of the Smart Lighting Market Study
1.2 Smart Lighting Market Study Assumptions
1.3 Smart Lighting Market Definition
1.4 Key Findings of the Smart Lighting Market Study
2. Research Approach and Methodology
3. Executive Summary
4. Smart Lighting Market Insights
4.1. Smart Lighting Market Overview
4.2. Industry Value Chain Analysis
4.3. Factors Driving the Smart Lighting Market
4.3.1. Development of Smart Buildings and Government Initiatives in Smart City Projects
4.3.2. Increasing Adoption and Decreasing Cost of LEDs
4.3.3. Increasing Usage of Wireless Technology
4.4. Factors restraining the Smart Lighting Market
4.4.1. Higher Costs of Installation
4.4.2. Security and Privacy Concerns
4.5. Industry Attractiveness - Porter's Five Industry Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Consumers
4.5.3. Threat of New Entrants
4.5.4. Threat of substitute Products or Services
4.5.5. Competitive Rivalry among Existing Competitors
4.6. Use Cases in Payment and Supply Chain Management
5. Global Smart Lighting Market Segmentation
5.1. Smart Lighting Market By Product Type
5.1.1. Smart Bulbs
5.1.3. Control Systems
5.2. Smart Lighting Market By Light Source
5.2.1. Light Emitting Diode
5.2.2. Fluorescent Lamps
5.2.3. High-Intensity Discharge Lamps
5.2.4. Other Light Sources
5.3. Smart Lighting Market By Communication Technology
5.4. Smart Lighting Market By Application
5.5 Smart Lighting Market By Region
6. Smart Lighting Market Competitive Landscape
7. Smart Lighting Market Competitive Intelligence - Company Profiles
7.1. Cree, Inc.
7.2. Koninklijke Philips N.V.
7.3. Wipro Limited
7.4. Eaton Corporation
7.5. General Electric Co.
7.6. Honeywell International Inc.
7.7. Syska Hennessy Group
7.8. Legrand S.A.
7.9. Lutron Electronics Inc.
7.10. Leviton Manufacturing Co., Inc.,
7.11. Hubbell Lighting Inc.
7.12. Acuity Brands, Inc.
*List Not Exhaustive
8. Investment Analysis Smart Lighting Market
9. Opportunities in Global Smart Lighting Market
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