Attractive Opportunities for Smart Lighting Market
Smart Lighting Market by Application & Geography - Global Forecast 2023 | Marketsandmarkets
United States, 8 February 2019 -- [169 Pages Report] Smart Lighting Market report categorizes the global market by Offering (Hardware (Lights & Luminaires, Lighting Controls), Software, and Services), Communication Technology (Wired and Wireless), Installation Type, Application Type, and Geography.
The smart lighting market is estimated to grow from USD 7.93 Billion in 2018 to USD 20.98 Billion by 2023, at a CAGR of 21.50% between 2018 and 2023. The forecast period for this report is considered between 2018 and 2023. The factors driving the smart lighting market include modernization and development of infrastructure to transform cities into smart cities, increased demand for intelligent solutions for street lighting systems, need for energy-efficient lighting systems, increasing adoption and decreasing cost of LEDs, and growing awareness about energy savings among consumers and governments worldwide.
In this report, the smart lighting market has been segmented on the basis of communication technology, offering, application type, installation type, and geography. Among the communication technologies considered in the report, the market for wireless technology is estimated to grow at a higher CAGR during the forecast period. In wireless technology, the use of wires is eliminated, thereby abolishing the need for installation and protection of cables, which noticeably reduces the cost of the wireless smart lighting systems.
APAC is expected to be the fastest-growing market for smart lighting during the forecast period. The smart lighting market has enormous growth potential in APAC, and these systems are likely to be accepted by consumers as an integral part of a digitalized household. Moreover, the emerging economies of China and India have a positive impact on the overall market in APAC. The increased construction activities in APAC are contributing significantly to the growth of the smart lighting market in the region. The expected construction of ~200 million homes in China and 18 million homes in India is likely to provide several new opportunities for energy-efficient lighting and home automation in the next few years in this region. Rising government expenditure on public infrastructure, increasing the adoption of energy-efficient lighting systems are the major driving factors for the growth of the smart lighting market in APAC.
The hardware segment is expected to hold the largest share of the market based on offering by 2023 owing to the fact that hardware components are the integral elements of the smart lighting system. Hardware offerings have been further categorized into lights and luminaires; and lighting controls. The lights and luminaires segment includes smart bulbs and fixtures. Moreover, lighting controls include LED drivers and ballasts, sensors, switches and dimmers, relay units, and gateways. Lights and luminaries are the lighting components of the smart lighting systems. These components broadly include smart bulbs such as fluorescent lights, light emitting diodes (LEDs), and high-intensity discharge lamps (HIDs). However, the performance and characteristics of the light source used in lamps depend upon the lighting task being performed. Choosing a right lamp type helps save energy to a great extent.
Some of the major players in the smart lighting market are Philips Lighting (Netherlands), Hafele Group (Germany), Acuity Brands (US), OSRAM (Germany), Cree (US), Hubbell (US), Zumtobel Group (Austria), Honeywell (US), Legrand (France), Eaton (Ireland), Lutron Electronics (US), and General Electric (US).
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