Smart Lighting Market worth $28.0 billion in 2025 with a growing CAGR of 19.1%
Smart Lighting Market worth $28.0 billion in 2025 with a growing CAGR of 19.1%<
United States, 9 July 2019 -- Smart Lighting Market Research Report Analysis and Forecast to 2025. Identify the New Revenue Sources and the Known and Unknown Adjacencies Impacting the Smart Lighting Market.
According to the new market research report, “Smart Lighting Market by Offering (Hardware: Lights & Luminaires, Lighting Controls; Software, and Services), Communication Technology (Wired and Wireless), Installation Type, Application, and Geography - Global Forecast to 2025,” the smart lighting market is expected to grow from USD 7.9 billion in 2018 to USD 28.0 billion in 2025 —growing at a CAGR of 19.1%. The major factors driving the growth of the smart lighting market include modernization and development of infrastructure to transform cities into smart cities, need for energy-efficient lighting systems, increasing adoption and decreasing cost of LEDs, increased demand for intelligent solutions for street lighting systems, and growing awareness about energy savings among consumers and governments worldwide.
Services to grow at the highest CAGR in the smart lighting market during the forecast period
Services play a major role before and after the installation of smart lighting systems. This segment comprises design and engineering services, installation service, and post-installation services (maintenance, and support and monitoring services). Design and engineering services of smart lighting systems help minimize the overall costs of smart lighting. Also, design and installation includes auditing and consulting services. Services help enhance the performance of the lighting infrastructure. Post-installation services consist of maintenance, support, and monitoring services for smart lighting systems. Maintenance services comprise life cycle maintenance service, system optimization service, and data analytics service. The growth of the smart lighting market for services is mainly attributed to the expected high rate of adoption of smart street lighting systems for energy conservation and ecological safety during the forecast period.
Indoor application will dominate the smart lighting market by 2023
Indoor application (residential, commercial, and industrial) for smart lighting is expected to hold a larger size of the smart lighting market during the forecast period. The incorporation of wireless technology in smart lighting would enable the market for residential indoor application to grow at a high rate. Smart lighting that allows homeowners to control lights from anywhere in their house, helping them to save on energy will drive the demand in the coming years. Use of energy efficient lighting technology to reduce massive energy consumption in commercial application will prompt the shift from traditional to smart lighting.
Wireless technology will grow at a higher rate during the forecast period
Communication technology involves the transmission of data from lights and luminaires, among others, to cellphones, computer and network hardware and software, satellite systems, and so on. The market for wireless communication technology is expected to witness higher growth than that for wired technology as the adoption of wireless technologies minimizes the use of wires, reduces the cost of maintenance, and provides convenience to indoor and outdoor applications. The rapid development of wireless communication protocols such as ZigBee, Bluetooth, EnOcean, Wi-Fi, 6LoWPAN will boost the demand for smart lighting during the forecast period.
New installations will command a higher market share of the smart lighting market during the forecast period
New installation refers to the installation of completely new smart lighting, which includes new-generation LED drivers and ballasts, sensors, switches, dimmers, and gateways. Unlike retrofit installations, which refer to the partial replacement of lighting controls and management systems, a new installation completely replaces a traditional lighting system after fully phasing out the lights and their assorted controls and fixtures with the new lights and their associated controls and fixtures. The increase in global efforts in the works related to infrastructure improvement, mostly for the residential and commercial buildings, will drive the dominance of the smart lighting market for new installations.
APAC to exhibit fastest growth in smart lighting market from 2018 to 2023
The smart lighting market in APAC is expected to grow at the highest CAGR during the forecast period. The region provides the enormous growth potential for the market players, and these smart lighting systems are likely to be accepted by consumers as an integral part of a digitalized households. 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. Moreover, the emerging economies of China and India are having a positive impact on the overall market in APAC. Rising government expenditure on public infrastructure, increasing adoption of energy-efficient lighting systems are the major driving factors for the growth of smart lighting in APAC.
Some of the major players in the smart lighting market are Philips Lighting (Signify) (Netherlands), Acuity Brands (US), OSRAM (Germany), Cree (US), General Electric (US), Hubbell (US), Eaton (Ireland), Zumtobel Group (Austria), Honeywell (US), Hafele Group (Germany), Legrand (France), and Lutron Electronics (US).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Hello journalist, welcome to Scoopasia--a powerful online resource for media information in Asia. Scoopasia has press releases and media events for every beat and industry. All content on Scoopasia is 100% FREE. You don't even need to login!
Scoop Line (Instant Information Request) The easiest way to ask questions and request information from the PR community.
Advanced Search Drill down, dig deep, for media information the way you want it.