Smart Lighting Market Research Report- Forecast till 2027
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.
The increase in awareness and rise in environment concern are prompting the adoption of smart lighting market. Benefits of smart lighting, such as energy efficacy and cost effectiveness are noted to boost their adoption. Increased investment in smart cities and smart homes, and advances in wireless connectivity can surge the market in the review period. On the contrary, the initial installation price and lack of skilled task force can impede the expansion of the global smart lighting market. However ongoing developments and availability of smart technology can counter the limitation of the market.
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The smart lighting market’s competitive landscape can be largely influenced by of collaboration and acquisitions among key players, rise in research and development undertakings, and launch of new products, and adoption of other effective market strategies by market players. MRFR identified some leading players in the global smart lighting market. They are; Honeywell, Lutron Electronics Co. Inc., Daintree Networks, Echelon Corporation, Streetlight Vision, Koninklijke Philips N.V., Bridgelux, Zumtobel, Osram GmbH, and Legrand S.A. among others. Investors are investing in R&D undertaking to launch more effective products.
The study of the worldwide smart lighting market can be segmented by light source, type, application, and communication technology. The type-based segments of the smart lighting market are fixtures, lighting control, and smart bulbs. The high rate of adoption of smart bulbs can cause the global smart lighting market surge. The light source-based segments of the market are fluorescent light source, HID light source, and light source. The growing desirability of HID light source can impel the smart lighting market expansion through the review period. The communication technology-based segments of the market are wireless and wired. The application-based segments of the market are indoor and outdoor. The indoor smart lighting technologies are cutting down on cost and offering better electricity efficacy. Outdoor smart lighting technology are gaining high popularity across different field. These are factors that are expected to spur the smart lighting technology market growth.
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.
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Smart Lighting Market: By Type (Smart Bulbs, Fixtures and Lighting Control), Light Source (Fluorescent, LED), Communication Technology (Wired and Wireless), Software & Service (Smartphone Applications, Lighting As-A-Service) – Global Forecast till 2027
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