Industry Outlook and Trend Analysis
The Smart Lighting Market was worth USD 2.79 billion in 2014 and is expected to reach approximately USD 24.50 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 27.31% during the forecast period. The smart lighting market is driven by expanding demand for vitality effective lighting systems fundamentally focused at diminishing energy usage in business and industrial structures. Additionally, progressions of sensors and connecting technologies in the field of smart lighting are further boosting the market development. Moreover, expanding penetration of energy proficient lighting, for example, LED lights is further boosting the development of worldwide keen lighting market amid the conjecture time frame. Smart lighting systems installed with different sensors and remote technology can considerably decrease energy usage contrasted with conventional lighting systems. A standout amongst the most unmistakable uses of smart lighting incorporates industrial and commercial structures.
Component Outlook and Trend Analysis
On the basis of components the market is segmented into dimmer actuators, controllable breakers, sensors, relays, switch actuators, and others. On the basis of revenue, controllable breakers held dominant share of the keen lighting market in 2014 and is foreseen to proceed with its driving position all through the conjecture time frame. Interest for smart controllable breakers with cutting edge programmable highlights have ascribed to expanding substitution of customary breakers, driving the development of the section.
Lighting Type Outlook ad Trend Analysis
On the basis of lighting type the market is segmented into compact fluorescent lamps, LED lamps, fluorescent lamps, high power release lights and others. LED lamp fragment have the most elevated development potential amid the estimate time frame ascribed to the capacity of generously lessening energy consumption in end use applications, for example, industrial and commercial structures. Nonetheless, joining of LED lights requires high introductory venture because of lifted cost of LED lights contrasted with conventional lighting, for example, compact fluorescent lamps and fluorescent lamps.
Application Outlook and Trend Analysis
On the basis of application, the market has been portioned into residential, commercial and industrial, outdoor lighting, public and government buildings, and others. Commercial and industrial is the significant application sections of the smart lighting market took after by open and government structures, outdoor lightings, and residential structures. Additionally, the business and industrial portion is foreseen to keep up its administration amid the gauge time frame credited to surge sought after for vitality productive lighting in enterprises and business structures fundamentally went for decreasing energy consumption.
Regional Outlook ad Trend Analysis
Europe held the biggest share of the brilliant lighting market in 2015, while the market in North America is foreseen to be the second-biggest in the following years. Europe has a populace, a large portion of whom has an exclusive requirement of living. The general population in this area have the required money invest in smart homes, which are fitted with a few and inventive smart lighting systems. The high development of the market in APAC can be ascribed to the progressing modernization projects in the creating economies, for example, China and India, where the legislatures have affirmed the development of a few brilliant urban areas.
The leading players in the market are Acuity Brands, Legrand, Encelium Technologies Inc, Streetlight Vision, Philips, Honeywell Automation India Ltd, Zumtobel Group, Lutron Electronics Company, Digital Lumens and Osram. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Smart Lighting Market is segmented as follows-
By Lighting Type:
Compact Fluorescent Lamp
High Intensity Discharge Lamp
Commercial & Industrial
Public & Government Buildings
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?