According to a new market research report by BIS Research, titled "Global Smart Lighting Market – Analysis and Forecast (2017-2023)", the smart lighting market is estimated to reach $105 billion by 2023 at a CAGR of 10.9% from 2017 to 2023. The shifting paradigm of lighting industry to electronics industry is one of the major reasons for the growth of the smart lighting market.
The burning issue of the global energy crisis is supporting the adoption of smart lighting. The average selling price (ASP) of LED bulbs has dropped substantially and smart homes market is gradually increasing, which is in turn driving the growth of the smart lighting market. The scenario of lighting industry has been completely transformed with the establishment of modern technologies in it. The smart lighting industry not only involves lamps, but also the sensors that gather and transfer the information.
One of the major concerns of building owners is energy management. By installing a smart lighting in a building, 50% energy costs can be saved and productivity and comfort of the user can also be improved. Some of the advantages of energy management include cost reduction, energy price fluctuations and supply shortage reduction, and carbon emissions reduction. Most of the building owners are opting for smart lighting systems due to the reduction in energy costs provided by them. Utilities are able to support the demand response strategies and suspend construction of new power plants with the reduction in energy costs provided by smart lighting controls. Additionally, the policy makers are supporting the installation of smart lighting systems due to the reduction in carbon emissions. These factors are supporting the growth of global smart lighting market.
According to Kunal Dua, analyst at BIS Research, "Residential application of smart lighting is currently dominating the market and also experiencing a significant growth rate as compared to other applications. Smart homes are the ultimate solution for the consumer which brings numerous advantages with respect to energy and cost savings. Majority of the companies operating in this space are already investing millions of dollars to integrate seamlessly the physical and digital world. The residential lightings offered by the lighting players have developed broad portfolios such as shading solutions, colorful lighting solutions, single room and complete home solutions."
The landscape of the smart lighting market has transformed drastically with the integration of modern technologies in the lighting industry. The market has been divided along the lines of key component types, technologies, and application. The key fixtures include compact fluorescent light (CFL), light emitting diode (LED), organic LED, high-intensity discharge (HID) lamps, and plasma lamps. Among these fixtures, LED hold the largest share in the market, holding 47% of the total share in 2016. Widespread use of LED products in developed regions has had a tremendous impact on energy savings, thus, increasing the share of the LED lighting market manifold since its inception. LEDs are also used for many non-conventional lighting purposes such as automotive lighting, furthermore, their unidirectional feature enables them for use in aesthetic and architectural lighting purposes. These features give LED lighting market an edge over traditional lighting markets. LED lightings cost is gradually decreasing, due to improving luminous efficacy and declining production costs. The manufacturers have been improving the luminosity of the LED, rather than power consumption, to reduce the LED lighting costs.
The increased adoption of smart lighting is because of the associated advantages such as cost reduction, energy price fluctuations, supply shortage reduction, and carbon emissions reduction. Geographically, Asia Pacific dominated the global smart lighting market in 2016 in terms of value and volume. The dominance of Asia-Pacific smart lighting market over other regions is due to a widespread demand for new construction, the strong economic growth driven mainly by China, and an increasing affordability of LED lighting in the region. However, Europe is expected to grow at the highest rate in the coming years. This growth is due to the rising trend of smart homes in the Asia-Pacific region.
This market intelligence report provides a detailed analysis of the key growth drivers and restraining forces of the global smart lighting market, with an extensive insight into various forms of developments, trends and key participants in the market.
The market report includes a thorough analysis of the market trends and size, along with market estimation based on key geographical regions. Inculcating detailed financial analysis of key players in the market, the report provides individual SWOT analysis of each company. Some of the key players analyzed in the report are Acuity Brands Inc., ams AG, CommScope Holding Company Inc., Control4 Corporation, Daintree Networks, Digital Lumens, Inc., General Electric Company, Honeywell International Inc., Koninklijke Philips N.V., Legrand S.A., Leviton Manufacturing Co. Inc., Lutron Electronics Co. Inc., NXP Semiconductors NV, OSRAM Licht AG, and Zumtobel Group AG. The key strategies being adopted by the market players are product launches, joint ventures, collaborations, partnerships, and contracts to attain their respective market shares in this emerging domain.
This report is a meticulous compilation of research on more than 80 players in the smart lighting ecosystem and draws upon insights from in-depth interviews with key opinion leaders, market participants and vendors.
The report addresses the following questions about the global smart lighting market:
- What is the size, in terms of value ($million) and volume (million units), of smart lighting market in 2016, and growth rate during the forecast period, 2017-2023?
- What are the major market drivers, challenges, and opportunities in the global smart lighting market?
- What is the market share of the leading segments and sub-segments of the global smart lighting market in 2016 and 2023?
- How will each segment of the global smart lighting market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2023?
- What are the influencing factors that may affect the market share of the key players?
- How will the industry evolve during the forecast period between 2016 and 2023?
- What are the key developmental strategies implemented by the key players to stand out in this market?
- What will be the growth rate of different segments during the forecast period? Which is the leading segment by application and components of smart lighting?
- Who are the key players for the smart lighting market?
- How has the market been segmented on the basis of application?
- Which geographical location will dominate the smart lighting market?
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