The smart lighting market is estimated to grow from USD 7.93 billion in 2018to USD 20.98 billion by 2023, at a CAGR of 21.50% between 2018 and 2023.
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The major factors driving the growth of 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.
However, factors such as perception of higher costs of installation and limited awareness about payback periods, and security and privacy issues in smart lighting systems are restraining the growth of the smart lighting market.
Complete report on Smart Lighting Market spread across 169 pages, profiling 12 companies and supported with 68 tables and 50 figures is now available at www.rnrmarketresearch.com/global-s…arket-report.html
“Wired technology is expected to hold a larger share of the smart lighting market by2023”
Currently, the smart lightings based on wired technology are widely adopted for different types of structures as this technology offer reliable connectivity, with no limitation on long-distance data transfer.
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Wired communication technologies for smart lightings include Digital Addressable Lighting Interface (DALI), Power-Line Communication (PLC), Power over Ethernet (PoE), and various wired hybrid protocols which include various company-specific proprietary protocols. Wired communication protocols are preferred in the applications where performance and reliability are crucial.
“The smart lighting market in APAC expected to grow at the highest CAGR between 2018 and 2023”
The growth of the market in APAC is attributed to the rapid infrastructure building activities being undertaken in APAC, mainly China, India, and Japan, where smart lighting paves the way for the modernization of infrastructure. Further, the increasing investments from the government sector also enhance the infrastructure facility in the country.
Moreover, rising government expenditure on public infrastructure and increasing adoption of energy-efficient lighting systems are the major driving factors for the growth of the smart lighting market in APAC.
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As a part of qualitative analysis, the research provides a comprehensive review of the major market drivers, restraints, and opportunities impacting the global hydrophilic coating market. It also discusses competitive strategies adopted by leading market players to sustain their position in the global hydrophilic coating market.
The companies profiled in this report are Philips Lighting (Netherlands), Hafele Group (Germany), Acuity Brands (US), OSRAM (Germany), Cree (US), Hubbell Lighting (US), Zumtobel Group (Austria), Honeywell (US), Legr and (France), Eaton (Ireland), Lutron Electronics (US), and General Electric (US).
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- The smart lighting market based on offering covers hardware, software, and services.
- The smart lighting market based on communication technology has been segmented into wired and wireless technologies.
- The smart lighting market based on application type covers indoor and outdoor applications.
- The smart lighting market based on installation type includes new installations and retrofit installations.
- The geographic analysis has been conducted with regard to North America, Europe, APAC, and RoW.
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