Albany, NY -- (SBWIRE) -- 10/12/2018 -- The global market for smart lighting has a fragmented competitive landscape, as there is high competition among the players, states Transparency Market Research (TMR). The intensity of completion among the players is strong as they keeping introducing newer products in the market. Moreover, companies are focusing to expand their product portfolios and increase their geographical reach. Among the most popular products available in the market for smart home systems are Amazon Alexa and Google Home. Moreover, IKEA also introduced new lighting series named Trådfri having more advacnced features such as motor sensor, varied color temperature, and wireless remote control. Some of the key players in the smart lighting market are Acuity Brands, Encelium Technologies, Inc., Osram Licht AG, Legrand SA, Honeywell International Inc., Zumtobel Group AG, Inc., Inc., Lutron Electronics, Streetlight Vision, Digital Lumens, and Royal Phillips N. V.
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According to the TMR analysis, the global market smart lighting is expected to generate revenue up to US$ 56.6 bn by the end of the forecast period ending in 2020. The market is expected to register a CAGR of 15.9% during the forecast period. The LED segment under the lighting type is projected to lead the market mainly because of high reduction on energy expenditure, which is being highly used in commercial and industrial buildings. The regional analysis shows that Europe is the leading region as of 2014 and is expected to hold the same position in the coming years. Furthermore, North America hold 35% of the global market share and is second in position after Europe.
Increasing Demand for Smart Lighting will to Significantly Boost Market
Changing technology has considerably benefitted the conventional lights. Increasing demand for smart lighting is mainly because it provides energy efficient smart lighting systems, equipped with wireless and sensor technology, easy usage in commercial and residential buildings. Furthermore, the demand for intelligent lighting solutions for street lighting has also boosted the demand for smart lighting market. The increasing efforts made to develop smart cities has also encouraged the demand for smart lighting systems and have created huge opportunity for smart lighting market to grow effectively.
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Temperature Sensitivity Property to Restrain the Smart Lighting Market
The global demand for smart lights has significantly increased but there are certain restrain that may restrict the market to grow at its full potential. One of the major concern faced by smart lighting market is temperature sensitivity. The surrounding temperature highly affect the quality of diodes lighting. In high temperature surrounding, parameters changes the current passing through the semiconductor elements that may lead to burn out LED module. Having surroundings that can easily adapt smart lighting system is a restrain for the market to grow well. Moreover, initial cost in smart lighting is high but it lasts longer than the conventional lights. Government initiatives encouraging masses to get smart lights will meet these restraints to a certain level and rise the global market for smart lighting in coming years.