Market Research Future published a research report on “Smart Lighting Market Research Report - Global Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Pune, India -- (SBWire) -- 02/21/2018 --Smart Lighting Global Market - Overview

The global smart lighting market is showing immense growth; mainly due to the growing need for energy-efficient lighting systems. Smart lighting refers to lighting technology designed for energy efficiency. Smart lighting can help in changing the atmosphere of the home with the touch of a button. With the advancements in technology, smart lighting also allows controlling of the lights with a voice command.

According to a recent study report published by Market Research Future, The global market of smart lighting is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). Increasing demand for smart lighting is being driven by the modernization and development of infrastructure such as smart cities is one major factor driving the growth of Smart Lighting Market. Also, growing need for energy-efficient lighting systems is another major factor responsible for fuelling the market growth. Technological advancements and growing acceptance of standard protocols for lighting control is boosting the growth of smart lighting market. Also, increasing demand for smart lighting from various end users like residential, government, commercial and industrial is another major factor driving the market growth. The Smart Lighting market is highly competitive due to the increase in implementation of cloud based technologies and developments in the field of internet of things. On the other hand, lack of awareness regarding installation costs and payback periods are major factors hindering the growth of smart lighting market. Also, security and privacy issues are other factors that may hamper the market growth.

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Smart Lighting Global Market - Segmentation

Smart lighting market has been segmented on the basis of component, product type, light source, communication technology and application. The communication technology segment is bifurcated into wired and wireless communication technology. Out of which, the wired communication technology segment is expected to hold the largest market share of smart lighting market whereas, wireless communication technology segment is expected to grow at the highest CAGR during the forecast period. This is owing to the increasing popularity of internet of things and growing demand for connected things. This replacement of wired with wireless will also avoid the hassle of laying wires and improve flexibility.

Regional Analysis:

The regional analysis of smart lighting market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that Europe is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in smart lighting market in Europe is attributed to technical advancements and increasing investments in infrastructure modernization projects in that region. The growth in Europe is followed by North America region.

Industry News

Jan 2018 – Razer teams up with Philips to bring Chroma lighting to the entire house. Razer has spent the last few years building out their Chroma lighting system to a huge array of products, from keyboards to mice to controllers to headphones to mouse pads to LED strips for custom desktop builds to an honest-to-god mug holder, all of which can be synced perfectly in time to the gaming PC. And now it can be synced perfectly with the rest of the house too.

Jan 2018 – GE expands its smart lighting line-up ahead of CES. The company has announced several new devices including a smart ceiling fixture that reduces the need to litter various table spaces with Echo Dot or Google Home smart speakers. There's also a new smart wall switch, and improvements to its funky Sol lamp and C by GE bulbs.

Jan 2018 – GE is making a smart ceiling light and light switch with Alexa and Google Assistant. Both the switch and the ceiling light have built-in hubs that let them control other C by GE lights, too. GE also plans to add HomeKit support to all of its smart lights. That support is still expected to arrive within the next few months.

Key Players

The prominent players in smart lighting market are – Philips Lighting Holding B.V. (The Netherlands), Acuity Brands Lighting, Inc. (U.S.), General Electric Company (U.S.), Osram Licht AG (Germany), Honeywell International Inc. (U.S.), Legrand S.A. (France), Schneider Electric SE (France), CREE, Inc. (U.S.), Cooper Industries, Inc. (Ireland), Digital Lumens, Inc. (U.S.) and others.

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Intended Audience

- Technology investors
- Research/Consultancy firms
- Technology providers
- Residential end-users
- Commercial end-users
- Industrial end-users
- Government bodies

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