Dover, DE -- (SBWIRE) -- 04/28/2016 -- Smart lighting market size is forecast to reach USD 8.5 billion by 2023, growing at a CAGR of over 22% from 2016 to 2023. Rapid growing energy conservation demand along with rising need of maintaining an intelligent lighting ecosystem is anticipated to drive the industry over the forecast period.

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Escalating concerns regarding environmental impact and surging commercialization of Li-Fi networked wireless communication technology is expected to further propel demand. Global Li-Fi market size is forecast to grow at over 70% CAGR from 2016 to 2023. Rising OLED penetration in numerous industry sectors such as industrial, architectural and backlighting is also likely to catalyze global smart lighting market growth.

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Commercial smart lighting market share is expected to grow at a CAGR of over 20% from 2016 to 2023. It is projected to remain the key end-use segment over the long term. Asia Pacific smart lighting market size is projected to grow at a CAGR of over 20% from 2016 to 2023.

In addition to controlling lights via an automated system, the technology enables dynamic functionality with respect to the intensity, control, as well as color. Convergence with IoT and growing demand in street lighting systems will also be among major growth drivers. Imparting awareness regarding the payback periods and installation costs are forecast to alleviate industry restraints.

These systems involve two major components, luminaries and control & communication circuitry. Luminaries include LED lamps, fluorescent bulbs and HID (high intensity discharge) lamps, whereas control & communication circuitry encompasses microcontrollers, sensors, receivers, and others. These systems involves usage of intelligent lighting control and are capable of controlling light based on numerous parameters such as color temperature, movement, occupancy and amount of natural light. They are integrated with electronic control systems that aids in substantially reducing energy consumption rate.

Applications are area specific and operation involves calculation and management of lighting requirement in a particular area. Lighting wastages can be effectively tackled by implementation of these products. In addition, the capability to allow users to optimize the excessive usage of their resources is predicted to favor smart lighting market forecast.

Appropriate implementation facilitates user in effectively dealing with power demand and supply gap. Growing governmental initiatives regarding installation of smart lighting systems is projected to drive demand. In addition, features such as long life span, as well as low energy consumption rates offered by these products are expected to boost the industry.

Growing population base accompanied by rapid growing infrastructure facilities is expected to provide massive growth opportunities over the forecast period. Moreover, government directives over energy consumption are likely to act as a key revenue generator for manufacturers.

On the basis of connectivity technology, the industry can be segregated into wired and wireless. Based on product, it can be categorized into LED lamps, fluorescent lighting. Fluorescent lamps are a major contributor since they are more energy efficient as compared to traditional bulbs. Their cost effectiveness is also forecast to help drive down smart lighting market price trend. Major developments in LED technology, awareness regarding the benefits of these products, and considerable adoption efforts are estimated to result in the smart LED lighting market to grow at the fastest rate.

By component, the industry can be segmented into control & communication, luminaries & fixtures. Residential, government & public, commercial, industrial, and others are the key end use industries.

Lack of awareness, unsuited wireless communication solutions and maintenance issues are among key factors likely to hinder growth through 2023.

China is expected to be the most attractive region on account of growing product adoption, and is likely to account for substantial revenue share. Europe is forecast to continue its prominence over the timeframe. Existence of large number of industries is predicted to propel regional demand.

Industry participants accumulating substantial global smart lighting market share include Philips, Osram, Acuity Brands, Schneider Electric, General Electric Company.

Other notable players include Tvilight, Bridgelux, Daintree Networks, Cree, Digital Lumens, SELC Ireland, General Electric Company, Echelon Corporation, Helvar, Zumtobel Group and Hubbell.