The market study, titled “Smart Lighting Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, finds that that market is expanding at an impressive CAGR of 15.90% from 2014 to 2020, rising from a value of US$21 bn in 2013 to US$56.6 bn in 2020.
Albany, NY -- (SBWIRE) -- 11/14/2016 -- Smart lighting solutions are offered by coupling various lighting types powered with different control components and connecting technology. Smart lighting solutions enable remote controlling of lighting systems using wired or wireless technologies. The smart lighting market is primarily driven by the increasing demand for energy efficient lighting systems for reducing energy consumption cost.
Moreover, technological advancements of sensors and wireless technologies in the field of smart lighting is driving the growth of smart lighting market. In addition, LED based smart lighting solutions is aiding the growth of this market.
The global smart lighting market is expected to witness a significant growth during the forecast period. This is due to the increasing adoption of smart lighting solution across various application segments such as industrial, commercial, public and government buildings. In addition, incorporation of smart lightings in various outdoor lighting and residential buildings is further aiding the growth of smart lighting market. Presently, commercial and industrial segment holds the majority of the market share and is expected to dominate the market during the forecast period from 2014 to 2020.
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However, the residential application of smart lighting has the highest growth potential of smart lighting in the next few years. Moreover, increasing demand for smart lightings for implementation in smart streetlights for remote monitoring and automated lighting systems is aiding the growth of the market.
Replacement of traditional inefficient lighting systems with sensors enabled automated lighting systems is creating new opportunities for the smart lighting manufacturers globally. Moreover, LED lamps replacing traditional incandescent lamps are creating new opportunities in the market. Regionally, Europe has the highest penetration for smart lighting are they are the early adapters of technology. However, the Asia Pacific region is expected to show the highest growth rate due to the presence of developing nations like India and China.
This market research study analyzes the smart lighting market on a global level, and provides estimates in terms of revenue (USD billion) from 2014 to 2020. It recognizes the drivers and restraints affecting the industry and analyzes their impact over the forecast period. Moreover, it identifies the significant opportunities for market growth in the coming years.
The report segments the market on the basis of geography as North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW), and these have been estimated in terms of revenue (USD billion). In addition, the report segments the market based on the component type, which include relays, controllable breakers, sensors, switch actuators, dimmer actuators and others. By lighting types, the market is segmented into LED lamps, fluorescent lamp, compact fluorescent lamp, high intensity discharge lamp and others. It also segments the market on the basis of application as commercial & industrial, residential, outdoor lighting, public & government buildings and others. All these segments have also been estimated on the basis of geography in terms of revenue (USD billion).
For better understanding of the smart lighting market, we have given a detailed analysis of the supply chain. A detailed Porter's five forces analysis has been given for a better understanding of the intensity of the competition present in the market. Furthermore, the study comprises a market attractiveness analysis, where the applications are benchmarked based on their market scope, growth rate and general attractiveness.
The report provides company market share analysis of various industry participants. The key players have also been profiled on the basis of company overview, financial overview, business strategies, and the recent developments in the field of smart lighting. Major market participants profiled in this report include Honeywell International Inc., Legrand SA, Lutron Electronics Company Inc., Osram Licht AG and Royal Philips N.V among others.