Smart Lighting Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 02/09/2017 -- Global smart lighting market is driven by increasing demand for energy efficient lighting systems primarily aimed at reducing energy consumption in commercial and industrial buildings. In addition, advancements of sensors and connecting technologies in the field of smart lighting are further boosting the market growth. Furthermore, increasing penetration of energy efficient lighting such as LED lamps is further fueling the growth of global smart lighting market during the forecast period.
Smart lighting systems embedded with various sensors and wireless technology can substantially reduce energy consumption compared to traditional lighting systems. One of the most prominent applications of smart lighting includes commercial and industrial buildings.
Lightings in commercial and industrial buildings contribute to around 40% of the total energy expenditure. Presently, the majority of the lightings installed in buildings stocks are based on the older and less energy-efficient lighting technology. The building owners and other stakeholders are increasingly becoming aware of and accepting the need for smart lighting to trim down energy consumption.
This factor has resulted in the growth of smart lighting market during the forecasted period. Furthermore, gradual transition from traditional lighting or lamps to more energy efficient LED lamps is attributing to the growth of the smart lighting market globally.
Ability of LEDs to adjust light color, intensity and directions is leading to increasing incorporation in smart lighting solutions. Surge in installation of LED lamps by replacement of traditional lamps is expected to boost the global smart lighting market growth during the forecast period.
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The global smart lighting market is divided based on lighting type into five segments: LED lamps, fluorescent lamps, compact fluorescent lamps, high intensity discharge lamps and others. LED lamp segment have the highest growth potential during the forecast period attributed to the ability of substantially reducing energy expenditure in end user applications such as commercial and industrial buildings.
However, incorporation of LED lamps requires high initial investment due to elevated price of LED lamps compared to traditional lighting such as compact fluorescent lamps and fluorescent lamps. Overall the LED lamp type segment is expected to see a robust growth throughout the forecast period owed to its high life expectancy and features such as dimming and varying light color and temperature.
The smart lighting market can be segmented based on components into: controllable breakers, relays, dimmer actuators, sensors, switch actuators, and others. In terms of revenue, controllable breakers held majority share of the smart lighting market in 2014 and is expected to continue its leading position throughout the forecast period. Demand for smart controllable breakers with advanced programmable features have attributed to increasing replacement of traditional breakers, driving the growth of the segment.