Smart Lighting Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 05/03/2017 -- Licht AG, Encelium Technologies, Inc., Acuity Brands, Inc., Lutron Electronics Company, Inc., Legrand SA, Zumtobel Group AG, Digital Lumens Inc., and Streetlight Vision.
"Despite the dominant position of multinational giants in the smart lighting market, local manufacturers with a limited marketing range are crucial players in the market's regional dynamics," TMR's lead analyst stated. However, due to the high investment required to enter the smart lighting market, the threat of new entrants remains low, indicating that mergers and acquisitions are likely to be the favored consolidation strategy used by leading players in the coming years.
High Energy Efficiency, Wireless Connectivity Drive Demand for Smart Lighting
The prime drivers for the global smart lighting market are the high energy efficiency of LEDs, which have led to LEDs replacing incandescent lights in most application areas, and the wireless connectivity offered by the steady technological advancement in the field of the Internet of Things. These two factors have been crucial in driving the demand for smart lighting in street lighting, which is a rapidly growing application segment of the global smart lighting market.
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The conspicuous reduction in power costs achieved through the use of smart lighting instead of traditional incandescent bulbs has driven the demand for smart lighting from the commercial and industrial sectors, where the high number of lighting installations can add up to significant overall power expenses. The longer operating life of LED lights, which are commonly used in smart lighting solutions, is another key factor responsible for the growing demand from the commercial and industrial sectors.
Lack of Standardized Wireless Platform Holds Back Smart Lighting Market
One of the key restraints on the global smart lighting market is the lack of a universal wireless control platform for smart lighting solutions. Since smart lighting is a relatively recent innovation, many manufacturers have developed their own wireless platforms, leading to interoperability issues. A standardized wireless platform is thus a pressing need for the global smart lighting industry.
The high installation costs of smart lighting solutions are another key concern for the smart lighting market, as the widespread use of smart lighting in the commercial as well as industrial sectors depends on all players being able to afford it. While sustained demand from the leading entities will eventually have a trickle-down effect, this remains a key concern for the smart lighting market at present.
Residential Sector to Show Steady Increase in Demand for Smart Lighting
Despite the dominance of the commercial and industrial sectors in the global smart lighting market, the demand for smart lighting from the residential sector is expected to exhibit robust growth in the coming years. The overall reduction in the cost of lighting due to the use of smart lighting is responsible for this. Outdoor lighting is another high-potential application area for smart lighting due to the growing use of smart grids in the developed world.
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The share of the residential sector in the global smart lighting market is expected to reach 10.7% by 2020, while outdoor lighting is expected to account for 17.4% of the smart lighting market by 2020.
Regionally, North America and Europe remain the overwhelmingly dominant segments of the global smart lighting market. The two are expected to collectively account for more than 70% of the market throughout the forecast period. However, the Asia Pacific smart lighting market is likely to exhibit rapid growth in the coming years, with the regional market expected to be valued at US$5.7 bn by the end of 2016 and US$11.5 bn by the end of 2020.