Need for Energy-Efficient Lighting Systems - Prime factor for growth of Smart Lighting Market
[169 Pages Report] Smart Lighting Market report categorizes the global market by Offering (Hardware (Lights & Luminaires, Lighting Controls), Software, and Services), Communication Technology (Wired and Wireless), Installation Type, Application Type, and Geography.
The smart lighting market is estimated to grow from USD 7.93 Billion in 2018 to USD 20.98 Billion by 2023, at a CAGR of 21.50% between 2018 and 2023. The forecast period for this report is considered between 2018 and 2023.
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The factors driving the smart lighting market include modernization and development of infrastructure to transform cities into smart cities, increased demand for intelligent solutions for street lighting systems, need for energy-efficient lighting systems, increasing adoption and decreasing cost of LEDs, and growing awareness about energy savings among consumers and governments worldwide.
Market Dynamics
Drivers
1 Modernization and Development of Infrastructure to Transform Cities Into Smart Cities
2 Increased Demand for Intelligent Solutions for Street Lighting Systems
3 Need for Energy-Efficient Lighting Systems
4 Increasing Penetration and Decreasing Cost of LEDs
5Growing Awareness About Energy Savings Among Consumers and Governments Worldwide
Opportunities
1 Advancement of Wireless Communication Technology for Smart Lighting Systems
2 Increasing Number of Smart City Projects
3 Development of IoT Technology for Smart Lighting
Challenges
1 Lack of Universal Open Standards for Aiding Communication Between All IoT Devices
Premium Insights
4.1 Attractive Opportunities for Smart Lighting Market
4.2 Smart Lighting Market for Services
4.3 Smart Lighting Market for Hardware
4.4 Smart Lighting Market for Indoor Application
4.5 Smart Lighting Market for Lighting Control
4.6 Smart Lighting Market for Wired Communication Technology
4.7 Smart Lighting Market in APAC for Outdoor Application
4.8 Country-Wise Analysis of Smart Lighting Market
Company Profiles (Page No. - 116)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)*
13.1 Key Players
13.1.1 Philips Lighting
13.1.2 Acuity Brands
13.1.3 Osram
13.1.4 Cree
13.1.5 General Electric (GE + Current)
13.1.6 Eaton
13.1.7 Honeywell
13.1.8 Legrand
13.1.9 Hubbell Lighting
13.1.10 Zumtobel Group
13.1.11 Hafele Group
13.1.12 Lutron Electronics
13.1.13 Wipro Consumer Care and Lighting
13.1.14 Streetlight.Vision
13.1.15 Virtual Extension
13.1.16 Syska LED
13.1.17 Leviton Manufacturing
13.2 Startup Ecosystem
13.2.1 Switchmate, Inc.
13.2.2 Gooee
13.2.3 Lifx
13.2.4 Isotera
13.2.5 Ketra
13.2.6 Tao Light
13.2.7 Nualight Limited
APAC to hold largest share of smart lighting market by 2023
The smart lighting market in APAC is expected to grow at the highest CAGR during the forecast period. The region provides the enormous growth potential for the market players, and these smart lighting systems are likely to be accepted by consumers as an integral part of a digitalized household. The increased construction activities in APAC are contributing significantly to the growth of the smart lighting market in the region. The expected construction of ~200 million homes in China and 18 million homes in India is likely to provide several new opportunities for energy-efficient lighting and home automation in the next few years in this region. Moreover, the emerging economies of China and India are having a positive impact on the overall market in APAC. Rising government expenditure on public infrastructure, increasing adoption of energy-efficient lighting systems are the major driving factors for the growth of smart lighting in APAC.