March 19, 2020
According to the research report titled ‘Asia Pacific Smart Lighting Market Size By Component, Lighting Source, Application Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Asia-Pacific smart lighting market is expected to surpass USD 6 billion by the year 2024.
Increasing awareness pertaining to the advantages of energy-efficient lighting systems and rising concerns regarding energy security are prime factors driving the market growth. Various governments are introducing favorable regulations to promote the use of cost-effective lighting systems across residences which in turn is propelling smart lighting market growth across Asia-Pacific region.
The report states that light controls segment held 50% share in APAC smart lighting market in 2017 and is projected to register significant growth during the estimated timeline. Advancements in technology pertaining to LED drivers, routers, switches, and sensors are fueling the segmental growth. In addition, sensors will encounter escalated demand during the forecast period, owing to integration of sensor technology in smart lighting systems to provide better control to users.
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Considering the geographical landscape, India smart lighting industry is anticipated to witness a growth rate of 30% between 2018 and 2024. Increasing consumption of electricity and widespread incorporation of smart lighting systems in streetlights are promoting the business scenario in India.
Philips Lighting, Tvilight, Hubbell, Bridgelux, Cree, Zumtobel, Acuity Brands, Cooper Industries (Eaton), Schneider Electric, Silver Spring Networks, and GE Lighting are the prominent companies operating in Asia-Pacific smart lighting industry.
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