October 22, 2019
According to the latest study titled Smart Lighting Market is projected to cross US $23 billion by the year 2025.
The report cites that the energy efficiency and enhanced performance of LED lighting is encouraging the product adoption across the globe, thereby driving the growth of smart lighting market. Other significant factors aiding the market growth are decreasing average cost of LED lamps and strict government directives for restricting the use of inefficient lightings. Moreover, increasing implementation of intelligent street lighting systems, along with the acceptance of Li-Fi technology is serving as a key driver for market growth.
In terms of component, smart lighting market from software segment is anticipated to register a growth rate of 22% over the predicted time period. The segmental growth is attributed to rise in adoption of smart home & automation solutions, in consort with increasing integration of wireless technology in lighting systems.
Based on technology type, wired segment dominated the smart lighting market with 70% share in 2019, owing to extensive adoption of PLC and DALI across various applications. The technology is reliable and is capable of withstanding harsh environment conditions. Moreover, smart lighting market from wireless segment is presumed to grow with a CAGR over 21% by the year 2025, due to the convenience, flexibility and cost-effectiveness offered by the technology.
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Considering the application spectrum, indoor lighting segment led the smart lighting market with 78% revenue share in 2019. Growing need for energy-efficient lighting solutions among commercial, residential, and industrial segment is the main factor driving the segmental growth, cites the study.
Speaking of regional outlook, Europe smart lighting market held more than 35% of share in 2018. The regional growth is credited to government initiative towards the development of smart cities, large-scale adoption of LED lamps, and steady economic condition in the region.
The key players operating in the smart lighting market are Cree, Acuity Brands, Echelon Corporation, Deako, Osram, GE Lighting, Schneider Electric, Philips Lighting, Tvilight, and Silver Spring Networks.
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