ID: MRFR/ICT/0485-HCR | February 2021 | Region: Global | 110 pages
Market Synopsis of Smart Lighting Market:
The new innovations in lighting solutions are enabling smart lighting providers to leverage new business opportunities across the globe. Government organizations in different countries are taking several steps to develop smart cities and installation of smart lighting is one of the significant programs that is being undertaken.
Technology giants such as Koninklijke Philips N.V. (the Netherland), Osram GmbH (Germany), Lutron Electronics Co. Inc. (the U.S.), Legrand S.A. (France), Daintree Networks (the U.S.), Bridgelux (the U.S.), Echelon Corporation (the U.S.) are prominent players in the smart lighting market. Koninklijke Philips N.V., Schiphol Group, Cofely, and Royal Philips have entered into a collaboration for the new lighting in the terminal buildings at Amsterdam Airport Schiphol. The light as a service means that Schiphol pays for the light it uses, while Philips remains the owner of all fixtures and installations. Philips and Cofely will be jointly responsible for the performance and durability of the system and ultimately it's re-use and recycling at the end of life. Osram GmbH a major player in the smart lighting market has provided modernization orange LED technology and the ban on most conventional ballasts valid since this year, this light color has almost completely disappeared from the product catalog of most manufacturers. The OSRAM Company Siteco is now adding orange-colored light to a part of its LED outdoor luminaire portfolio because this offers significant advantages in certain areas as compared to the familiar white light of LED technology.
The major factors driving the growth of the smart lighting market are growing awareness about environmental benefits of energy efficiency, rising and improving wireless communication technology, and growing investment in smart home & cities market among others. However, aspects such as high installation cost, and lack of skilled expertise are hindering the growth of smart lighting market.
The global smart lighting market is expected to grow at a CAGR of approximately 27% during the forecast period 2017-2027.
Smart Lighting Market
Source: MRFR Analysis
Some of the prominent players in the global smart lighting market: Koninklijke Philips N.V. (Netherland), Osram GmbH (Germany), Lutron Electronics Co. Inc. (U.S.), Legrand S.A. (France), Daintree Networks (U.S.), Bridgelux (U.S.), Echelon Corporation (U.S.), Streetlight Vision (France), Zumtobel (Austria), and Honeywell (U.S) among others.
The global smart lighting market is segmented by type, light source, communication technology, software & service, and application. Based on the type segment, the market consists of smart bulbs, fixtures and lighting control. By the light source, the market consists of a fluorescent light source, LED light source, HID light source, and another light source. By the communication technology segment, the market consists of Wired Communication Technologies and Wireless Communication Technologies. By the software & service, the software is further segmented into smartphone applications and by service into lighting as-a-service. By the application, it is segmented into indoor and outdoor lighting.
The global color detection market is studied in Asia Pacific, North America, Europe, and Rest of the World. It is observed that European region dominated the global smart lighting market in 2014 and is anticipated to maintain its same position in the coming years as well, followed by the North American market. The increased adoption of smart lighting systems as an energy efficient lighting solution is fueling the smart lighting market in this region. Asia Pacific region is expected to be the fastest growing market due to increased usage of smart lighting, availability of raw materials, and low labor cost.
Frequently Asked Questions (FAQ) :
The market for smart lighting is projected to grow at an approximate rate of 27% from 2017 to 2027.
The primary applications of smart lighting are indoor and outdoor.
Europe is the dominating regional market across the globe.
Rising applications of smart lighting, availability of raw materials coupled with the low labor cost makes APAC the fastest expanding regional market.
Lack of skilled expertise and the high installation cost are the aspects that can slow down the future market growth rate.