Smart lighting solutions have been designed with an aim to increase the energy efficiency of lighting systems. Smart lighting includes several components for control and connecting technology. Smart lighting uses automation to a large extent for making adjustments depending on conditions such as ambient light and occupancy. The smart lighting market thus aims to efficiently bridge the gap between the practicality and aesthetics of lighting systems.
Technological Advancements Complement the Growth of the Smart Lighting Market
The global smart lighting market is mainly being propelled by the growing need for energy-efficient lighting systems that reduce energy consumption and bring down costs. This growth driver is further being complemented by the growing technological advancements in sensors and wireless technologies that are improving smart lighting solutions for global users. Furthermore, LED-based smart lighting solutions are also supporting the unprecedented growth of this market.
Browse the full Global Smart Lighting Market report at http://www.mrrse.com/smart-lighting-market
The global smart lighting market is segmented on the basis of component, type of lighting, application, and geography. The components in the global smart lighting market are controllable breakers, relays, sensors, switch actuators, dimmer actuators, and others. The types of lighting seen in this market are fluorescent lamps, compact fluorescent lamps, high-intensity discharge lamps, LED lamps, and others. Applications of smart lighting are seen in residential, commercial and industrial, public and government buildings, and outdoor lighting. Geographically, the global smart lighting market is segmented into Asia Pacific, Europe, North America, and Rest of the World.
Global Smart Lighting Market to Grow at a CAGR of 15.90% from 2014 to 2020
Of the product segments of the market, the controllable breakers segment held the largest share in 2014 in terms of revenue in the overall smart lighting market. Analysts predict that this trend will continue in the coming years. Furthermore, the demand for sensors and dimmer actuators will also shoot up due to the increasing demand from customers for a better lighting experience with automated lighting systems. The compact fluorescent lamps segment is also poised to grow at an impressive pace in the forecast period. Additionally, the combination of LED-based lighting and connecting technology will drive the LED lamps segment. The global smart lighting market was worth US$23.4 bn in 2014 and is expected to grow at a CAGR of 15.90% from 2014 to 2020.
Residential Segment to Witness Highest Growth Rate in the Global Smart Lighting Market
Statistics show that Europe dominated the global smart lighting market in 2014. A correlation of historical data and the forecast indicates that this region will grow at a rapid pace as smart lighting systems offer highly energy-efficient lighting solutions, which is highly favored by European customers. North America follows Europe closely, accounting for a share of over 35% in the global smart lighting market. On the other hand, Rest of the World and Asia Pacific are still in the budding stage in terms of smart lighting, but are expected to grow at a steady pace in the aforementioned forecast period. Amongst the applications, the industrial and commercial segment held the highest share in the overall market. Though this segment is expected to continue its dominance, analysts anticipate that the application of smart lighting in the residential segment will witness the highest growth in the near future.
Some of the important players in the global smart lighting market are Royal Philips N.V, Honeywell International Inc., Osram Licht AG, Legrand SA, and Lutron Electronics Company Inc., among others.