The global smart lighting market is expected to exhibit a good growth potential till 2022. The global market is expected to be valued at USD 19.47 Billion by 2022 and is expected to witness a shipment of 1.27 Billion units by 2022, at a CAGR of 27.1% and 71.3%, respectively, between 2016 and 2022.
The need for energy-efficient lighting systems, development of IoT technology in the field of smart lighting, acceptance of standard protocols, and increased demand for intelligent solutions for street lighting systems are the major factors driving the growth of this market.
Europe held the largest share of the smart lighting market in 2015, while the market in North America is expected to be the second-largest by 2022. Europe has a population, most of whom has a high standard of living. The people in this region have the required financial means to invest in smart homes, which are fitted with several and innovative smart lighting systems. The high growth of the market in APAC can be attributed to the ongoing infrastructure modernization projects in the developing economies such as China and India, where the governments have approved the construction of several smart cities.
Lack of awareness regarding installation costs and payback period, security and privacy issues regarding the use of smart lighting are the major restraints for the growth of this market.
- Acuity Brands Lighting, Inc.
- CREE, Inc.
- Cooper Industries, Inc.
- Digital Lumens, Inc.
- General Electric Company
- Honeywell International Inc.
- Legrand S.A.
- Lutron Electronics Co., Inc.
- OSRAM Licht AG
- Philips Lighting Holding B.V.
- Schneider Electric SE
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Smart Lighting Market, By Light Source
8 Smart Lighting Market, By Product Type
9 Smart Lighting Market, By Communication Technology
10 Smart Lighting Market, By Application
11 Smart Lighting Market, By Software & Service
12 Geographic Analysis
13 Competitive Landscape
14 Company Profiles
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SOURCE Research and Markets