NEW YORK, Oct. 5, 2016 /PRNewswire/ -- "Smart lighting market expected to grow at a high rate between 2016 and 2022"
The global smart lighting 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 increasing consumer demand for energy-efficient lighting systems, increasing demand for intelligent solutions for street lighting systems and the development in IoT technology in the field of smart lighting are expected to drive the growth of this market. Lack of awareness regarding installation costs and payback periods, and security and privacy issues regarding network connectivity are inhibiting the growth of the smart lighting market.
"LED light source to be the leading segment of the smart lighting market and is expected to grow at the highest rate during the forecast period"
The high growth of LED light source can be attributed to the fact that it offers a wide range of advantages over conventional light sources, such as low maintenance cost, longer endurance, low power consumption, and also the gradual decrease in price of LED components.
"Europe expected to hold the largest market share during the forecast period"
The market in Europe is expected to grow at a moderate rate in the overall market till 2022. The combination of multiple factors makes Europe the most dynamic region in the smart lighting market. The reason for Europe to be the leading market is because it is home to some of the top players in the smart lighting market such as Schneider Electric SE (France), OSRAM Licht AG (Germany), Legrand SA (France), among others. Besides these, Europe has a very high standard of living among its population, and there is an increasing growth of smart homes. The European Union also has legislations for energy efficiency and smart lighting.
In the process of determining and verifying the market size for several segments and sub segments of the smart lighting gathered through the secondary research, extensive primary interviews have been conducted with key people. The breakup of the profiles of primary participants is shown below:
- By Company Type: Tier 1 – 20%, Tier 2 – 45%, and Tier 3 – 35%
- By Designation: C-Level Executives– 35%, Directors– 25%, and Others – 40%
- By Region: North America – 30%, Europe – 45%, APAC – 20%, and RoW – 5%
The geographic segmentation in the report covers the four major regions of the world, namely, North America, Europe, APAC, and RoW. The report also profiles major players in the Smart Lighting market. Some of the major players in this market are as Philips Lighting (Netherlands), Acuity Brands Lighting, Inc. (U.S.), General Electric Company (U.S.), OSRAM Licht AG (Germany), Honeywell International (U.S.), Cooper Industries, Inc. (Ireland), Digital Lumens, Inc. (U.S.), Legrand S.A. (France), Lutron Electronics Company, Inc. (U.S.), StreetLight. Vision (France), Schneider Electric SE (France), and Cree, Inc. (U.S.), among others.
The product type segment in the report covers the market size for smart bulbs, fixtures, and various lighting control components of a smart lighting system. The lighting source segment covers the different types of lighting sources used for a smart lighting system, these include fluorescent type, LED type, high intensity discharge lamp types, including the ones retrofitted on previous generation lighting systems. The communication technology segment covers the different types of wired and wireless communication technology protocols used in the smart lighting market. The application segment covers the different verticals and end-users within the lighting for indoors and outdoors of the smart lighting market.
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