Smart Lighting Market 2018: Global Report Forecasts to 2023 - 21.5% CAGR Driven by Increasing Penetration and Decreasing Cost of LEDs

DUBLIN, Feb. 28, 2018 /PRNewswire/ --

The "Smart Lighting Market by Offering (Hardware (Lights & Luminaires, Lighting Controls), Software, and Services), Communication Technology (Wired and Wireless), Installation Type, Application Type, and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The smart lighting market is estimated to grow from USD 7.93 billion in 2018 to USD 20.98 billion by 2023, at a CAGR of 21.50% between 2018 and 2023.

The major factors driving the growth of the smart lighting market include modernization and development of infrastructure to transform cities into smart cities, increased demand for intelligent solutions for street lighting systems, need for energy-efficient lighting systems, increasing adoption and decreasing cost of LEDs, and growing awareness about energy savings among consumers and governments worldwide. However, factors such as perception of higher costs of installation and limited awareness about payback periods, and security and privacy issues in smart lighting systems are restraining the growth of the smart lighting market.

Currently, the smart lightings based on wired technology are widely adopted for different types of structures as this technology offer reliable connectivity, with no limitation on long-distance data transfer. Wired communication technologies for smart lightings include Digital Addressable Lighting Interface (DALI), Power-Line Communication (PLC), Power over Ethernet (PoE), and various wired hybrid protocols which include various company-specific proprietary protocols. Wired communication protocols are preferred in the applications where performance and reliability are crucial.

The growth of the market in APAC is attributed to the rapid infrastructure building activities being undertaken in APAC, mainly China, India, and Japan, where smart lighting paves the way for the modernization of infrastructure. Further, the increasing investments from the government sector also enhance the infrastructure facility in the country. Moreover, rising government expenditure on public infrastructure and increasing adoption of energy-efficient lighting systems are the major driving factors for the growth of the smart lighting market in APAC.

The report profiles the top players in the smart lighting market, along with providing their respective market ranking. Prominent players in the market include Philips Lighting (Netherlands), Hafele Group (Germany), Acuity Brands (US), OSRAM (Germany), Cree (US), Hubbell Lighting (US), Zumtobel Group (Austria), Honeywell (US), Legrand (France), Eaton (Ireland), Lutron Electronics (US), and General Electric (US).

Market Dynamics

Drivers

• Modernization and Development of Infrastructure to Transform Cities Into Smart Cities
• Increased Demand for Intelligent Solutions for Street Lighting Systems
• Need for Energy-Efficient Lighting Systems
• Increasing Penetration and Decreasing Cost of LEDs
• Growing Awareness About Energy Savings Among Consumers and Governments Worldwide

Restraints

• Perception of Higher Costs of Installation and Limited Awareness About Payback Periods
• Security and Privacy Issues in Smart Lighting Systems

Opportunities

• Advancement of Wireless Communication Technology for Smart Lighting Systems
• Increasing Number of Smart City Projects
• Development of IoT Technology for Smart Lighting

Challenges

• Lack of Universal Open Standards for Aiding Communication Between All IoT Devices

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Smart Lighting Market, by Offering

8 Smart Lighting Market, by Communication Technology

9 Smart Lighting Market, by Application Type

10 Smart Lighting Market, by Installation Type

11 Geographic Analysis

12 Competitive Landscape

13 Company Profiles

• Acuity Brands
• Cree
• Eaton
• General Electric (GE + Current)
• Gooee
• Hafele Group
• Honeywell
• Hubbell Lighting
• Isotera
• Ketra
• Legrand
• Leviton Manufacturing
• LIFX
• Lutron Electronics
• Nualight Limited
• Osram
• Philips Lighting
• Streetlight.Vision
• Switchmate, Inc.
• Syska LED
• Tao Light
• Virtual Extension
• Wipro Consumer Care and Lighting
• Zumtobel Group

For more information about this report visit https://www.researchandmarkets.com/research/fq4xlt/smart_lighting?w=5

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