Smart Lighting Market to Grow at 21.50% CAGR to 2023
PUNE, India, February 23, 2018 /PRNewswire/ --
ReportsnReports.com adds Smart Lighting Market is forecast to reach $20.98 billion by 2023 from $7.93 billion in 2018 at a CAGR of 21.50% during (2018-2023) driven by the modernization and development of infrastructure to transform cities into smart cities, need for energy-efficient lighting systems, increasing adoption and decreasing cost of LEDs, increased demand for intelligent solutions for street lighting systems, and growing awareness about energy savings among consumers and governments worldwide.
Browse 68 Market Data Tables and 50 Figures spread through 169 Pages and in-depth TOC on "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" http://www.reportsnreports.com/reports/226128-global-smart-lighting-market-2013-2018-by-component-sensors-controllers-chipsets-others-lighting-type-led-fl-cfl-hid-connectivity-wired-wireless-application-commercial-industrial-public-government-residential-geography.html .
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).
The smart lighting market in APAC expected to grow at the highest CAGR between 2018 and 2023. 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.
Inquire for DISCOUNT on "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" research report at http://www.reportsnreports.com/contacts/discount.aspx?name=226128 .
The smart lighting market for wireless connectivity will grow at higher CAGR between 2018 and 2023. 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. Exhaustive information about new products, untapped geographic regions, and recent developments in the overall smart lighting market
Wired technology is expected to hold a larger share of the Smart Lighting Market by 2023. 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), and 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 smart lighting market for services will grow at highest CAGR between 2018 and 2023. From an insight perspective, this research report has focused on various levels of analysis - market ranking of top players; value chain analysis; company profiles that provide the basic views on the competitive landscape; emerging and high-growth segments of the market; high-growth regions; and market dynamics such as drivers, restraints, opportunities, and challenges.
Order a copy of "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" research report at http://www.reportsnreports.com/purchase.aspx?name=226128 .
The smart lighting market based on offering covers hardware, software, and services. The smart lighting market based on communication technology has been segmented into wired and wireless technologies. The smart lighting market based on application type covers indoor and outdoor applications. The smart lighting market based on installation type includes new installations and retrofit installations. The geographic analysis has been conducted with regard to North America, Europe, APAC, and RoW.
In the process of determining and verifying the smart lighting market size for several segments obtained through secondary research, extensive primary interviews have been conducted with the key industry people. The break-up of the profile of primary participants has been given below.
- By Company Type: Tier 1 - 20%, Tier 2 - 45%, and Tier 3 - 35%
- By Designation: C-Level Executives - 35%, Directors - 25%, Others - 40%
- By Region: Americas - 45%, Europe - 25%, APAC - 20%, and RoW - 10%
Another research titled Ambient Lighting Market Global Forecast to 2023 says, the ambient lighting market is expected to grow from $46.48 billion in 2016 to $96.09 billion by 2023, at a CAGR of 10.71% between 2017 and 2023. Hardware to hold a major share of the ambient lighting market in 2017. Ambient lighting market in APAC to grow at a high rate between 2017 and 2023. Companies such as Philips Lighting Holding B.V. (Netherlands), Cree Inc. (US), General Electric (US), Acuity Brands Inc. (US), OSRAM Licht AG (Germany) have been profiled in this 148 pages research report available at http://www.reportsnreports.com/purchase.aspx?name=1150242 .
Explore more reports on Semiconductor and Electronics Market at http://www.reportsnreports.com/market-research/semiconductor-and-electronics/ .
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