Sep 28, 2017   SOURCE: PR NewsWire

Global Smart Lighting Market 2017-2023

DUBLIN, September 28, 2017 /PRNewswire/ --

The "Global Smart Lighting Market, Analysis and Forecast 2017-2023 - (Focus on Fixtures, Controls and Applications in Commercial and Residential)" report has been added to Research and Markets' offering.

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Global Smart Lighting Market to Reach $105 Billion by 2023

Smart lighting continues to propel the lighting industry with increasing revenue at a global level. The integration of physical security industry with smart lighting, changing paradigm of lighting industry to electronics industry and adding voice control feature to the upcoming products led to the global emergence of smart lighting market.

The integration of physical security industry with smart lighting, changing paradigm of lighting industry to electronics industry, and addition of voice control feature to the upcoming products can be ascribed as the prime reasons for the enhancing growth rate of the global smart lighting market.

The smart lighting market has been tracked along the lines of its components, technologies, application areas, and geography. Revenue generated from various application areas, namely residential, commercial, industrial, automotive, and outdoor applications have been analyzed. The report also covers the smart lighting market on a global scale, and consequently provides revenue data of the key regions. A separate segment has been made for the key global regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (ROW).

Smart lighting includes automated controls and high efficiency fixtures, designed for energy efficiency. The controls are used for the adjustments of light on the basis of conditions such as daylight or occupancy availability. Among all the fixtures, Light Emitting Diode (LED) and Organic Light Emitting Diode (OLED) hold the highest and lowest share respectively of the market in 2016. Widespread use of LED products in developed regions had a tremendous impact on energy savings, thence increasing the LED lighting market many folds since its inception. LEDs are also used for many non-conventional lighting purposes as in automobile lighting and their unidirectional feature enables them for use in aesthetic and architectural lighting purposes. These features give LED lighting market an edge over traditional lighting markets.

Wired technology has been more prevalent however, with the recent development in RF technologies there is an increase in the number of wireless installations worldwide. Although both of the technologies have their advantages and disadvantages, it totally depends on the user's requirement to prefer any of them. Moreover, wireless control devices can be integrated with occupancy and daylight sensors to provide automated and enhanced light settings with significant energy savings. These technologies are also prone to reduced performance due to bad weather conditions.

The market is dominated by Asia Pacific region and Europe is expected to grow with the highest rate in the coming years. The dominance of Asia-Pacific smart lighting market over other regions is due to the heavy demand for new construction, strong economic growth driven mainly by China, and increasing affordability of LED lighting in the region. The Government of China supports the installation of outdoor LED lighting, which is further expected to accelerate the growth of the smart light fixture and control market in the region.

Market Dynamics

Market Drivers

    --  Prevailing Issue of Global Energy Crisis Supporting the Adoption of
        Smart Lighting
    --  Increasing Trend of Smart Homes Along with Customization Benefits
        Supports Smart Lighting Market
    --  Continuously Declining Average Selling Price (ASP) of LED Bulbs

Market Opportunities

    --  The Integration of Physical Security Industry with Smart Lighting
    --  Changing Paradigm of Lighting Industry to Electronics Industry
    --  Adding Voice Control Feature to the Upcoming Products

Market Restraints

    --  Design Challenges with LED Usage
    --  Consumers Have to Bear High Replacement Costs from Existing Solutions to
        Smart Lighting
    --  Lack of Standards and the Associated Interoperability Issues

Companies Mentioned 

    --  Acuity Brands Inc.
    --  Ams AG
    --  CommScope Holding Company Inc.
    --  Control4 Corporation
    --  Daintree Networks
    --  Digital Lumens, Inc.
    --  General Electric
    --  Honeywell International Inc.
    --  Legrand
    --  Leviton Manufacturing Co., Inc.
    --  Lutron Electronics Co., Inc.
    --  NXP Semiconductors NV
    --  OSRAM Licht AG
    --  Philips Lighting
    --  Zumtobel Group AG

For more information about this report visit https://www.researchandmarkets.com/research/x8w429/global_smart

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