Smart Lighting Market Worth Over USD 23 Bn by 2025: Global Market Insights, Inc.
SELBYVILLE, Del., August 26, 2019 (Newswire.com) - The smart lighting market demand is driven by increasing adoption of LED lamps across the globe. The energy-efficient nature and durability of the LED lamps are driving their adoption across multiple lighting applications.
Currently, LED lighting accounts for more than 40% share in the general lighting market. The number is estimated to cross the 80% mark by 2025. Supportive government initiatives to promote the adoption of energy-efficient lighting technologies are driving the adoption of LED lamps across the globe. Moreover, the declining average selling price of the LED lamps across the globe is also serving as a major force accelerating the adoption of LED lamps.
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The proliferation of IoT devices has further paved a way for the growth of the smart lighting market. Due to the advancements in the IoT technology along with wireless communication technology, the lighting component manufacturers have started focusing on enabling wireless connectivity into lighting fixtures. These manufacturers are collaborating with technology solution providers to integrate their solutions into the product. Furthermore, the advancements in IoT technology are also presenting huge opportunities for the lighting management systems to remotely control lighting fixtures and lamps.
The luminaire market will grow at a CAGR of over 16% during the projected timeline. Regulatory restrictions on the use of inefficient lighting technologies are propelling the growth of the smart lighting market. The adoption of energy-efficiency code and smart controls also acts as a major force driving the adoption of the connected luminaire market. Furthermore, the superior properties of luminaire such as durability and energy-efficiency are also accelerating their adoption across multiple lighting applications.
Wireless technology will grow significantly with a CAGR of more than 21% during the forecast period. The growth of the smart lighting market is credited to the integration of advanced technologies, such as Bluetooth, ZigBee, and Wi-Fi, into the lighting solutions. This allows lamps to be controlled through mobile apps or a home/building automation hubs and individual bulbs can be programmed to change the output as per requirements. Furthermore, the lamp's internet connectivity makes it possible for vendors to use edge computing and equip smart bulbs with additional features such as built-in cameras, built-in speakers, and occupancy-sensing capability.
Browse key industry insights spread across 435 pages with 709 market data tables & 29 figures & charts from the report, “Smart Lighting Market Size, By Component (Hardware [Smart Bulb, Luminaire, Light Control], Software [On-Premise, Cloud], Service [Pre-sales, Post-sales]); By Technology (Wired [PLC (Power Line Control), PoE (Power over Ethernet), DALI (Digital Addressable Lighting Interface), Hybrid], Wireless [Bluetooth, Zigbee, Wi-Fi, EnOcean, Hybrid]), By Application (Indoor Lighting [Residential, Commercial, Industrial], Outdoor Lighting [Highways & Roadways, Public Places, Bridges & Tunnels]), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/smart-lighting-market
The outdoor lighting market will grow at a CAGR of more than 21% during the projected timeline. The outdoor lighting applications are characterized by high safety & security, low maintenance cost, and adequate lighting needs while keeping the cost low. The need to address these requirements is one of the major factors augmenting the demand for smart lighting solutions in outdoor applications. The growing trend of smart cities across the globe is also driving the growth of the market.
North America accounts for over 28% share in the smart lighting market. The growth of the market is attributed to the increasing smart city development projects in the region. North America dominates the global smart city market with an investment of USD 118.5 billion in 2016 and is expected to rise to USD 224.5 billion by 2021. The market is sized at approximately USD 13 billion, leading to infrastructural developments in the lighting sector. Furthermore, various government regulations to limit the consumption of energy are implemented in this region, thus aiding the development of smart lighting solutions.
The prominent vendors in the smart lighting market are Philips Lighting, Osram, GE Lighting, Cree, Schneider Electric, Echelon Corporation, Acuity Brands, Silver Spring Networks, Deako, and Tvilight.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights, Inc.
