Smart Lighting Market Estimated to Perceive Accrued Value with a Staggering CAGR; MRFR Unleashes Industry Insights Up To 2023

Pune, India, January 11, 2018/MRFR Press Release/- Market Research Future published a Half Cooked research report on “Global Smart Lighting Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023

Philips Lighting (The Netherlands), Acuity Brands Lighting, Inc. (U.S.), General Electric (U.S.), OSRAM Licht AG (Germany), Honeywell International Inc. (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.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Smart Lighting Market.

Smart Lighting Global Market   - Overview

The global smart lighting market is showing immense growth; mainly due to the growing need for energy-efficient lighting systems. Smart lighting refers to lighting technology designed for energy efficiency. Smart lighting can help in changing the atmosphere of the home with the touch of a button. With the advancements in technology, smart lighting also allows controlling of the lights with a voice command.

According to a recent study report published by Market Research Future, The global market of smart lighting is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). Increasing demand for smart lighting is being driven by the modernization and development of infrastructure such as smart cities is one major factor driving the growth of smart lighting market. Also, growing need for energy-efficient lighting systems is another major factor responsible for fuelling the market growth. Technological advancements and growing acceptance of standard protocols for lighting control is boosting the growth of smart lighting market. Also, increasing demand for smart lighting from various end users like residential, government, commercial and industrial is another major factor driving the market growth. The Smart Lighting market is highly competitive due to the increase in implementation of cloud based technologies and developments in the field of internet of things. On the other hand, lack of awareness regarding installation costs and payback periods are major factors hindering the growth of smart lighting market. Also, security and privacy issues are other factors that may hamper the market growth.

Industry News

Jan 2018 – Razer teams up with Philips to bring Chroma lighting to the entire house. Razer has spent the last few years building out their Chroma lighting system to a huge array of products, from keyboards to mice to controllers to headphones to mouse pads to LED strips for custom desktop builds to an honest-to-god mug holder, all of which can be synced perfectly in time to the gaming PC. And now it can be synced perfectly with the rest of the house too.

Jan 2018 – GE expands its smart lighting line-up ahead of CES. The company has announced several new devices including a smart ceiling fixture that reduces the need to litter various table spaces with Echo Dot or Google Home smart speakers. There's also a new smart wall switch, and improvements to its funky Sol lamp and C by GE bulbs.

Jan 2018 – GE is making a smart ceiling light and light switch with Alexa and Google Assistant. Both the switch and the ceiling light have built-in hubs that let them control other C by GE lights, too. GE also plans to add HomeKit support to all of its smart lights. That support is still expected to arrive within the next few months.

Smart Lighting Global Market   - Competitive Analysis

The market of smart lighting appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

Smart Lighting Global Market   - Segmentation

The smart lighting market can be classified into 7 key segments for the convenience of the report and enhanced understanding;

Segmentation by Component: Comprises of Software and Service

Segmentation by Product Type: Comprises of Smart Bulbs, Fixtures and Lighting Control

Segmentation by Light Source: Comprises of Fluorescent Light Source, LED Light Source, HID Light Source and Other Light Sources

Segmentation by Communication Technology: Comprises of Wired Communication Technologies and Wireless Communication Technologies

Segmentation by Application: Comprises of Indoor Lighting and Outdoor Lighting

Segmentation by End User: Comprises of Residential end-users, Commercial end-users, Industrial end-users and Government

Segmentation by Region: Comprises of Geographical regions - North America, Europe, Asia Pacific and Rest of the World. 

Smart Lighting Global Market Regional Analysis

Europe is expected to witness a significant growth and hold the largest market share during the forecast period. Major factor driving the growth of smart lighting market in Europe is the high standards of living of people and growing adoption of smart homes in the region. Also, due to the drastic fall in the usage of native applications and a considerable shift towards the adoption of internet of things applications in the region, the market is likely to show immense growth in the coming future. Smart lighting market in North America is expected to hold the second largest market share of the smart lighting market during the forecast period due to rise in IT technology and increasing adoption of upcoming trends and technologies in smart lighting market in the region. Whereas, the Asia Pacific market for smart lighting is expected to grow at a considerable CAGR (2017-2023) owing to the growing adoption of smart homes and ongoing infrastructure modernization projects in the developing economies such as China and India.