Energy conservation and greenhouse emissions are among the top most concerns across the globe and Smart Lighting system comes as solutions, by providing user-friendly, Eco Friendly, Cost-effective, and Energy efficient systems. Smart Lighting Systems are anticipated for increased and vast application in day to day life and thus Smart Lighting Systems market is estimated for a remarkable growth in the upcoming years.
The global smart lighting market is all set to shape up for a transformation in the recent future. This transformation will be attributed by the evolution of the Internet of Things (IoT) and Secure Sockets Layer (SSL) since IoT enables easy monitoring and control enabling energy efficiency; manufacturers have started using semiconductors in place of wires and gas to power smart lighting systems. The constantly increasing energy prices and a rise in the demand for energy will drive the need for smart lighting systems.
According to a recent study report published by the Market Research Future, the global smart lighting market is expected to grow at a phenomenal rate of CAGR during 2017 -2027. Smart Lighting Market growth is propelled by the growing awareness about environment benefits of energy efficiency, rising and improving wireless communication technology and growing investment in smart home & cities market among others.
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Some of the prominent players in the global smart lighting market: Koninklijke Philips N.V. (Netherland), Osram GmbH (Germany), Lutron Electronics Co. Inc. (U.S.), Legrand S.A. (France), Daintree Networks (U.S.), Bridgelux (U.S.), Echelon Corporation (U.S.), Streetlight Vision (France), Zumtobel (Austria), and Honeywell (U.S) among others.
Technological advancements, intelligent control systems with features of automated daylight/natural light control, color, temperature, occupancy, and movement among the other parameters would increase opportunities for players in the market. Hence the players of the market are increasingly investing in R&D to develop advanced smart Lighting concepts for enhancing building integration and also on developing emitter systems that have a longer lifetime.
Market Synopsis and Scenario
The global Smart Lighting Market is highly fragmented with the presence of several large and small players operating in the market. Though the well-established large companies have a larger presence in international markets as well, the emergence of several newcomers will still give them a tough competition. Large vendors such as OSRAM and Philips are splitting their businesses into several units to provide greater flexibility in adapting to new markets. Similarly, the trend of collaboration is also being followed for example; Vodafone has announced in March 2016 about its agreement to become an IOT managed partner with Philips. The two companies get agreed to implement smart street lighting system in the market.
The development of smart cities is one of the major trends that will gain traction in the market in the next four years. Smart lighting is an important aspect for constructing smart cities as it helps conserve energy and assists in reducing operational costs. Several governments across the world have started investing in smart city projects and are adopting smart solutions such as smart street lighting, smart grids, urban mobility, and smart parking.
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Europe dominated the Global Smart Lighting Market with the largest market share due to increasing disposition of smart lighting in commercial, infrastructural and industrial sectors in the region, and therefore accounting for a huge market and is expected to grow over previous growth records by 2027. Smart Lighting Market in North America market is expected to grow at a significant rate of CAGR by 2027. The Asia-Pacific market for Smart Lighting Market is expected to grow at a considerable rate of CAGR (2017-2027).
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