The global smart lighting market is fueled by the development of sensor and wireless technology, growing demand for energy-efficient lighting systems, and the replacement of incandescent lamps with LEDs, states Transparency Market Research in its latest report. The market study, titled “Smart Lighting Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, finds that that market is expanding at an impressive CAGR of 15.90% from 2014 to 2020, rising from a value of US$21 bn in 2013 to US$56.6 bn in 2020.
By components, the smart lighting market is segmented into controllable breakers, switch actuators, relays, sensors, dimmer actuators, and others. In 2014, controllable breakers held the largest share of the smart lighting market in terms of revenue and are estimated to retain their lead through 2020. Dimmer actuators and sensors, on the other hand, are anticipated to witness the strongest growth during the forecast period owing to the rising demand for automated lighting systems and better lighting experience.
By lighting type, the smart lighting market is categorized into fluorescent lamps, high intensity discharge lamps, LED lamps, compact fluorescent lamps, and others. Even though compact fluorescent lamps enjoyed the largest share of the overall market in 2014, the demand for LED lamps is projected to soar in the coming years. By application, the smart lighting market is fragmented into residential, public and government buildings, commercial and industrial, outdoor lighting, and others. In terms of revenue the industrial and commercial sector dominate the smart lighting market. However, the demand for smart lighting in the residential sector is anticipated to rise at the highest rate during the forecast period.
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The smart lighting market is geographically divided into Europe, North America, Asia Pacific, and Rest of the World. Europe dominates the global market and is anticipated to retain its lead throughout the forecast period. The market in this region is driven by the growing adoption of smart lighting systems as the energy-efficient lighting solution of choice. Accounting for a 35.0% share in the smart lighting market, North America comes in second after Europe. Asia Pacific and Rest of the World, though niche markets at present, are two of the most lucrative regional segments and are projected to witness strong growth in the coming years.
The global smart lighting market is dominated by leading players such as Digital Lumens, Inc., Osram Licht AG, Encelium Technologies, Inc., Royal Phillips N. V, Legrand SA, Acuity Brands, Inc., Zumtobel Group AG, Lutron Electronics, Company, Inc., Honeywell International Inc., and Streetlight Vision. The research report on the smart lighting market studies and analyzes the performance and contribution of these companies on the basis of aspects such as business and financial overview, recent developments, business strategies, and product portfolio.