Smart Lighting Market 2023: Market Trends, Emerging Opportunities and Key Vendors

Market Highlights:

Smart lighting market is estimated to exhibit high growth potential during the forecast period owing to increasing development of smart cities. Major driving factor in the growth of smart lighting market is the growing need for energy efficient solutions and smart lighting solutions for the same. Increasing advancements in technology is another major factor responsible for the growth of smart lighting market. Increased demand for intelligent street lighting solutions is one major factor responsible for fueling the growth of smart lighting market.

Giants like Philips Lighting (Netherlands), Acuity Brands Lighting, Inc. (U.S.), General Electric Company (U.S.), OSRAM Licht AG (Germany) and Honeywell International (U.S.) are the major players in the smart lighting market. Philips Lighting has come up with new solutions for smart lighting by embedding ZigBee communication chips inside the LED ceiling lights and luminaries which will help in reducing the energy consumption by controlling the lighting in an intelligent manner. Pre-programmed sensors are already fit into it and can be directly controlled with the help of ZigBee from any phone or tablets. The company focusses on offering innovative solutions and keeps up with the fast pace of the technological advancements. Smart lighting market is expected to witness significant growth with the growing development of smart cities and increasing demand for cost effective solutions in order to improve overall productivity.

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The major factor restraining the growth of smart lighting market is the lack of awareness about the installation costs and also regarding payback period. This could be a major factor that could cause hindrance in the growth of smart lighting market. Security and privacy issues regarding the implementation of smart lighting solutions is another major factor that could hamper the growth of smart lighting market.

According to Market Research Future Analysis, Smart Lighting Market has been valued at approx. USD 25 Billion by the end of forecast period with 27% of CAGR during forecast period 2017 to 2023.

Key Players

The prominent players in smart lighting market are – Philips Lighting Holding B.V. (The Netherlands), Acuity Brands Lighting, Inc. (U.S.), General Electric Company (U.S.), Osram Licht AG (Germany), Honeywell International Inc. (U.S.), Legrand S.A. (France), Schneider Electric SE (France), CREE, Inc. (U.S.), Cooper Industries, Inc. (Ireland), Digital Lumens, Inc. (U.S.) and others.

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.

Smart Lighting Global Market - Segmentation

Smart lighting market has been segmented on the basis of component, product type, light source, communication technology and application. The communication technology segment is bifurcated into wired and wireless communication technology. Out of which, the wired communication technology segment is expected to hold the largest market share of smart lighting market whereas, wireless communication technology segment is expected to grow at the highest CAGR during the forecast period. This is owing to the increasing popularity of internet of things and growing demand for connected things. This replacement of wired with wireless will also avoid the hassle of laying wires and improve flexibility.

Intended Audience

• Technology investors
• Research/Consultancy firms
• Technology providers
• Residential end-users
• Commercial end-users
• Industrial end-users
• Government bodies

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TABLE OF CONTENTS

LIST OF TABLES

Table 1 Smart Lighting Market, By Component

Table 2 Smart Lighting Market, By Product Type

Table 3 Smart Lighting Market, By Light Source

Table 4 Smart Lighting Market, By Communication Technology

Table 5 Smart Lighting Market, By Application

Table 6 Smart Lighting Market, By Region

Table 7 North America Smart Lighting Market, By Component

Table 8 North America Smart Lighting Market, By Product Type

Table 9 North America Smart Lighting Market, By Light Source

Table 10 North America Smart Lighting Market, By Communication Technology

Table 11 North America Smart Lighting Market, By Application

Table 12 North America Smart Lighting Market, By Region

Table 13 U.S. Smart Lighting Market, By Component

Table 14 U.S. Smart Lighting Market, By Product Type

Table 15 U.S. Smart Lighting Market, By Light Source

Table 16 U.S. Smart Lighting Market, By Communication Technology

Table 17 U.S. Smart Lighting Market, By Application

Table 18 Canada Smart Lighting Market, By Component

Table 19 Canada Smart Lighting Market, By Product Type

Table 20 Canada Smart Lighting Market, By Light Source

Table 21 Canada Smart Lighting Market, By Communication Technology

Table 22 Canada Smart Lighting Market, By Application

Table 23 Mexico Smart Lighting Market, By Component

Table 24 Mexico Smart Lighting Market, By Product Type

Table 25 Mexico Smart Lighting Market, By Light Source

Table 26 Mexico Smart Lighting Market, By Communication Technology

Continued…

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Ma