According to a new market report published by Lucintel, the future of the smart lighting market looks promising with opportunities in the residential and commercial sectors. The global smart lighting market is expected to reach an estimated $17.7 billion by 2022 and is forecast to grow at a CAGR of 23.9% from 2017 to 2022. The major drivers of growth for this market are development of smart cities, increasing usage of wireless technology, and increasing awareness of energy saving.
In this market, smart bulbs, fixtures, and control systems, such as ballasts, switches & dimmer actuators, sensors, microcontrollers, and transmitters are used for smart lighting. Lucintel forecasts that the control system is expected to remain the largest segment due to growth in home automation and to improve energy efficiency. Lucintel predicts that the demand for smart bulbs is likely to experience the highest growth in the forecast period supported by growing demand for wireless technologies in smart cities.
Within the smart lighting market, light emitting diodes (LEDs) are expected to remain the largest market and are expected to witness the highest growth over the forecast period. Declining cost of LEDs, low maintenance, and high energy efficiency are expected to spur the growth of this segment over the forecast period.
Europe is expected to remain the largest market due to increasing standard of living and increasing building automation in Germany, France, and United Kingdom.
Asia Pacific is expected to witness the highest growth over the forecast period because of increasing government focus towards the growth in infrastructure and development of smart homes in China and India.
For business expansion, the report suggests innovation and new product development to application portability profile (APP) based control lighting by using a smartphone or tablet (iOS or Android).
Emerging trends, which have a direct impact on the dynamics of the industry, include growing demand for Internet of things (IoT) technology and emergence of light fidelity (Li-Fi) technology in the field of smart lighting market. Philips Lighting, Osram Licht AG, Zumtobel Group, CREE Inc, General Electric Company, Digital Lumens, SemiLEDs Corporation, Schneider Electric SE are among the major smart lighting manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global smart lighting market by product type, light source, communication technology, application, and region and has come up with a comprehensive research report entitled “Global Smart Lighting Market 2017-2022: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global smart lighting market by product types, light source, communication technology, application, and region as follows:
By product type [$M shipment analysis for 2011 – 2022]:
• Smart Bulbs
• Control Systems
– Drivers and ballasts
– Switches and dimmers actuators
– Transmitters and receivers
By Light Source [$M shipment analysis for 2011 – 2022]:
• Light Emitting Diode
• Fluorescent Lamps
• High-Intensity Discharge Lamps
By Communication Technology [$M shipment analysis for 2011 – 2022]:
– Digital Addressable Lighting Interface
– Powerline Communication
– Power Over Ethernet
– Wired Hybrid Protocols
By Application [$M shipment analysis for 2011 – 2022]:
• Indoor Lighting
• Outdoor Lighting
– Highway & Roadway Lighting
– Architectural Lighting
– Lighting for Public Place
By Region [$M shipment analysis for 2011 – 2022]:
• North America
• Asia Pacific
• Rest of World
This 145-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or firstname.lastname@example.org. Lucintel offerings include Telecommunication Report, Telecommunication Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Matrix.
This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high-growth opportunities for the global smart lighting market by products (smart bulbs, fixtures, control systems), by light source (light emitting diode, fluorescent lamps, high-intensity discharge lamps, and others), by application (indoor lights and outdoor lights), by communication technology (wired and wireless) and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are emerging trends in this market and the reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via materials / product substitution
Q.11 What M & A activities have occurred in the last 5 years in this market?