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Smart Lighting Market Analysis, Trends, Demand and Opportunities by 2023



Smart lighting market is forecasted to reach $27,064 million by 2023. The growth is attributed to the rising interest of consumers towards the adoption of automation technologies such as internet of things (IoT), and increase in affordability and availability of smart automation technologies, globally.

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The smart lighting market is categorized into lighting source, communication medium, product, application, and service. The global market is driven by the new innovations and rapid increase in sales of smart light emitting diode (LED) solutions. In 2016, LED as an efficient lighting source contributed largest revenue to this industry and it is expected to witness highest demand during the forecast period. Smart LED based lighting solutions enable users with digital control using a programmable microcontroller-based lighting architecture.

Apart from this, advancements in LED based lighting technology through adoption of IoT and wireless lighting techniques is escalating the smart lighting market growth. For example, recently OSRAM Licht AG launched SIMPLUX, a LED based smart control system designed for small and medium sized spaces to provide enterprise level control and automation capabilities.

Based on wireless lighting communication, Wi-Fi technology generated highest revenue in the global market and Wi-Fi based lighting communication is also projected to witness fastest growth, during the forecast period.

Geographically, Europe has been the largest smart lighting market, accounting for more than 35% of global revenue in 2016, whereas the sales in Asia-Pacific is expected to witness the fastest growth, during the forecast period.

The growth in Asia-Pacific will be led by factors such as surge in digitalization within industries, advancement in new lighting technologies by regional players, growth in investment in smart lighting market, and increasing adoption of connected technologies across indoor and outdoor sectors.

Further, due to rapid technological advancements in IoT and improvement in network infrastructure, the region has high tendency to adopt smart lighting solutions as a mainstream alternative to traditional lighting, in near future.

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Some of the major players operating in this industry are Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc., and Legrand SA.

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News Release: Smart Lighting Market Analysis, Trends, Demand and Opportunities by 2023
Submitted on: February 11, 2019 12:54:51 PM
Submitted by: Nasir Jones
On behalf of: https://www.psmarketresearch.com/market-analysis/smart-lighting-market
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