Global Smart Lighting Market Status and Prospect, Forecast 2018 to 2026
Posted by Andreas Winkler on January 24th, 2018
Smart lighting is one of the most significant growing segment of home automation. Smart lighting is internet-capable and makes use of intelligent system that controls light depending upon various parameters such as occupancy, temperature, movement, amount of natural light etc. Smart lighting can be scheduled, customized and can controlled remotely or by hand or voice commands
Primary factors driving growth of the global smart lighting market are increasing usage of wireless technology and increasing adoption of Internet of Things (IoT). In addition, government initiatives towards smart cities is further propelling demand for smart lighting in the global market. Furthermore, rapid urbanization, digitization, changing lifestyle and consumer preferences, and high disposable income are expected to further fuel growth of the global smart lighting market during the forecast. Integration of smartphone with lighting systems have offered users the freedom to customize, change and set lights with different colors.
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High installation cost is one of the key factor restraining growth of the global smart lighting market. On the other hand, lack of standardized wireless control platforms is holding back demand for the smart lighting in the global market. Emerging trend of light fidelity (Li-Fi) technology and increasing adoption of smart lighting in commercial and residential sectors is expected to create promising opportunities for major vendors in the global smart lighting market during the forecast period.
The global smart lighting market is segmented on the basis of component, light source, product type, application, and region. On the basis of region, the global smart lightening market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Europe is expected to account for largest share in terms of revenue in the global smart lighting market owing to rising deployment of smart lighting in infrastructure and automobile sector and stringent government regulation towards green buildings. The market in Asia Pacific is expected to be the fastest growing market over the forecast period. This growth is attributed to rising infrastructure activities and government initiatives towards smart cities in emerging economies in this region.
Key players in the global smart lighting market are Philips Lighting, Honeywell International Inc, Acuity Brands Lighting Inc., General Electric Company, OSRAM Licht AG, Digital Lumens, Inc., Legrand S.A., Lutron Electronics Company Inc., StreetLight Vision, and Zumtobel Group.
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