Smart Lighting Market 2020 Global Research Report and Gross Margin Analysis
Posted by Akash Sangshetti on February 13th, 2020
Smart Lighting Global Market - Overview
The global smart lighting market is showing immense growth; mainly due to the growing need for energy-efficient lighting systems. Smart lighting refers to lighting technology designed for energy efficiency. Smart lighting can help in changing the atmosphere of the home with the touch of a button. With the advancements in technology, smart lighting also allows controlling of the lights with a voice command.
According to a recent study report published by Market Research Future, The global market of smart lighting is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). Increasing demand for smart lighting is being driven by the modernization and development of infrastructure such as smart cities is one major factor driving the growth of Smart Lighting Market. Also, growing need for energy-efficient lighting systems is another major factor responsible for fuelling the market growth. Technological advancements and growing acceptance of standard protocols for lighting control is boosting the growth of smart lighting market. Also, increasing demand for smart lighting from various end users like residential, government, commercial and industrial is another major factor driving the market growth. The Smart Lighting market is highly competitive due to the increase in implementation of cloud based technologies and developments in the field of internet of things. On the other hand, lack of awareness regarding installation costs and payback periods are major factors hindering the growth of smart lighting market. Also, security and privacy issues are other factors that may hamper the market growth.
Smart Lighting Global Market - Segmentation
The smart lighting market can be classified into 7 key segments for the convenience of the report and enhanced understanding;
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.
Smart Lighting Global Market- 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.
TABLE OF CONTENTS
1 Market Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Component
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
3 Market Dynamics
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
3.5 Market Restraints
4 Executive Summary
5.1 Porter’s Five Forces Analysis
5.2 Supply Chain Analysis
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About the AuthorAkash Sangshetti
Joined: October 1st, 2019
Articles Posted: 322
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