Asia-Pacific is Expected to Witness the Fastest CAGR of 25.1% During the Forecast Period in the Smart Lighting Market

The global smart lighting market was valued at USD 6.7 billion in 2017 and is expected to witness a CAGR of 22.2% during the forecast period (2018 – 2024). The growth of this market is attributed towards the extensive adoption of innovative technologies or instance strong intelligent systems, IoT, real time monitoring of illumination and technological advancement in connected lighting. Moreover, increasing awareness towards conservation of energy is the major factor driving the growth of the smart lighting market, globally.

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Smart lighting has become one of the most popular solutions in the lighting industry that uses control system in order to control lights on the basis of several parameters such as occupancy, temperature, amount of natural light and movement. Energy cost associated with lighting is high as a result to which industries and government organizations are increasingly emphasizing efforts to decrease utilization of energy and thereby altering conventional lighting systems with advance and efficient control systems in lighting.

Development of infrastructure in order to convert cities into smart cities, modernization and increasing requirement for energy-efficient lighting systems, decreased cost and extensive adoption of LEDs, excessive demand for intelligent solutions for the street lighting systems and increasing emphasis for energy savings among government organization and consumers across globe are driving the growth of the smart lighting market at a rapid pace.

However, high initial cost of installation, security and privacy concerns, and limited knowledge related to payback periods are the major factors hampering the growth of the smart lighting market.

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Geographically, Asia-Pacific is expected to witness the fastest CAGR of 25.1% during the forecast period in the smart lighting market owing to massive growth prospective provided to the manufacturers by this region and these lighting systems are extensively being adopted by the consumers in developing their household and making it digitalized. Increasing activities pertaining to construction in Asia-Pacific is extensively contributing towards the growth of the market in the region.

Some of the key players operating in the global smart lighting market include Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc., Honeywell International Inc., and Legrand SA.

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