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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Moreover, the development of smart cities is fueling the growth of the smart lighting industry due to use of embedded devices and sensor technology in various areas such as traffic signals and streets decreases the consumption of energy at extensive rate. Smart city initiatives specifically focus upon the use of connected devices that enables streamlining the operations and conservation of energy that makes the living of individuals convenient and affordable.
These lighting systems are thus helping the government organizations in reducing energy consumption, cost associated with maintenance of smart cities and lower rate of accidents at night with the connected street lights.
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.
Globally, industry players in the smart lighting industry are leveraging market growth through establishment of growth strategies related to organic and inorganic growth mechanisms along with incorporation of several strategic partnerships by the key players occurring in this industry.
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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