Global Smart Lighting Market Growth in 2018, Koninklijke Philips N.V.Acuity Brands Inc, Digital Lumens Inc., Honeywell International Inc., and Legrand SA.

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.
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.

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Based on product, the smart lighting market is categorized into lighting control system and luminaries. Which are further categorized into smart bulb and fixture, account for the larger share in the market, whereas smart bulb, categorized into driver & ballast, switch & relay, sensor, and gateway, exhibit the faster growth during the forecast period. The smart lighting market on the basis of communication technology is segmented into wireless technology and wired technology. Among these two technologies, wireless technology is expected to witness fastest growth during the forecast period owing to elimination of wire utilization that is ultimately abolishing the requirement for protection and installation of cables. As a result it has been observed that the cost associated with wireless lighting is relatively low and is flexible in nature as compared to wired technology.

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.

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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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