Emerging Trends to witness the Smart Lighting Market at a CAGR of 22.5%

Global smart lighting market is expected to reach a CAGR of 22.5% in the forecast period of 2019 to 2026. The new market report contains data for historic year 2017, the base year of calculation is 2018 and the forecast period is 2019 to 2026.
Market Segmentation
By Offering (Hardware {Lights and Luminaries, Lighting Controls, Relay Units}, Software {Local/ Web Based, Cloud Based}, Services {Design and Engineering, Installation Services, Post Installation Services}), Installation Type (Retrofit Installation, New Installation), Communication Technology (Wired Technology, Wireless Technology), Application Type (Indoor, Outdoor), Geography (North America, Europe, Asia Pacific, South America, Middle East And Africa).

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Major growing sectors under the market segmentation are as follows:

• In offering, Hardware segment is expected to dominate the global smart lighting market due to the increase in the application of LED lighting products such are bulbs, luminaires and lamps for indoor and outdoor spaces as well as rising awareness regarding energy consumption in LED lighting.

• In installation type, retrofit installation segment is expected to dominate the global smart lighting market due to its low installation cost as compared to new fixtures.

• In communication technology, wired technology is augmenting the maximum share as it is considered to be 20% - 30% less expensive than their wireless along with reduced energy consumption. Wireless technology is expected to grow with the highest CAGR in the forecasting period due to increasing accessibility of open source software and advancement in wireless technologies and rising demand of wireless smart lighting systems for both building and home automation.

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• In application type, Residential segment is expected to dominate the global smart lighting market due to the increase in the application of lighting control system at homes and workplaces. These are cost saving and helps in reduced energy consumption along with productivity maximization. Wireless technology is expected to grow with the highest CAGR in the forecasting period due to increase in usage of smart lighting in many residential areas which mostly utilizes wireless technology lighting solutions such as smartphone using Wi-Fi, Bluetooth, Z-Wave, and even wireless radio for better connectivity and easy to access.

Key Market Players

The key market players for global smart lighting market are listed below:

• Philips Lighting Holding B.V.
• Acuity Brands Lighting, Inc. ,
• Hafele,
• Honeywell International Inc.,
• Cree, Inc. ,
• Digital Lumens, Inc.,
• OSRAM GmbH.,
• Lutron Electronics Co., Inc,
• Legrand SA,
• Seiko Epson Corporation,
• Encelium technologies,
• Virtual Extension,
• Zumtobel Group AG,
• Wipro Consumer Care & Lighting,
• Schneider Electric SE,
• Eaton,
• Leviton Manufacturing Co., Inc.,
• Syska LED
• Beam Labs B.V.

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This release was published on openPR.