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Smart Lighting Market Demand and Detailed Analysis With Major Players - Cree, Hubbell Lighting, Philips Lighting, OSRAM, Schneider Electric, Zumtobel Lighting, Acuity Brands, Digital Lumens and Honeywell
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The smart lighting market is categorized into lighting source, communication medium, product, application, and service. The global market is driven by the new innovations and rapid increase in sales of smart light emitting diode (LED) solutions. LED as an efficient lighting source contributed largest revenue to this industry and it is expected to witness highest demand during the forecast period. Smart LED based lighting solutions enable users with digital control using a programmable microcontroller-based lighting architecture.
On the basis of service, lighting as a service (LaaS) is expected to witness higher demand as compared to smart phone application, during the forecast period. Its market is projected to cross $17,000 million mark by 2023. Consumers, particularly medium and small-scale users of smart lighting are attracted more towards subscription based and pay as you go lighting models provided by various vendors in the market.
Europe has been the largest smart lighting market, accounting for more than 35% of global revenue whereas the sales in Asia-Pacific is expected to witness the fastest growth, during the forecast period. The growth in Asia-Pacific will be led by factors such as surge in digitalization within industries, advancement in new lighting technologies by regional players, growth in investment in smart lighting market, and increasing adoption of connected technologies across indoor and outdoor sectors.
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Some of the major players operating in this industry are Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc., and Legrand SA.
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