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Global Smart Lighting Market is Anticipated to Reach US$ 27,064 million by 2024 Having Major Players: Cree, Hubbell Lighting, Honeywell, Acuity Brands, Philips Lighting, OSRAM, Schneider Electric & Legrand

05-20-2019 01:57 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

Global Smart Lighting Market is Anticipated to Reach US$ 27,064

Global smart lighting market is forecasted to reach $27,064 million by 2023 and is expected to witness a CAGR of over 20% during the forecast period. The growth is attributed to the rising interest of consumers towards the adoption of automation technologies such as internet of things (IoT), and increase in affordability and availability of smart automation technologies, globally.

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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.

Most of the vendors are actively involved in organic and inorganic growth strategies. Many of them are acquiring cross vertical expertise to reach a larger market, while others are launching new products and advanced lighting solutions, to compete with new technological offerings in the global 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.

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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.

Smart Lighting Market Segmentation

By Source

• Light Emitting Diode
• Fluorescent Lamp
• High Intensity Discharge Lamp (HID)
• Others

By Communication

• Wired
o Digital Addressable Lighting Interface (DALI)
o Powerline Communication
o Power Over Ethernet
o Others
• Wireless
o Wi-Fi
o Bluetooth
o Zigbee
o Others

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.


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