Smart Lighting Market : Launch of Innumerable Advanced Lighting Products Portends Further Growth.

The global smart lighting market is fragmented in nature, states Transparency Market Research (TMR). The level of competition between the leading participants is quite high, and is expected to remain so over the forthcoming period. The launch of numerous innovative products has been one of the most adopted business strategies of these market participants.

For instance in 2015, IKEA introduced a range of smart lighting products that include LED bulbs with motor sensors, different color temperatures, wireless remote controls and gateways. In May 2017, the company declared that its latest lighting series, Trådfri, is designed to be compatible with Google Home, Apple’s HomeKit, as well as Amazon Alexa before the end of this summer. The new upgrade allows the users to control home lighting systems with voice commands. The company has also been planning to expand its product range in the next few years.

Along the same lines a range of connected, smart lighting bulbs, Philips added a new product to its Philips Hue lineup in May 2017. Called ‘First up’, Philips Hue white ambience candle bulb is one of a kind. The new candle-sized bulb is the smallest of its kind, featuring only 450 lumens and an E12 base. The company has also come up with four different kinds of lighting fixtures specially designed for Phips Hue. All of these are modern and sleek, and would give a pleasant look to most homes.

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The global market for smart lighting is expected to reach US$56.6 bn by the end of 2020, notes the report by TMR. The market is flourishing continuously at a remarkable CAGR of 15.90% between 2014 and 2020.

Sensor and Dimmer Actuator Segments to Command Major Shares

By components, the global market for smart lighting was led by controllable breakers in 2014. However, the headmost places are likely to be occupied by the dimmer actuators segment and sensors segment by the end of 2020, driven by high preference for superior lighting experience and automated lighting. By region, Europe accounted for the largest share in the global smart lighting market. North America is expected to emerge at the fore by the end of 2020, owing to the emergence of energy-efficient smart lighting systems in the market. It represented a share of 35% in the global market for smart lighting solutions in 2014.

Cost Efficiency of Smart Lighting Solutions Propels Demand

Smart lighting solutions do not only enable remote controlling via smart devices such as tablets and smartphones, they are also environment-friendly and relatively cost efficient when compared with conventional lighting systems. The technological advancements backed by research and development activities of several market players has allowed the customers to choose from a wide range of advanced smart lighting solutions with enhanced features. As a result, the global market for smart lighting systems is expected to expand further. The numerous application segments such as government buildings, industrial, residential, and commercial have been displaying exceeding demand for smart lighting systems, aiding the progress of the market.

The growing demand for smart street lighting systems across developing and developed countries alike is another catalyst of the global smart lighting market. However, the high costs of these smart lighting systems might inhibit the expansion of the market. Yet, the market is likely to keep flourishing as extensive industrialization activities in India, China, Singapore, Nigeria, and Brazil herald high growth.

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The information presented in this review is based on a Transparency Market Research report, titled, “Smart Lighting Market (Component - Relays, Controllable Breakers, Sensors, Switch Actuators, and Dimmer Actuators; Lighting Type - LED Lamps, Florescent Lamps, Compact Florescent Lamp, and High Intensity Discharge Lamp; and Application - Commercial & Industrial, Residential, Outdoor Lighting, and Public & Government Buildings) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”.

Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

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