Press release
Smart Lighting Market Global Leaders - Lutron Electronics Co. Inc. (U.S.), Daintree Networks (U.S.), Bridgelux (U.S.), Echelon Corporation (U.S.),
Smart lighting technology is lighting system designed for energy efficiency which may include automated controls that adjust lamination based on factors such as occupancy, daylight availability and others. The global smart lighting market is expected to grow at approx. USD 25 Billion by 2023, at 27% of CAGR between 2017 and 2023.
Market Dynamics of Smart Lighting Market
Drivers
• Development of smart cities by many governments
• Growing need for energy efficient solutions to overcome energy deficiency.
• Aesthetic effect and practical utility such as task lighting, accent lighting, and general lighting.
• Cost effectiveness of smart lighting due to fall in prices of LED components, low maintenance costs, low power consumption and others.
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Major key Players
Lutron Electronics Co. Inc. (U.S.),
Daintree Networks (U.S.),
Bridgelux (U.S.),
Echelon Corporation (U.S.),
Koninklijke Philips N.V. (Netherland),
Osram GmbH (Germany),
Legrand S.A. (France),
Streetlight Vision (France),
Zumtobel (Austria)
Honeywell (U.S)
Current trends in the Smart Lighting Market
Voice assistant functionality is the latest trend which lets one control the lighting through voice commands.
Connecting and access to Amazon Alexa and Google Home implementing lamination taking account of capabilities of the house are another trend driving the market.
Smartphone devices control is another latest trend which lets one control the lighting through their device. For example, furniture giant IKEA has offers TRÅDFRI line of lighting which has app-connected lighting. Similarly Philips' Hue line of lighting comes with app connection.
Philips Lighting has embedded ZigBee communication technology inside the LED ceiling lights and luminaries.
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Regional Analysis of smart lighting market
The regional analysis of smart lighting market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. Europe accounts for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The Europe region is mainly dominated by France, UK and Germany. Technical advancements, increasing demand for energy efficient solutions and increasing investments in infrastructure modernization projects accounts for the dominance of Europe. Europe is followed by North America region which is dominated by U.S. The greater focus to connected homes is one major factor responsible for driving the growth of smart lighting market in North America region.
The Asia Pacific market is dominated by Japan, followed by China and India. China is expected to be the fastest growing market and Shanghai is expected to be the fastest growing region of China. Zhenjiang is expected to be the second fastest region.
The Gulf nations are particularly attractive markets due to their high wealth, developing infrastructure, service led growth, and other factors. The regions of Dubai, Qatar, and UAE are expected to yield high revenues. The African regions are expect to be the slowest growth regions due to poor infrastructure and socio-economic conditions.
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