Global Smart Lighting Market

Energy Efficient Smart Lighting An Answer To The Global Energy Crisis

The emergence of smart lighting on a global scale has been a consequence of shifting paradigm of lighting industry to electronics industry, along with integration of physical security industry with smart lighting as well as adding voice control feature to the upcoming products. Smart lighting is being adopted as an energy efficient alternative amidst the issue of global energy crisis. Smart lighting market has been growing gradually owing to the increasing smart homes market along with customization benefit and constantly decreasing Average Selling Price (ASP) of LED bulbs. However, the market consists of certain hurdles including designing challenges while using LED, and lack of standards and the associated interoperability issues.

In terms of value, the smart lighting market is estimated to reach $78 billion by 2022 at a CAGR of 11.7% through 2016 to 2022. The market can be categorized into two key components, namely, fixtures and controls. High efficiency fixtures and automated controls are included in smart lighting for energy efficiency as well as better performance. The controls are used to adjust the light according to different conditions such as daylight or occupancy availability. Further, the fixtures are subcategorized into key products – Fluorescent Lights (FL), Compact Fluorescent Lights (CFL), Light Emitting Diode (LED), Organic Light Emitting diode (OLED), High Intensity Discharge (HID) lamps, and plasma lamps.

Among all the fixtures, Light Emitting Diode (LED) held the highest share of the smart lighting market in 2016, whereas, Organic Light Emitting Diode (OLED) held the lowest. The widespread use of LED lighting in the developed countries has stimulated an increase in the LED lighting market since its inception. LEDs have spread widely over various non-conventional lighting purposes such as in automobile lighting, as well as for use in aesthetic and architectural lighting purposes, owing to their unidirectional feature. These features give an edge to the LED lighting market over traditional lighting market.

Despite the prevalence of wired technology for lighting, the number of wireless installations has increased globally owing to the advancement in RF technologies. Wireless control devices can be integrated with occupancy and daylight sensors which provides automated and enhanced light settings with significant energy savings. However, there is a slight back draw to these technologies as they are prone to reduced performance due to bad weather.

The smart lighting market is currently dominated by Asia Pacific region, while Europe os expected to grow at the highest rate in the coming years. Heavy demand for new construction, strong economic growth driven mainly by China, and increasing affordability of LED lighting in the region are some of the factors driving the Asia Pacific market. Some of the key players in the industry are Acuity Brands Inc., ams AG, General Electric Company, Honeywell International Inc., Koninklijke Philips N.V., Lutron Electronics Co. Inc., NXP Semiconductors NV, OSRAM Licht AG, and Zumtobel Group AG among others.

BIS Research has compiled an extensive market research report on ‘Global Smart Lighting Market: Analysis & Forecast, 2016-2022’. The market analysis report provides an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.

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