Press Release

Philips Lighting to Continue its Dominance in Global Smart Lighting Market

Increasing demand for energy efficient lighting solutions, rising technological advancements across various lighting control systems to drive global smart lighting market through 2022

According to TechSci Research report, Global Smart Lighting Market By Product Type, By Communication Technology, By Software & Services, By Light Source, By Application, By Region, Competition Forecast & Opportunities, 2012-2022’’, the global smart lighting market is projected to surpass $ 20 billion by 2022 on account of increasing initiatives by various governments towards energy saving and development of smart cities. Moreover, technological advancements in lighting control system and increasing demand for smart street lights are further expected to boost demand for smart lighting in the coming years. In addition, the smart lighting market is gaining growth momentum with various leading lighting manufacturers increasing their focus on developing and offering advanced lighting products and systems such as LED luminaries, lighting controls, software management platforms, etc., for indoor as well as outdoor lighting applications.

Browse 120 market data Tables and 118 Figures spread through 206 Pages and an in-depth TOC on "Global Smart Lighting Market"

On the basis of product type, global smart lighting market is segmented into lighting controls, fixtures and smart bulbs. With the largest market share in 2016, lighting controls segment dominated the global smart lighting market, and the segment is expected to continue dominating during the forecast period as well on the back of rising adoption of home automation solutions. Wired technology is dominating the smart lighting market globally, however during the forecast period, wireless technology is expected to gain market traction owing to rising number of connected devices and increasing internet penetration. Among light source, LEDs lead the market on account of their increasing deployment in lighting sector.

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Philips Lighting N.V. dominated the global smart lighting market in 2016, and the company is expected to maintain its leadership position during the forecast period as well. Other major market players include Acquity Brands Lighting Inc., General Electric Company, and Honeywell International. Among regions, Europe accounted for the largest revenue share in global smart lighting market in 2016, owing to rising deployment of smart lighting systems across various sectors coupled with increased focus on enhancing product efficiency, favorable government initiatives, etc., across the region. “Increasing adoption of advanced and energy efficient lighting solutions across various applications throughout the globe is fueling demand for smart lighting solutions. Moreover, rapid technological advancements and emergence of Li-Fi (Light Fidelity) technology is further expected to steer the global smart lighting market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Smart Lighting Market By Product Type, By Communication Technology, By Software & Services, By Light Source, By Application, By Region, Competition Forecast & Opportunities, 2012-2022 has evaluated the future growth potential of global smart lighting market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market trends along with drivers, challenges and opportunities in global smart lighting market.

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