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"
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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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