The global smart lighting market is expected to reach an estimated $17.7 billion by 2022 and is forecast to grow at a CAGR of 23.9% from 2017 to 2022.
Trends, opportunities and forecast in this market to 2022 by products (smart bulbs, fixtures, control systems), by light source (light emitting diode, fluorescent lamps, high-intensity discharge lamps, and others), by application (indoor lights and outdoor lights), by communication technology (wired and wireless) and by region (North America, Europe, Asia Pacific, and the Rest of the World)
According to a new market report, the future of the smart lighting market looks promising with opportunities in the residential and commercial sectors. The major drivers of growth for this market are development of smart cities, increasing usage of wireless technology, and increasing awareness of energy saving.
Emerging trends, which have a direct impact on the dynamics of the smart lighting industry, include growing demand for Internet of things (IoT) technology and emergence of light fidelity (Li-Fi) technology in the field of smart lighting market.
Smart lighting companies profiled in this market report include Philips Lighting, Osram Licht AG, Zumtobel Group, CREE Inc, General Electric Company, Digital Lumens, SemiLEDs Corporation, Schneider Electric SE.
The author forecasts that the control system is expected to remain the largest segment due to growth in home automation and to improve energy efficiency. The author predicts that the demand for smart bulbs is likely to experience the highest growth in the forecast period supported by growing demand for wireless technologies in smart cities.
Within the smart lighting market, light emitting diodes (LEDs) are expected to remain the largest market and are expected to witness the highest growth over the forecast period. Declining cost of LEDs, low maintenance, and high energy efficiency are expected to spur the growth of this segment over the forecast period.
Europe is expected to remain the largest market due to increasing standard of living and increasing building automation in Germany, France, and United Kingdom.
The study includes smart lighting market size and forecast for the global smart lighting market through 2022 segmented by product types, light source, communication technology, application, and region as follows:
Smart lighting market by product type [$M shipment analysis for 2011 - 2022]:
- Smart Bulbs - Fixtures - Control Systems - Drivers and ballasts - Switches and dimmers actuators - Sensors - Microcontrollers - Transmitters and receivers
Smart lighting market by Light Source [$M shipment analysis for 2011 - 2022]: