Global Smart Lighting Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

MarketResearch.biz, in its upcoming report titled, “Global Smart Lighting Market Trends, Applications, Analysis, Growth, and Forecast to 2027”, offers in-depth insights, revenue details, and other vital information regarding the global smart lighting market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report also offers insightful and detailed information regarding the various key players operating in the global smart lighting market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global smart lighting market is segmented on the basis of component, light source, product type, application, and region. The global smart lighting market was valued at US$ X.X billion in 2016, and is expected to reach US$ XX.X billion over the forecast period at a double-digit CAGR of XX.X%.

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Smart lighting is one of the most significant growing segment of home automation. Smart lighting is internet-capable and makes use of intelligent system that controls light depending upon various parameters such as occupancy, temperature, movement, amount of natural light etc.  Smart lighting can be scheduled, customized and can controlled remotely or by hand or voice commands

Primary factors driving growth of the global smart lighting market are increasing usage of wireless technology and increasing adoption of Internet of Things (IoT). In addition, government initiatives towards smart cities is further propelling demand for smart lighting in the global market. Furthermore, rapid urbanization, digitization, changing lifestyle and consumer preferences, and high disposable income are expected to further fuel growth of the global smart lighting market during the forecast. Integration of smartphone with lighting systems have offered users the freedom to customize, change and set lights with different colors.

High installation cost is one of the key factor restraining growth of the global smart lighting market. On the other hand, lack of standardized wireless control platforms is holding back demand for the smart lighting in the global market. Emerging trend of light fidelity (Li-Fi) technology and increasing adoption of smart lighting in commercial and residential sectors is expected to create promising opportunities for major vendors in the global smart lighting market during the forecast period.

Europe is expected to account for largest share in terms of revenue in the global smart lighting market owing to rising deployment of smart lighting in infrastructure and automobile sector and stringent government regulation towards green buildings. The market in Asia Pacific is expected to be the fastest growing market over the forecast period. This growth is attributed to rising infrastructure activities and government initiatives towards smart cities in emerging economies in this region.

Market Segmentation

Global smart lighting market segmentation by component:

• Relays
• Controllable breakers
• Sensors
• Switch actuators
• Dimmer actuators

Global smart lighting market segmentation by light source:

• LED light source
• Fluorescent light source
• Compact fluorescent light source
• High intensity and discharge light source

Global smart lighting market segmentation by product type:

• Smart bulbs
• Fixtures
• Lighting control

Global smart lighting market segmentation by application:

• Commercial
• Residential
• Industrial

Global smart lighting market segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

• Philips Lighting
• Honeywell International Inc
• Acuity Brands Lighting Inc.
• General Electric Company
• OSRAM Licht AG
• Digital Lumens, Inc.
• Legrand S.A.
• Lutron Electronics Company Inc.
• StreetLight Vision
• Zumtobel Group