Smart Lighting Market is forecast to Rise at a CAGR of 27.31% during 2014-2023
A research study titled, “Smart Lighting Market by Product and Application - Global Industry Analysis and Forecast to 2023” published by Crystal Market Research.
Industry Outlook and Trend Analysis:
The Smart Lighting Market was worth USD 2.79 billion in 2014 and is expected to reach approximately USD 24.50 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 27.31% during the forecast period.
The smart lighting market is driven by expanding demand for vitality effective lighting systems fundamentally focused at diminishing energy usage in business and industrial structures. Additionally, progressions of sensors and connecting technologies in the field of smart lighting are further boosting the market development. Moreover, expanding penetration of energy proficient lighting, for example, LED lights is further boosting the development of worldwide keen lighting market amid the conjecture time frame.
Smart lighting systems installed with different sensors and remote technology can considerably decrease energy usage contrasted with conventional lighting systems. A standout amongst the most unmistakable uses of smart lighting incorporates industrial and commercial structures.
Application Outlook and Trend Analysis:
On the basis of application, the market has been portioned into residential, commercial and industrial, outdoor lighting, public and government buildings, and others. Commercial and industrial is the significant application sections of the smart lighting market took after by open and government structures, outdoor lightings, and residential structures. Additionally, the business and industrial portion is foreseen to keep up its administration amid the gauge time frame credited to surge sought after for vitality productive lighting in enterprises and business structures fundamentally went for decreasing energy consumption.
Regional Outlook ad Trend Analysis:
Europe held the biggest share of the brilliant lighting market in 2015, while the market in North America is foreseen to be the second-biggest in the following years. Europe has a populace, a large portion of whom has an exclusive requirement of living. The general population in this area have the required money invest in smart homes, which are fitted with a few and inventive smart lighting systems. The high development of the market in APAC can be ascribed to the progressing modernization projects in the creating economies, for example, China and India, where the legislatures have affirmed the development of a few brilliant urban areas.
Component Outlook and Trend Analysis:
On the basis of components the market is segmented into dimmer actuators, controllable breakers, sensors, relays, switch actuators, and others. On the basis of revenue, controllable breakers held dominant share of the keen lighting market in 2014 and is foreseen to proceed with its driving position all through the conjecture time frame. Interest for smart controllable breakers with cutting edge programmable highlights have ascribed to expanding substitution of customary breakers, driving the development of the section.
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Lighting Type Outlook ad Trend Analysis:
On the basis of lighting type the market is segmented into compact fluorescent lamps, LED lamps, fluorescent lamps, high power release lights and others. LED lamp fragment have the most elevated development potential amid the estimate time frame ascribed to the capacity of generously lessening energy consumption in end use applications, for example, industrial and commercial structures. Nonetheless, joining of LED lights requires high introductory venture because of lifted cost of LED lights contrasted with conventional lighting, for example, compact fluorescent lamps and fluorescent lamps.
By Component:
Controllable Breakers
Sensors
Dimmer Actuators
Relays
Switch Actuators
Others
By Lighting Type:
Compact Fluorescent Lamp
High Intensity Discharge Lamp
LED Lamps
Fluorescent Lamp
Others
By Application:
Outdoor Lighting
Commercial & Industrial
Public & Government Buildings
Residential
Others
Data Mining:
Data is extensively collected through various secondary sources such as annual reports, investor presentations, SEC filings, and other corporate publications. We also refer trade magazines, technical journals, paid databases such as Factiva and Bloomberg, industry trade journals, scientific journals, and social media data to understand market dynamics and industry trends. Further, we also conduct primary research to understand market drivers, restraints, opportunities, challenges, and competitive scenario to build our analysis.
Competitive Insights:
The leading players in the market are Acuity Brands, Legrand, Encelium Technologies Inc, Streetlight Vision, Philips, Honeywell Automation India Ltd, Zumtobel Group, Lutron Electronics Company, Digital Lumens and Osram.
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About Crystal Market Research:
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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