Global Smart Lighting Market Research Report 2016
- Id : RNR-53910
- Category : Semiconductor Electronics
- Publish Date : 2016
- Pages : 0
- Publisher : BIS Research
The integration of physical security industry with smart lighting, changing paradigm of lighting industry to electronics industry, and addition of voice control feature to the upcoming products can be ascribed as the prime reasons for the enhancing growth rate of the global smart lighting market. In terms of value, the smart lighting market is estimated to reach $78 billion by 2022 at a CAGR of 11.7% through the forecast period. This growth in the smart lighting market is attributed to the increasing smart homes market along with customization benefits and the continuously decreasing Average Selling Price (ASP) of LED bulbs. However, designing challenges while using LED, and lack of standards and the associated interoperability issues are restraining the growth of the global smart lighting market. The smart lighting market has been tracked along the lines of its components, technologies, application areas, and geography. Revenue generated from various application areas, namely residential application, commercial application, automotive, and outdoor have been analyzed. The report also covers the smart lighting market on a global scale, and consequently provides revenue data of the key regions. A separate segment has been made for the key global regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (ROW). Smart lighting includes automated controls and high efficiency fixtures, designed for energy efficiency. The controls are used for the adjustments of light on the basis of conditions such as daylight or occupancy availability. Among all the fixtures, Light Emitting Diode (LED) and Organic Light Emitting Diode (OLED) hold the highest and lowest share respectively of the market in 2016. Widespread use of LED products in developed regions had a tremendous impact on energy savings, thence increasing the LED lighting market many folds since its inception. LEDs are also used for many non-conventional lighting purposes as in automobile lighting and their unidirectional feature enables them for use in aesthetic and architectural lighting purposes. These features give LED lighting market an edge over traditional lighting markets. Wired technology has been more prevalent however, with the recent development in RF technologies there is an increase in the number of wireless installations worldwide. Although both of the technologies have their advantages and disadvantages, it totally depends on the user’s requirement to prefer any of them. Moreover, wireless control devices can be integrated with occupancy and daylight sensors to provide automated and enhanced light settings with significant energy savings. These technologies are also prone to reduced performance due to bad weather conditions. The market is dominated by Asia Pacific region and Europe is expected to grow with the highest rate in the coming years. The dominance of Asia-Pacific smart lighting market over other regions is due to the heavy demand for new construction, strong economic growth driven mainly by China, and increasing affordability of LED lighting in the region. The Government of China supports the installation of outdoor LED lighting, which is further expected to accelerate the growth of the smart light fixture and control market in the region. Some of the key players in the industry are Acuity Brands Inc., ams AG, General Electric Company, Honeywell International Inc., Koninklijke Philips N.V., Lutron Electronics Co. Inc., NXP Semiconductors NV, OSRAM Licht AG, and Zumtobel Group AG among others. Smart lighting continues to propel the lighting industry with increasing revenue at a global level. The integration of physical security industry with smart lighting, changing paradigm of lighting industry to electronics industry and adding voice control feature to the upcoming products led to the global emergence of smart lighting market. The global Smart Lighting market is estimated to witness a growth at a CAGR of 12.7% over the period 2016 to 2022. This growth is expected due to increasing smart homes market along with customization benefits and continuously decreasing Average Selling Price (ASP) of LED bulbs. The U.S. generated the maximum amount of revenue in the year 2015 in the global smart lighting industry among all the countries; whereas, The U.K. has the maximum potential to grow in the forecast period. If the industry has the prospects of growing with the same pace, it will cross $78 billion in total market value by the end of forecast period 2022. The industry analysis section has examined the impact of the five major forces and value chain analysis to understand the overall attractiveness of the industry. The most often used strategy for developing a better hold on to the market has been through product launches, followed by partnerships, joint ventures, and collaborations. Moreover, the company profile section includes highlights of significant information about the key companies involved along with their financial positions, key strategies, and developmental activities of recent years. Some of the key players involved in this market are Acuity Brands Inc., ams AG, General Electric Company, Honeywell International Inc., Koninklijke Philips N.V., Leviton Manufacturing Co. Inc., Lutron Electronics Co. Inc., NXP Semiconductors NV, OSRAM Licht AG, and Zumtobel Group AG. The report is a compilation of different segments of Global Smart Lighting Market including market breakdown by component, technology, and application. It further takes in Porter’s five forces analysis and market dynamics. The report also discusses in detail about the key participants involved in the industry. The report answers the following questions about the Global Smart Lighting Market: • What are the prevailing components, and technologies used in smart lighting? • What are the different application areas of smart lighting? • What are the different factors driving the market in the forecast period? • What are the factors restraining the growth of Global Smart Lighting Market? • Who are the different participants in the Global Smart Lighting Market? • What kind of new strategies are being adopted by existing market players to make a mark in the industry? • Which region will lead the Global Smart Lighting Market by the end of forecast period?