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Smart Lighting Market Will Generate New Growth Opportunities by 2024

August 15, 2017

With the rising concern of greenhouse emissions and energy conservation globally, lighting industry is in a phase of transformation in coming years. Technological advancements for intelligent control systems having features such as automated light control (daylight/natural), color temperature, occupancy, and movement, among the other parameters would increase opportunities for players in the market. “Smart Lighting” systems provide customers the ease of use, cost-effective, less complex, and energy efficient systems and are thus, expected to grow in coming years.

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The key parameters for segmenting the market include by type, component, application, and technology used. Further the classification on basis of type includes fluorescent lamps, LED lamps, and High intensity discharge lamps. The categorization according to the application focusses commercial, residential, and industrial sector. The segment component type can be further sub-segmented as controllers, chipsets, sensors, and others will define the market.

Factors such as eradication of incandescent lamps, evolution of wireless technology, developments in sensor and electronics sector are driving the demand of the market. Among various solutions for smart lighting, use of LED is preferred by the customers. The advancements in technologies such as HID lamps and LED bulbs would grow the market.

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By geography, the market has Europe as a major contributor with Asia-Pacific and North America as growing markets. The key players of the market include names such as Konjnklijke Philips N.V., Osram GmbH, Lutron Electronics Co. Inc., Legrand S.A., among the others which provide solutions for ease of use to the customers.