Wired technology is a leading technology landscape with more than 70% share in the smart lighting market. The growth of the market is credited to the large-scale adoption of DALI and PLC protocols among residential & outdoor applications respectively. The reliability and the ability to withstand harsh environment condition is also supporting the market growth in the region. Whereas, the wireless technology market is projected to grow with a CAGR of over 21% during the forecast period due to numerous benefits offered by the technology including flexibility, convenience, and cost-effectiveness.
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Indoor lighting applications are dominating the smart lighting market with more than 78% of share in the revenue. The market is driven by the growing demand for energy-efficient lighting solutions among residential, commercial, and industrial facilities. The supportive government initiatives for the promotion of energy-efficient lighting along with the ban on the use of inefficient lighting solutions is augmenting the market growth. the rising trend of connected bulb and home automation systems fosters the market growth. On the other hand, the outdoor lighting market is projected to attain a CAGR of over 20% during the forecast timeline. The increasing investments by government authorities in smart city development initiatives are accelerating the adoption of the smart lighting solutions.
Rise in smart city projects and innovations in home automation are driving smart lighting market forecast significantly. The growing urban population has triggered initiatives by the government to provide access to efficient LED lights, along with deploying AI and IoT in building automation systems for commercial, residential and industrial spaces. The Ministry of Housing and Urban Affairs in India had set up a smart cities mission with a view of developing over 100 cities in the country over a span of five years.
Regional authorities are increasingly partnering with technology companies to implement their vision of a smart and connected city. Intel and the City of San Jose, California have collaborated on a public-private project to deploy the company’s smart city demonstration platform to boost the Green Vision initiative of the city. Smart city infrastructure facilitates efficiency, cost reduction and provides an improved livelihood for city occupants. Rise in smart city initiatives worldwide has led to increased impetus for smart lighting market size.
Europe accounts for more than 35% of share in the smart lighting market in 2018. The growth of the market is attributed to the widespread adoption of LED lamps across the region. The governments across the region have rolled multiple programs to phase out the production and use of inefficient lighting technologies. Moreover, the steady economic condition in the region along with the rising smart city development programs is fostering the market growth. On the other hand, the Asia Pacific’s smart lighting market will grow at a CAGR of over 19% during the forecast period. The stringent government regulations on the use of inefficient lighting solutions are accelerating the adoption of smart lighting solutions.
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The prominent vendors in the smart lighting market space are Acuity Brands, Cree, Deako, Echelon Corporation, GE Lighting, Osram, Philips Lighting, Schneider Electric, Silver Spring Networks, and Tvilight.
Glimpse of Table of Content (ToC)
Chapter 5. Global Smart Lighting Market, By Component
5.1. Key trends, by component
5.2.1. Market estimates and forecast, 2014-2025
5.2.2. Smart bulb
184.108.40.206. Market estimates and forecast, 2014-2025
220.127.116.11. Market estimates and forecast, 2014-2025
5.2.4. Light Controls
18.104.22.168. Market estimates and forecast, 2014-2025
5.3.1. Market estimates and forecast, 2014-2025
22.214.171.124. Market estimates and forecast, 2014-2025
126.96.36.199. Market estimates and forecast, 2014-2025
5.4.1. Market estimates and forecast, 2014-2025
5.4.2. Pre-sales services
188.8.131.52. Market estimates and forecast, 2014-2025
5.4.3. Post-sales services
184.108.40.206. Market estimates and forecast, 2014-2025
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