Global Smart Lighting Market is Projected to Grow at a CAGR of 4.6% during the Forecast period (2016-2024)

New York, USA, 2018-Dec-05 — /EPR Network/ —

According to Goldstein Research, growing energy saving concerns and emerging advanced technologies such as internet of things (IoT) and connected devices coupled with accelerating LED price erosion are the major factors driving the growth of smart lighting market.

By 2020, there could be more than 50 billion devices and 7 billion people connected. This has tremendous implications for cities and businesses, over the next few years millions of lights will be converted to LED technology.

Moreover, streetlights also constitute major share in the Smart Lighting Market. Global Smart Lighting Market Outlook also includes product development, technological advancements and investment strategies adopted by major market players in order to expand their business across the globe.

China is expected to dominate the smart lighting market followed by Japan and South Korea due to high LED production and rapid smart lighting penetration in these countries. Smart Lighting Market Size accounted for USD 38.1 billion in 2016 and expected to reach USD 54.7 billion by the end of forecast period i.e.

2024. Further, the market is anticipated to expand at a compound annual growth rate of 4.6% over the forecast period i.e. 2016-2024.

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Market Segmentation

On the basis of our in-depth analysis, global smart lighting market can be segmented as follows:

By Product Type

• Smart Bulbs
• Fixtures
• Control Systems
• Drivers and Ballasts
• Switches and Dimmers Actuators
• Sensors
• Microcontrollers
• Transmitters and Receivers

By Light Source Type

• Light Emitting Diode (LED)
• Fluorescent Light
• High Intensity Discharge Lamps

By Applications

• Commercial
• Industrial
• Residential
• Architectural Lighting
• Others

Based on Geography

• North America (U.S. & Canada) Smart Lighting Market {Market Share (%), Market Size(USD Billion)}
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America) Smart Lighting Market {Market Share (%), Market Size(USD Billion)}
• Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden &RoE) Smart Lighting Market {Market Share (%), Market Size(USD Billion)}
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) Smart Lighting Market {Market Share (%), Market Size(USD Billion)}
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA) Smart Lighting Market {Market Share (%), Market Size(USD Billion)}

“Global Smart Lighting Market Outlook 2024” contains detailed overview of the global smart lighting market. On the basis of our in-depth analysis, market can be segmented in terms of market segmentation by product type, by light source type and by applications.

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Further, for the in-depth analysis, Global Smart Lighting Market Report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes competitive outlook of some of the major players profiling of companies such as Philips Lighting, OsramLicht AG, Zumtobel Group, CREE Inc, General Electric Company, Digital Lumens, SemiLEDs Corporation.

The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents the global smart lighting market trends along with market forecast that will help industry consultants, technology providers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

Smart Lighting Market is driving on the basis of advancement in given below industries:
Sensors Market

Sensors are the components in a larger system that collects information about the world, organize the information in an understandable form and then it communicates that information. Sensors technology is widely being used across the world as the most of the cutting edge technologies rely on the functioning of the sensors.

The Sensors Market is set to harness market revenue of USD 250 billion by 2025 growing at a CAGR of 11.60% over the forecast period (2017-2025).
Building Energy Management System Market

growing consumption of energy in commercial and residential buildings has significantly augmented the need for energy conservation and effective building energy management systems across the globe, which is the major factor for the growth of BEMS Market. The Building Energy Management System Market accounted for USD 2.8 billion in 2016 and expected to reach USD 9.2 billion by the end of forecast period i.e.

2024. Further the market is anticipated to expand at a compound annual growth rate of 16.0% over the forecast period i.e. 2016-2024.

Home Decor Market

Growth in the global interior designing market and the rise in construction of new buildings are fuelling the growth of the global home décor market. With the revamp of the housing sector in the US as well as in Europe, the home décor and interior designing market have started to creep up.

Global Home Décor Market is set to reach nearly USD 50 billion by 2024, growing at a CAGR of 8.3% over the forecast period (2017-2025).

LED Grow Light Market

major driving factor for LED grow light market is the increasing investment by the government for green house technology such as LEDs and banning on the usage of incandescent bulbs. Moreover, one of the major trends in the global LED grow light market is the non-visible light spectrum such as the use of UVs or IR LEDs.

Non-visible LEDs will penetrate in the industries such as the biometrics, biomedical and agricultural industries. the LED Grow Light Market size is set to reach USD 4.3 billion by 2024, growing at a CAGR of 27.90% over the forecast years.

With the increasing emphasis on food security the market for LED grow lights is expanding.