Study on Smart Lighting Market Revealing Key Insights and Forecast Projections for the Period 2017-2025
Market Research Reports Search Engine (MRRSE) has added a fresh market intelligence report to its comprehensive collection of research studies. The research study, titled “Global Market Study on Smart Lighting: Smart City Program in Various Regions Across the Globe to Boost Demand for Smart Lighting Products” offers a detailed analysis, presenting insights into the key trends and dynamics that are influencing the growth of the market. In addition, the product segmentation, geographical scenario and competitive landscape of the market have been discussed in the study which describe the future growth prospects of the given forecast period.
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Global smart lighting market: Unique strategies and exceptional market analysis
According to the findings presented in this report, companies operating in the global smart lighting market are entering into key business partnerships as these help in increasing business revenue. New innovations in lighting solutions are enabling smart lighting providers to leverage new business opportunities across the globe. North America and Europe were the dominant markets in 2016 in terms of revenue in the smart lighting market, while Asia Pacific is expected to dominate in terms of CAGR during the forecast period. North America is projected to be a key market in the global smart lighting market – the increasing adoption of better lighting infrastructure is a driving factor for the growth of the smart lighting market in this region. Focusing on energy efficient technology is a key factor driving the adoption of smart lighting.
An increasing awareness of better lighting infrastructure to boost the growth of various products available in the global smart lighting market
Government organizations in different countries are taking several steps to develop smart cities and installation of smart lighting is one of the significant programs that is being undertaken. Rapid urbanization, development of smart buildings and government initiatives in smart city projects are some of the top factors driving demand for various smart lighting products such as lighting control, fixture and others. In 2017, the lighting control segment was valued at more than US$ 3,400 Mn, and is expected to witness steady growth in terms of revenue throughout the forecast period.
Increasing application of lighting solutions in the healthcare sector to create a positive impact on the global market for smart lighting
One of the major reasons behind the growth of the global smart lighting market is the increasing application of color changing LED in several sectors such as industrial, healthcare, and commercial. To provide a relaxing environment to the patients while conducting various seminars with the help of soothing light effects, sound and color changing lights, several hospitals across the globe are installing LED lighting solutions. For instance, Hillerod Hospital in Denmark has installed might and sound in the maternity ward to help pregnant women so that they can be more comfortable and relaxed.
In the APAC region, governments in countries like India and China are focusing on the smart city program. In this program old and outdated infrastructure including old incandescent bulbs are replaced with innovative technology such as connected and embedded lighting fixtures. An increase in smart city spending is creating a positive impact on the global market for smart lighting. In April 2017 for instance, the Indian government announced plans to invest in the smart cities initiative. The government has already allocated over US$ 2.3 Bn for this project in the last two budgets.
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Leading players located in North America are focusing on acquiring government contracts associated with street lighting, architecture/monument lighting, and other lighting projects. The objective behind obtaining government contracts is to get bulk business. Besides, the success of one project may germinate the high possibility of extracting more lighting contracts from the government. All the aforementioned factors are acting in favor of the global smart lighting market revenue growth.
Tier wise market share structure indicates the prominence of Tier 1 smart lighting vendors, who currently hold about 40% market share
Tier-1 smart lighting vendors currently account for around 40% of the overall market. Tier-1 vendors are the largest and most experienced in the industry, and have a wide range of product portfolios and significant regional coverage across the globe. Some of the vendors in this category include Royal Philips NV, OSRAM Licht AG., Honeywell international, and Schneider Electric SE. Tier-2 & Tier-3 smart lighting vendors currently hold just under 34% and 27% market share respectively.
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