Smart Lighting and Control Systems Market Size Estimation, Growth Rate, and Future Trends
The factors that are playing a major role in the growth of the market are the increasing interest of residential customers towards home automation, expansion and modernization of infrastructure to convert cities into smart cities, decreasing the cost of LEDs, and the rising awareness among government and consumers regarding energy savings.
(firmenpresse) - Global smart lighting and control systems market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Smart lighting and control systems are energy-efficient and can be controlled automatically.
The factors that are playing a major role in the growth of the market are the increasing interest of residential customers towards home automation, expansion and modernization of infrastructure to convert cities into smart cities, decreasing the cost of LEDs, and the rising awareness among government and consumers regarding energy savings. However, the high cost of installation, privacy and security issues, and lack of awareness regarding payback periods may restrain the overall market in the years to come. Smart lighting and control systems market is segmented based on type, connectivity, offering, application, and region.
Light emitting diodes (LEDs), fluorescent lamps, and high-intensity discharge lamps (HIDs) are the types that could be explored in smart lighting and control systems in the forecast period. Light emitting diodes (LEDs) sector accounted for the substantial share of smart lighting and control system market and is estimated to lead the overall market in the years to come. The reason could be the high demand from end-users, the high energy savings, and low carbon emission.
Based on the connectivity, wireless and wired could classify smart lighting and control systems in the forecast period. The wireless sector is estimated to grow at the highest CAGR in the years to come. Also, the sector is estimated to lead the overall market in the years to come.
Services, hardware and software are the offerings that could be explored in smart lighting and control systems in the forecast period. Services sector comprises post-installation, design and engineering, and installation. Whereas, the hardware sector comprises lighting controls and lights & luminaires. The hardware sector accounted for the substantial share of the market and is estimated to lead the overall market in the years to come.
The market may be categorized based on applications like outdoor and indoor that could be explored in the forecast period. The indoor application sector comprises industrial, residential, and commercial. Whereas, outdoor application sector comprises public places, highways and roadways, and architectural. The indoor sector accounted for the significant share of the market and is estimated to continue its dominance in the years to come.
Globally, North America accounted for the significant share of smart lighting and control system market and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the acceptance of latest technology, the presence of key manufacturers in the region, the high demand from end-users like private and commercial industries, and the rising effort to control the hazardous influence of electricity consumption on the environment. The United States is a major consumer of smart lighting and control systems in this region.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The developing countries like India and China are the major consumers of smart lighting and control systems in this region.
The key players of smart lighting and control systems market are Honeywell International, Inc., Acuity Brands Lighting, Inc., Lutron Electronics Company, Inc., General Electric Company, Elgato Systems, LiFI Labs, Inc., Belkin International, Inc., Elgato Systems, Koninklijke Philips N.V., Lightwave PLC, and Eaton Corporation. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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Datum: 26.09.2019 - 06:09 Uhr
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