The global market for smart lighting is highly fragmented in nature. Transparency Market Research in their report observed that players in the market are spending hefty amount behind research and development to produce a more efficient product. This is helping them to expand their product portfolio. This is anticipated to intensify the competition among players to capture customer base. Established players are focusing on expanding their geographical reach. Players in the market are also working on to provide a better service. Some of the major players in the market Osram Licht AG, Honeywell International Inc., Lutron Electronics, Digital Lumens, Royal Philips N.V., and Acuity Brands.
According to Transparency market Research, the global smart lighting market is prognosticated to expand a robust CAGR of 15.9% during the assessed period 2014 – 2020. The market is likely to be valued at US$ 56.6 bn by the end of the tenure period.
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The market on the basis of lighting type is segregated into fluorescent lamp, high intensity discharge lamp, compact fluorescent lamp, LED lamps, high intensity discharge lamp, and others. Of these, LED lamp segment held the majority of the share owing to alleviation from expensive electricity bills. The lamps were extensively used in both commercial and residential buildings. On the basis of geography, Europe held the leading position and is expected to continue dominating over the tenure period owing to the presence of numerous players in the region and rapid adoption of smart lighting. On the other hand, North America held a whooping share of 35% share of the overall market.
High Demand for Energy Efficient Lighting to Fuel the Demand
Rapid advancement in the technology is considered to be one of the major reason boosting the market growth. Rising urbanization and increase in construction activities is leading to surge in number of residential building, which is having a positive influence on the smart lighting market. High demand for energy efficient lighting is prognosticated to play a pivotal role in pushing the market in the forward direction. Growing demand for lights equipped with wireless and sensor technology has further favored the growth of the market. Apart from these, high demand for smart intelligent street lights to avoid accidents and encourage smart city concept is fostering the growth of the market.
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High Initial Cost of Smart Lighting to Hamper Market Growth
The global smart lighting market is riding on several drivers, however it has been noticed that the market is confronted by some restraints which are likely to hamper market growth. One of the key concern that the market faces is the temperature sensitivity. It has been noted that the surrounding temperature have an impact on the quality of diodes lighting. When these lights are lit up in high temperature surrounding, parameters are noted to change the current passing by the semiconductor elements. This is likely to burn out the LED module. To locate a surrounding that can adapt smart lighting system is predicted to hamper market growth. Furthermore, high initial cost in smart lighting is predicted to dissuade users. On the other hand, government initiatives to foster adoption smart lighting is expected to help the market gain momentum.