October 26 2020
Smart Lighting Global Market - Overview
The global smart lighting market is expected to exhibit a strong 27% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global smart lighting market is expected to rise to USD 25 billion over the forecast period.
Smart Lighting Market is mainly driven by the growing demand for smart city planning in urban centers in developed as well as developing countries. Smart lighting is often considered the gateway to smart city planning, as replacing all the lighting systems in a city with smart lighting systems is often a highly commendable and affordable step for city municipalities. The growing government support to smart city initiatives is likely to be a major driver for the global smart lighting market over the forecast period. Street lighting and lighting on public transportation systems is likely to be the first beneficiary of smart lighting systems, followed by industrial, commercial, and residential use.
The growing demand for energy efficiency is likely to be a major driver for the global smart lighting market. The demand for smart lighting has been driven by the fundamental fact that it can be turned off remotely, thus allowing the user to reduce electricity expenses in the long term. This is likely to become a crucial driver for the global smart lighting market over the forecast period, as residential and commercial use of smart lighting is also likely to increase over the forecast period, in hand with the growing awareness about their utility.
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The prominent players in smart lighting market are – Philips Lighting Holding B.V. (The Netherlands), Acuity Brands Lighting, Inc. (U.S.), General Electric Company (U.S.), Osram Licht AG (Germany), Honeywell International Inc. (U.S.), Legrand S.A. (France), Schneider Electric SE (France), CREE, Inc. (U.S.), Cooper Industries, Inc. (Ireland), Digital Lumens, Inc. (U.S.) and others.
The global smart lighting market is segmented on the basis of component, product type, communication technology, application, and region.
Europe is the leading regional segment of the global smart lighting market and is likely to retain a strong hold over the smart lighting market over the forecast period due to the growing public and government support to environmentally beneficial technology. The long-term cost and power savings offered by smart lighting systems have resulted in widespread application of smart lighting in Europe. The supportive presence of the required infrastructure and financial concessions is likely to be a key driver for the smart lighting market in Europe over the forecast period. North America is also likely to witness a growing demand for smart lighting over the forecast period.
Get Complete Report @ https://www.marketresearchfuture.com/reports/global-smart-lighting-market-960
TABLE OF CONTENTS
1 Market Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Component
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
3 Market Dynamics
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
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