The top three players operating in the global smart lighting and control systems market are Koninklijke Philips N.V, Acuity Brands Lighting, Inc., and General Electric Company. These companies held a lion’s share of 47.53% in the overall market in 2015. These players are projected to emphasize on the product developments in the coming years to retain their dominance.
“Building brand image through strong business and marketing strategies is also expected to one of the key strategies of these player in the coming years,” states the lead author of this research report. The research report states that the global smart lighting and control systems market is estimated to reach a valuation of the US$96.38 bn by the end of 2024. The market is anticipated to rise at a CAGR of 15.6% during the period from 2016 to 2024. The market was worth US$26.26 bn in 2015.
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On the basis of lighting source the market is segmented into fluorescent lamps and compact fluorescent lamps, high intensity discharge lamps, and light emitting diodes lights and lamps. The LEDs are expected to surge at an exceptional pace during the forecast period at a CAGR of 17.3%.
This growth will be a result of persistent efforts to ensure sustainable development that reduce CO2 emissions and power consumption. In terms of geography, the North America smart lighting and control systems market is anticipated to dominate the overall market. This regional market is expected to acquire a share of 33.4% in the market during the forecast period.
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The growing awareness amongst consumers about energy efficiency against the backdrop of rising concerns pertaining to carbon emissions and global warming is expected to boost the demand for smart lighting solutions and control systems. The increasing emphasis on ensuring reduction of greenhouse emissions and energy conservation are anticipated to be the key drivers of the global market. Owing to these reasons, several industrial, commercial, and other sectors are opting for smart lighting and control systems. These causes are being also being supported by the governments across the globe that are insisting on adoption of these lights and systems to contain the harmful effects of traditional lights on environment.
As the usage of smart devices remains on the upswing, they have triggered a significant demand for smarter solutions. Today, smart lighting systems that come with automated controls can be operated through smart devices. Thus, these lights are used in residential, commercial, and industrial sectors as they can be controlled from a distance in wireless ways. The market is also expected to receive a boost from the increasing consumption of electricity in various sectors that are looking for ways to improve energy optimization.
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Despite the several benefits of using smart lighting and control systems, the market is being restrained by their high initial cost. Owing to this reason, the implementation of smart lighting and control systems is quite restrained in the residential sector. Furthermore, the market is also being hampered by the lack of skilled labor that is required for installing these lighting systems.
A poor setup can cause an impediment in the functioning of the lighting systems and hamper the output in the long run. The review is based on Transparency Market Research’s report, titled “Smart Lighting and Control Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024.”
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