High Demand for Smart Street Lighting Solutions to Drive Global Smart Lighting Market
Global smart lighting market was valued at USD 23.42 billion in 2014, growing at a CAGR of 15.9% from 2014 to 2020. Smart lightings are offered by coupling different lighting types with intelligent lighting control technologies. Growing need for energy efficient and automated lighting systems is driving the growth of this market. Increasing awareness among the building owners about smart lighting systems for reducing energy consumption and monitoring lighting systems is further aiding the growth of this market.
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The global smart lighting market is segmented by regions into North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW). The growth of smart lighting market is primarily driven by the growing need for reduction in energy consumption cost by efficient lighting systems powered with intelligent lighting controls technologies. Smart lighting systems can substantially reduce energy consumption by incorporating various sensors including natural light sensors, occupancy sensors and motion sensors among others. It enables switching off lights in unoccupied rooms automatically and adjusting brightness depending on the availability of natural light. Moreover, development of sensors and control technologies in the field of smart lightings are further fueling the growth of this market. In addition, LED lamps replacing the traditional lightings are creating new opportunities for the existing and new players in the market.
In 2014, Europe led the smart lighting market and the region is expected to maintain its dominance throughout the forecast period. The adoption of smart lighting systems as energy efficient lighting solution is leading to the growth of smart lighting market in the region. North America followed Europe accounting for more than 35% of the global market revenue share. Asia pacific (APAC) and RoW are comparatively niche markets for smart lighting during the forecast period but are expected to grow significantly during the forecast period.
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The global smart lighting market by components is categorized into relays, controllable breakers, sensors, switch actuators, dimmer actuators and others. The controllable breakers had the highest market revenue share in 2014 and are expected to continue its dominance during the forecast period. However, sensors and dimmer actuators have the highest growth potential during the forecast period. The increasing demand for automated lighting systems and creating a better lighting experience for users are driving the growth of sensors and dimmer actuators segment during the forecast period.
Based on the lighting type, the smart lighting market is segmented into LED lamp, fluorescent lamp, compact fluorescent lamp, high intensity discharge lamp and others. Compact fluorescent lamps have the largest market share in 2014; however the LED lamps are expected to grow significantly during the forecast period. LED based lighting coupled with connecting technology is driving the growth of LED lamps segment during the forecast period.
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Based on the application, the smart lighting market is segmented into commercial and industrial, residential, outdoor lighting, public and government buildings and others. The commercial and industrial segment has the highest market share in terms of revenue and is expected to maintain its dominance during the forecast period. However, residential application segment has the highest growth potential during the forecast period. Players like Royal Philips and Samsung launched LED based lighting with lighting controls targeted to residential segment is further aiding the growth of this segment.
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