SOURCE: Transparency Market Research, PVT LTD.

Transparency Market Research

May 18, 2015 06:46 ET

Global Smart Lighting Market Is Expected to Reach USD 56.62 Billion in 2020: Transparency Market Research

ALBANY, NY--(Marketwired - May 18, 2015) - According to a new market report published by Transparency Market Research "Smart Lighting Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020" global smart lightning market was valued at USD 21 billion in 2013, growing at a CAGR of 15.9% from 2014 to 2020 to account for USD 56.62 billion in 2020.

To browse through the ToC or purchase the Smart Lighting Market Report, please visit: http://www.transparencymarketresearch.com/smart-lighting-market.html

The smart lighting market is primarily driven by the growing demand for energy efficient lighting system in order to reduce energy consumption cost. Smart lighting solutions primarily find applications in commercial, industrial, residential and outdoor lightings. The lighting systems contributes majority of the energy consumption cost in commercial and industrial buildings. Presently, most of the lighting systems installed are based on the traditional lighting systems. However, increasing awareness for reducing lighting energy consumption cost among the building owners is driving the growth of the smart lighting market. In addition, development of sensor and wireless technology in the field of smart lighting for better lighting efficiency and monitoring lightings is fueling the growth of the market. Growing implementation of smart lighting for intelligent streetlights and replacement of traditional lamps with LED lamps is further aiding the growth of this market.

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Controllable breaker held the highest market revenue share accounting to USD 5.19 billion in 2014 and is expected to maintain stable growth during the forecast period. Traditional circuit breakers are gradually being replaced by smart controllable breakers driving the growth of controllable breakers market. However, smart lighting sensors and dimmers have the highest growth potential among different components of smart lighting during the forecast period. Increasing demand for energy efficient lighting systems and creating better lighting experience for users are driving the growth of these component segments.

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The compact fluorescent lamp segment led the smart lighting market in 2014, by accounting for USD 9.03 billion. The dominance of this segment is due to the high durability and energy efficiency among other lighting types. Moreover, during the forecast period LED lightings have the highest growth potential among other lighting types. However, the high cost of LED lamps is restraining the growth of this segment. The LED lighting segment is about to grow with a CAGR of 17.2% during the forecast period. By application of smart lighting, commercial and industrial application led the smart lighting market in 2014 and is expected to maintain its dominance during the forecast period. Smart lighting systems are primarily incorporated in commercial and industrial buildings for increasing demand for energy efficient and automated lighting systems.

Geographically, Europe led the smart lighting market in 2014 and the region is expected to continue its dominance in 2020. The region’s dominance is due to the increasing adoption of smart lighting solution in different application segments including commercial, industrial, outdoor and residential segment. Europe is followed by North America which accounts for approximately 35% of the global smart lighting market.

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The report provides company market share analysis of the various regions participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies and recent developments in the field of smart lighting industry. Major market participants profiled in this report include Honeywell International Inc., Legrand SA, Lutron Electronics Company Inc., Osram Licht AG and Royal Philips N.V among others.

The report studies the global smart lighting market, and provides estimates in terms of revenue (USD Billion) from 2014 to 2020. Market estimates on the basis of components, application and lighting type for each region. The market has been segmented as follows:

Smart Lighting Market: By Geography

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

Smart Lighting Market: By Component

  • Relays
  • Controllable Breakers
  • Sensors
  • Switch Actuators
  • Dimmer Actuators
  • Others

Smart Lighting Market: By Lighting Type

  • LED Lamps
  • Fluorescent Lamp
  • Compact Fluorescent Lamp
  • High Intensity Discharge Lamp
  • Others

Smart Lighting Market: By Application

  • Commercial & Industrial
  • Residential
  • Outdoor Lighting
  • Public & Government Buildings
  • Others

The report provides a cross-sectional analysis of all the above segments with respect to the following regions:

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World (RoW)

About Transparency Market Research

Transparency Market Research (TMR) is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.

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