Smart Lighting Market Size
August 07, 2019
Growing Adoption of LED (Light-Emitting Diode) Supporting Smart Lighting Market
The increasing deployment of advanced
technologies, such as intelligent sensing and internet of things in lighting
solutions, and the rising consumption of energy-efficient lighting owing to the
surging consumer awareness on energy conservation are two of the key factors
behind the growth of the smart lighting market.
The market is predicted
to grow at a CAGR of 20.0% during 2017–2023 (forecast period), attaining a size
of $27,064.0 million by 2023. Smart lighting is an enhanced technology-enabled
lighting system, which is integrated with several sensors and wireless
technology and is capable of lowering the energy consumption.
Based on source,
the smart lighting market is categorized into fluorescent lamp,
light-emitting diode (LED), and high-intensity discharge lamp. Out of these,
during the historical period (2013–2016), the LED category led the market in
terms of revenue, and it is predicted to maintain its lead during the forecast
period.
With the emergence of new technologies
and advancements in smart and intelligent LED lighting solutions, LED is
expected to be exhibit the fastest growth during the forecast period. LED is a
semiconductor device that emits light when electric current passes through it.
Geographically,
during the 2013–2016 period, Europe dominated the smart lighting market
in terms of revenue with a 35.0% share, and it is predicted to continue leading
it during the forecast period.
Hence,
the growing adoption of smart lighting in various application areas and rapid
development of smart cities are two of the factors playing a significant role
in the healthy progress of the market.
