Global smart lighting Market expected to reach USD 54.7 billion by the end of forecast 2024 – PMR

Smart lighting Market Size, Smart lighting Market Share, Smart lighting Market Trends, Smart lighting Market Growth, Smart lighting Market Forecast, Smart lighting Market Report, Smart lighting Global Market Research,

Global smart lighting Market accounted for USD 38.1 billion in 2016 – PMR

Global Smart Lighting Market
Market Overview
The global lighting market is on a clear transition path from conventional lighting technologies to LED and CFLs. Smart lighting solutions are becoming more versatile and can be implemented into buildings and outdoor environment in numerous ways to save energy and by providing safer and cheaper lighting solutions. On the other hand, stringent government regulations across the globe have significantly fueled the penetration of more energy-efficient light sources such as LEDs. For instance, China has passed a legislation banning incandescent light bulbs. Emerging advanced technology such as IoT has successfully connecting devices to the internet. By 2020, there could be more than 50 billion devices and 7 billion people connected. This has tremendous implications for cities and businesses, over the next few years millions of lights will be converted to LED technology. Moreover, streetlights also constitute major share in the global smart lighting market. There are approximately more than 320 million street lights across the globe which is anticipated to grow over 350 million units of street lights by 2024. The public outdoor lighting market is currently shifting towards the adoption of efficient LED lights which will foster the smart lighting market growth significantly. Many market players are partnering with technology companies to provide advanced and innovative lighting solutions to the customers. For instance, Digital Lumens and Xicato announced strategic partnership in 2014 to provide wireless intelligent solutions to professional indoor applications, drive adoption and lower the cost of ownership of energy efficient smart lighting.

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Market Segmentation
• By Product Type
o Smart Bulbs
o Fixtures
o Control Systems
o Drivers and Ballasts
o Switches and Dimmers Actuators
o Sensors
o Microcontrollers
o Transmitters and Receivers
By Light Source Type
Light Emitting Diode LED
Fluorescent Light
High Intensity Discharge Lamps
• By Applications
o Commercial
o Industrial
o Residential
o Architectural Lighting
o Others
• By Geography
o North America US, Canada {Market Share % , Market Size USD Billion , Adoption Rate % }
o Europe UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe {Market Share % , Market Size USD Billion , Adoption Rate % }
o Middle East and Africa GCC Countries, North Africa, South Africa and Rest of Middle East & Africa {Market Share % , Market Size USD Billion , Adoption Rate % }
o Latin America Brazil, Mexico and Rest of Latin America {Market Share % , Market Size USD Billion , Adoption Rate % }
o Asia Pacific China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific {Market Share % , Market Size USD Billion , Adoption Rate % }
o Rest of the World {Market Share % , Market Size USD Billion , Adoption Rate % }
Growth Drivers and Challenges

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Emerging concepts of smart cities and smart buildings coupled with advanced technologies such as IoT and connected devices there has been a resultant rise in the adoption of smart lighting solutions. Rising investments in smart homes and smart cities would foster the market for smart lighting. For instance, Ersules deployed the connected technology to the lighting industry and expected to make bug impact over time, in collaboration with Intel, McAfee and Wind River. On the other hand, rapidly growing demand for energy conservation coupled with government initiative is expected to impel the deployment of adaptive street lights, further boosting the demand for LEDs. Energy saving standards and various governments policies for energy consumption are widespread adoption across geographies such as BREEAM in European Union, CASBEE in Japan and standards for green construction in China. In 2011, South Africa passed the laws to ensure that new buildings meet specific energy efficiency standards. Banning inefficient lighting technologies and stringent regulations on energy efficiency requirements will further propel the growth of smart lighting technologies.
Market Size and Forecast
The global smart lighting market accounted for USD 38.1 billion in 2016 and expected to reach USD 54.7 billion by the end of forecast period i.e. 2024. Further the market is anticipated to expand at compound annual growth rate of 4.6% over the forecast period i.e. 2016-2024.
Asia Pacific region accounted for the largest, general as well as smart lighting market in 2016. The value based smart lighting share in Asia Pacific market accounted for more than 46% in 2016 owing to the fast penetration in South Korea, China and Japan among others. Asia Pacific region is closely followed by the Europe with estimated market share at around 28% of global smart lighting market. The share is anticipated to rise over 30% by 2024. The value based smart lighting market share for 2016 is accounted at around 40% in North America. This is expected to grow around 70% by 2024.
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