Chicago, Ill. -- The report "Smart Lighting Market by Connectivity Technologies (Wired & Wireless), End Users, by Lighting Types (Fluorescent Lighting, LED Lamps, & Others), by Components (Control & Communication, Luminaries & Fixtures), and Geography - Global Forecast to 2020", published by MarketsandMarkets, the total Smart Lighting Market is expected to reach USD 8.14 Billion by 2020, growing at a CAGR of 22.07% between 2015 and 2020.
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Lighting market is expected to witness a high-growth especially from its emerging smart lighting technology. The term "Smart Lighting" refers to the environment controlled by lighting control systems. In brief, lighting control systems use factors such as occupancy, available daylight, and time of the day to turn lights on or off accordingly, thus providing noteworthy energy and cost savings. The need for smart lighting products is evolving and growing continuously. The smart lighting techniques are utilized for area specific lighting, it works on the principle of calculating and managing the requirement of lighting in a particular area. The end users can control cost and eliminate lighting wastages by investing in smart lighting. Therefore, the end users can optimize the excessive use of their resources by using smart lighting technologies.
There is always a demand supply gap in the power sector and to overcome this problem smart lighting technologies gives a perfect solution. The demand for intelligent lighting controls for smart lighting is increasing in a tremendous way and this further supports the growth potential of Smart Lighting Market. This report covers the "Global Smart Lighting market" and all its market aspects with future opportunities, drivers, restraints, and others in detail. In the report, the Smart Lighting Markets is segmented on the basis of connectivity technologies, end users, lighting types, components, and geography and these segmentations have been discussed in detail, along with market size projections with qualitative as well as quantitative industry insights.
One of the objectives of the report was to analyze the market trends for each of the Smart Lighting Market segments and their respective growth rates. Apart from the market segmentation, the report also covers in-depth analyses such as Porter's five forces analysis, value chain with a detailed process flow diagram, and market dynamics such as drivers, restraints, opportunities, and challenges for the Smart Lighting Market. The major driving factors for this market are government initiatives and mandates, long lifespan, and low energy consumption of intelligent lights for better productivity.
The market size for the Smart Lighting Market is included in the report for four geographical regions, namely, the North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The European region is estimated to account for a major share in this market and the APAC region is expected to exhibit the fastest growth during the forecast period.
Moreover, it includes a competitive landscape of the key players in the Smart Lighting Market with detailed market ranking analysis, mergers and acquisitions, collaborations, partnerships, new product developments, and the key growth strategies of each player. Some of the major players in this market are Koninklijke Philips N.V. (Netherland), Osram Gmbh (Germany), Acuity Brands Lighting, Inc. (U.S.), General Electric Company (U.S.) among others.