The Smart Lightings Industry to Reach 78 Billion USD by 2022
In terms of value, the smart lighting market is estimated to reach 78 billion USD by 2022 at a CAGR of 11.7 percent through the forecast period, says Research and Markets.The integration of physical security industry with smart lighting, changing paradigm of lighting industry to electronics industry, and addition of voice control feature to the upcoming products can be ascribed as the prime reasons behind such strong growth.
This growth in the smart lighting market is attributed to the increasing smart homes market along with customization benefits and the continuously decreasing Average Selling Price (ASP) of LED bulbs. However, designing challenges while using LED, and lack of standards and the associated interoperability issues are restraining the growth of the global smart lighting market.
The smart lighting market has been tracked along the lines of its components, technologies, application areas, and geography. Revenue generated from various application areas, namely residential application, commercial application, automotive, and outdoor have been analyzed. The report also covers the smart lighting market on a global scale, and consequently provides revenue data of the key regions. A separate segment has been made for the key global regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (ROW).
Smart lighting includes automated controls and high efficiency fixtures, designed for energy efficiency. The controls are used for the adjustments of light on the basis of conditions such as daylight or occupancy availability. Among all the fixtures, Light Emitting Diode (LED) and Organic Light Emitting Diode (OLED) hold the highest and lowest share respectively of the market in 2016. Widespread use of LED products in developed regions had a tremendous impact on energy savings, thence increasing the LED lighting market many folds since its inception. LEDs are also used for many non-conventional lighting purposes as in automobile lighting and their unidirectional feature enables them for use in aesthetic and architectural lighting purposes. These features give LED lighting market an edge over traditional lighting markets.
Wired technology has been more prevalent however, with the recent development in RF technologies there is an increase in the number of wireless installations worldwide. Although both of the technologies have their advantages and disadvantages, it totally depends on the user's requirement to prefer any of them. Moreover, wireless control devices can be integrated with occupancy and daylight sensors to provide automated and enhanced light settings with significant energy savings. These technologies are also prone to reduced performance due to bad weather conditions.
