Smart Lighting is a technology for lighting which has a main goal of energy efficiency and automated controls of the lighting based on the condition. The smart lighting controls are based on using sensors such as infrared sensors, daylight sensors, motion detectors and occupancy sensors .This automated lighting controls are the main reason which serves energy efficiency. The Global Smart Lighting Market was 7.28 Billion USD in 2018 and is estimated to reach 16.24 Billion USD by 2025 at a CAGR of 12.14% during the forecast period.
Drivers vs. Constraints
The major growth of smart lighting market is due to the development of smart cities, increasing usage of wireless technology, and increasing awareness of energy efficiency. The new trends in market such as growing demand for Internet of Things(IoT) technology and emergence of light fidelity (Li-Fi) technology has a direct impact on the dynamics and market of smart lighting technology.
Industry Structure and Updates
Tier 1 vendor such as Royal Philips NV, OSRAM Licht AG., Honeywell International, Schneider Electric SE owns a market share of 40% of the Global smart lighting market. Asia Pacific countries such as India, China are mainly focusing on the aspect of smart cities which also include the smart lighting technology. The Indian government has announced plans to invest in smart cities and in 2018 also allocated over 2.3 Billion USD in Smart cities, So it also paves a way for smart lighting initiative.