In this rapidly changing world of technology, smart indoor lighting market is projected to show major growth prospects during the forecast period. The use of applications of indoor lighting within the commercial sector is boosted by the use of lighting control systems. Due to technological advancements and increasing investments in smart homes projects are major factors driving the growth of smart indoor lighting market.
Europe is expected to hold the largest market share of smart indoor lighting market during the forecast period. Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of smart indoor lighting market. In Europe, the high standards of living of people have led to an increase in investments in smart homes and hence is the major driving factor for the growth of smart indoor lighting market. The presence of advanced infrastructure and with the increasing adoption of technology and technological advancements in numerous countries are other factors driving the market growth of smart indoor lighting market.
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The smart indoor lighting market is growing rapidly over 27% of CAGR and is expected to reach at approx. USD 8 billion by the end of forecast period.
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Smart Indoor Lighting Market Research Report-Forecast to 2023”.
The smart indoor lighting market has been segmented on the basis of light source, product type, communication technology and application. The light source segment is further bifurcated into fluorescent lamps, light emitting diodes and high intensity discharge lamps. Out of which, the LED light source type is expected to grow at the highest CAGR during the forecast period owing to the gradual reduction in prices and factors like low maintenance costs and low power consumption rates.
The prominent players in the smart indoor lighting market are – Philips Lighting (The Netherlands), Acuity Brands Lighting, Inc. (U.S.), General Electric Company (U.S.), OSRAM Licht AG (Germany), Honeywell International (U.S.), Cooper Industries, Inc. (Ireland), Digital Lumens, Inc. (U.S.), Legrand S.A. (France), Lutron Electronics Company, Inc. (U.S.), Schneider Electric SE (France), among others.
Market Research Analysis:
The global Smart Indoor Lighting Market, by geography, has been segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. In the global smart indoor lighting market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, smart indoor lighting market is projected to contribute faster to the growth of revenue backed by increasing demand for innovative products in countries such as Japan, China and India.
North America has held the second largest market share of smart indoor lighting market. As compared to other regions, the smart indoor lighting market in North America is expected to witness significant growth during the forecast period. U.S and Canada are anticipated to drive the growth of smart indoor lighting market. This is owing to the presence of large number of established key players and investments in advanced infrastructure modernization projects in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices which ultimately provides high speed connectivity and is expected to be a major factor for the growth of smart indoor lighting market.
Smart indoor lighting market in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness slow yet steady growth. Smart indoor lighting market in Middle East and Africa occupies a relatively smaller pie of the global Smart indoor lighting market.
LIST OF TABLES
TABLE 1 SMART INDOOR LIGHTING MARKET, BY LIGHT SOURCE
TABLE 2 SMART INDOOR LIGHTING MARKET, BY PRODUCT TYPE
TABLE 3 SMART INDOOR LIGHTING MARKET, BY COMMUNICATION TECHNOLOGY
TABLE 4 SMART INDOOR LIGHTING MARKET, BY APPLICATION
TABLE 5 SMART INDOOR LIGHTING MARKET, BY REGIONS
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LIST OF FIGURES
FIGURE 1 RESEARCH LIGHT SOURCE
FIGURE 2 SMART INDOOR LIGHTING MARKET, BY LIGHT SOURCE (%)
FIGURE 3 SMART INDOOR LIGHTING MARKET, BY PRODUCT TYPE (%)
FIGURE 4 SMART INDOOR LIGHTING MARKET, BY COMMUNICATION TECHNOLOGY (%)
FIGURE 5 SMART INDOOR LIGHTING MARKET, BY APPLICATION (%)
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