USA: MarketResearch.com has announced the addition of the market research report "Global Smart Lighting Market (2013 - 2018) By Component" to its product offering.
Smart lighting is an advance technology in lighting that makes use of intelligent lighting control systems to intelligently control light based on various parameters like occupancy, movement, color temperature, amount of natural/daylight etc. Smart lighting market is growing at a phenomenal way and main drivers for this growth are energy efficiency, development in electronics and sensor technology, eradication of incandescent lamps, favorable government policies and evolution of novel wireless technology.
Entry barriers are low for this market and many new players are arriving in this market. For example: the smart lighting market in the US is being dominated by start-ups that are just three years old. In the present scenario, many companies are launching new products in the market. It can be observed that LED-based products which are based on wireless technology are being launched at a large scale at present.
Commercial and industrial buildings are the most prominent application of smart lighting. In commercial buildings, lighting adds up to 40% of total energy cost. Deployment of intelligent lighting control is being supported by building owners, governments, utilities, and many other stakeholders as it helps to drastically reduce energy consumption.
Public and government building have the second largest share among all application in the smart lighting market. As smart lighting projects for public and government buildings are government-funded projects, the growth of this application area will be stable as it would be given priority in every economy. Residential buildings application has largest growth potential and will grow at the highest CAGR of 87.5 percent from 2013 to 2108 when compared with other application.
Initial investment will pose as a restraint initially, however it is predicted that once the customers become aware of the energy savings benefits of intelligent lighting system in the long run, it will grow exponentially. Outdoor lighting application is another promising application.
The greatest opportunity area in this market is the prospect of its integration with other important systems in the city like traffic signals, energy meters, pollution sensors, parking-lot lights, and traffic sensors to form a smart city. Smart lighting systems are mainly employed by high end cars. Companies like Mercedes-Benz and Audi have already incorporated the systems in their luxury cars.
The growth of smart lighting market is expected to be remarkable with the revenue growth from $1,070 million in 2012 to $6,747.9 million by 2018, at an estimated CAGR of 36 percent from 2013 to 2018.