Technavio has published a new market research report on the global smart lighting market from 2018-2022. (Graphic: Business Wire)
LONDON–The global smart lighting market is expected to post a CAGR of about 18% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increasing adoption of LEDs. Smart lighting systems, which integrate LED lamps and luminaires save energy and offer information that can be used for energy analysis and maintenance. The lifespan of LEDs plays an important role in infrastructure such as airports. Thus, the adoption of LED lights for use in public infrastructure is high.
This market research report on the global smart lighting market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the advent of IoT as one of the key emerging trends in the global smart lighting market:
Global smart lighting market: Advent of IoT
The adoption of IoT in smart lighting solutions has been increasing owing to the developments in wired and wireless technologies and sensor technologies. Smart lighting solutions such as smart bulbs and luminaires provide a better degree of control and interactivity when compared with traditional lighting solutions.
“IoT facilitates smart lighting fixtures to generate data that can be used to minimize energy consumption. The development of smart device applications and cloud-connected lighting systems is accelerated because of the presence of IoT architectures. This is utilized by the vendors to develop next-generation IoT smart lighting solutions for homes and offices,” says a senior analyst at Technavio for research on lighting.
Global smart lighting market: Segmentation analysis
This market research report segments the global smart lighting market by application (commercial, residential, and public infrastructure) and geography (the Americas, APAC, and EMEA).
The commercial segment held the largest market share in 2017, accounting for over 55% of the market. This application segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 with more than 41% of the market share, followed by the Americas and APAC, respectively. EMEA is expected to dominate the market throughout the period 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
Market size and forecast
- Five Forces Analysis
- Regional comparison
Key leading countries
- Market Drivers
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario