Smart Commercial Lighting Market is Predicted to Reach US$ 48.12 Billion by 2022
Emergence of smart cities, demand for green buildings, government initiatives, awareness about energy efficiency, demand for IoT based solutions will ensure a high growth trajectory for the smart commercial lighting market during the forecast period.
Bangalore, India, June 23, 2017 (Newswire.com) - The smart commercial lighting market is an intensely competitive market and it is predicted to reach US$ 48.12 billion by 2022
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Smart Commercial Lighting Market: Trends & Forecasts: 2016-2022”.
The smart commercial lighting solutions available today can automatically self-adjust according to the time of the day (i.e. daylight simulation lighting) while for traditional lighting systems manual settings are required. Smart commercial lighting is rapidly gaining popularity as it helps in dealing with the seasonal depressions and reduces power consumption bills in hospitals, offices and educational institutions.
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The market is poised for exuberant growth driven by the need for energy efficiency, adherence to energy regulations and environmental standards. Government bodies and energy regulators worldwide are concerned about energy conservation. The rising number of smart cities will continue to generate demand for smart commercial lighting products. APAC region would experience buoyant growth in the forecast period, driven by the infrastructure building activities occurring in the region. The market growth is however restricted by high costs, cyber threat and lack of awareness among people.
The market is segmented and studied by the following geographies- Americas, Europe, Asia-Pacific and Middle East and Africa (MEA). Each geographical region is further segmented and analysed by connectivity technologies, leading countries and lighting lamps. Rising number of smart cities and green buildings in the Americas and Europe make these two regions the prime market for smart commercial lighting.
The market has also been considered by connectivity technologies (ZigBee, Wi-Fi, Bluetooth, EnOcean, Z-Wave), types of lighting lamps (High Intensity Discharge (HID) Lamps, Light Emitting Diode (LED) Lamps, Fluorescent Lamps, Compact Fluorescent Lamps (CFL)). ZigBee and Wi-Fi network technologies dominate the smart commercial lighting market.
The key market participants are Koninklijke Philips N.V, GE Lighting, Cyan Technologies Plc., Acuity Brands Lighting, Inc., John Cullen Lighting. Philips is a leading vendor in the market and Philips LED lights and lighting products are popularly used across diverse verticals. They have a range of products for commercial and industrial usage across different end users namely Philips commercial lighting and Philips industrial lighting.
Healthcare, Office and Educational Institutions, Infrastructure (roadways, railways, airports, sea ports), Retail, Sports Stadium, are the major application verticals.
“Globally, Retail and Healthcare will be the leading industry verticals which will spend generously on smart commercial lighting products. Smart CFL and LED lighting lamps will slowly replace the global outdoor lighting such as street lighting and in sports stadiums within the next couple of years.” Jaydeep Bhattacharjee, Group Head at Infoholic Research.
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· The report covers drivers, restraints and opportunities (DRO) affecting the market growth during the forecast period (2016–2022)
· The report provides information related to latest industry and market trends, key stakeholders, industry pest analysis, Porter’s Five Forces analysis and competitive landscape
· Competitive benchmarking of the key vendors has been done based on key metrics such as business units, product portfolio, geographical presence, recent developments, business focus, business strategy and SWOT analysis
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