Global Smart Light Fixture and Control Market Report, published by Variant Market Research, forecast that the global market is expected to reach $126.6 billion by 2024 from $31.7 billion in 2016; growing at a CAGR of 18.9% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 20.8% and 18.5%, respectively, during the forecast period. Energy saving, easy installation, and simple maintenance are some factors due to which its popularity is increasing rapidly. It is highly used in various commercial, industrial, and residential end user industries.
"Smart Light Fixture and Control Market (By Lightning Type: CFL, LED, Fluorescent Lights, Plasma Lambs, and HID Lambs; By Technology: Fixture, and Control; By Application: Commercial, Residential, and Others; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Rising adoption in commercial and residential spaces fuels the global smart light fixture and control market
The factors driving the growth of smart light fixture and control market are rising adoption in commercial and residential spaces, easy installation and control, and low price of sensors. However, huge installation cost may restrain the market from growing. Besides, rising government initiatives about low energy consumption globally is expected to generate numerous growth opportunities in the upcoming years.
Lighting type, technology, application, and geography are the major segments considered in the global smart light fixture and control market. Segmentation by lighting type consists CFL, LED, plasma lamps, fluorescent lights, and HID lamps. Technology segments comprises fixture, and control. By application, the market is further categorized into commercial, residential, and other applications.
LED’s accounted for the majority in the lighting type segment
LED’s dominated the market with major share in lighting type segment in 2016, and is expected to continue its dominance during the forecast period, owing to its various properties such as energy efficient, long lifetime, environment friendly, and controllable.
Fixture dominated the technology segment
Fixture accounted for the highest share in technology segment in the year 2016. The growth is attributed due to their extensive usage in commercial and residential areas.
Commercial held the largest share in the application segment
Smart Light Fixture and Control Market By Application
In 2016, commercial sector dominated the market with maximum share within application segments, due to wide use of lights in offices because of 24/7 working shifts. Also, utility of lighting control systems which uses factors such as available daylight, occupancy, and lights turning on or off according to time.
Asia-Pacific was the highest revenue generating region in 2016
GLOBAL SMART LIGHT FIXTURE AND CONTROL MARKET SHARE BY GEOGRAPHY, 2016 (%)
In 2016, Asia-Pacific generated the highest revenue in the global smart light fixture and control market, and is expected to continue its trend in the forecast period i.e. 2016 – 2024. The high growth rate is seen due to the rapid infrastructural development in this region.
In October 2017, Acuity Brands Lighting, Inc., launched the nLight AIR, a secure, high-performance wireless lighting control system that connects indoor and outdoor lighting systems to Smart Building Ready solutions. The key market players include General Electric Company, Honeywell International, Philips Lighting, Acuity Brands Lighting, Inc., Digital Lumens, Inc., Cooper Industries, Inc., Legrand S.A., StreetLight Vision, OSRAM Licht AG, and Schneider Electric SE, among others.