The
competitive landscape of the market for smart lighting and control
systems market is quite a consolidated one marked with the presence
of few large players, according to a report published by Transparency
market research. It is revealed in the report that the three leading
players of the market account for 47.53% of the total market share.
The three leading key players in the global smart lighting and
control systems market are Acuity Brands Lighting, Inc., General
Electric Company, and Koninklijke Philips N.V. The major players are
now shifting their focus on research and development of smart
lighting and control systems to obtain upper hand and stay ahead in
the competition. These leading companies are also emphasizing on the
expansion of their geographical reach through associations with local
players.
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In
2015, market for world smart lighting and control systems was worth
around US$26.26 bn. Expanding at a double digit CAGR of 15.6%, the
market is estimated to reach an estimated amount of around US$96.38
bn over the forecast period that stretches from 2016 to 2024.
Government
Initiatives Coupled with Concerns over the Environment are Expected
to Trigger the Market
More
and more people are becoming aware about the importance of energy
conservation and energy efficient smart consumer electronics against
the backdrop of rising concern about global warming and carbon
emissions. The adverse effects of greenhouse emissions on the
environment and the human beings as a whole are worrying people more
these days. With more programs and campaigns on the need to conserve
energy, people are becoming increasingly aware about the need to use
smart lighting and control systems. As such, various commercial,
industrial, and other sectors are adopting smart lighting and control
systems. These initiatives are further supported by governments
worldwide who are taking every measure to contain the harmful effects
of the regular lights that we use widely.
The
usage of smart devices is an upward trend, as such it has it has
sparked substantial demand for smart lighting solutions. These days,
smart lighting systems come with a lot of automated control that can
be controlled remotely through smart devices. These lightings are
used in commercial, industrial and residential sectors. The market is
anticipated to gain momentum from the fact that there has been a
substantial increase in the consumption of electricity across various
sectors.
Increasing
usage and implementation of Internet of Things (IoT) and its
integration with various phones and devices is also expected to
provide a boost to the market for smart lighting and control system.
There
is, however, a flipside of the story as well. Deployment of such
smart lighting and control system entail high cost and as such a lot
of consumers are discouraged to go for such lighting and control
systems. High cost of deployment has, as such, has marred the market
for smart lighting and control system especially in the residential
sector. Apart from high cost, lack of skilled laborer who are
required to install the lighting system also restrains the growth of
the market.
North
America to Lead the Market for Smart Lighting and Control systems
Geographically,
the market of global
smart lighting and control systems market has been segmented
into Middle East and Africa, South America, Europe, Asia Pacific and
North America.
North
America is leading the market for smart lighting and control systems
so far as geography is concerned. The dominance of the region is
marked with the increasing and very high adoption of latest
technologies. Besides, there are efforts on part of the American
citizens to contain the hazardous impact of electricity consumption.
The report also indicates that there will be immense opportunities in
the emerging economies of Asia Pacific and South America.
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