The smart lighting market is predicted to grow at a CAGR of 20.0% during 2017–2023 (forecast period), attaining a size of $27,064.0 million by 2023. Smart lighting is an enhanced technology-enabled lighting system, which is integrated with several sensors and wireless technology and is capable of lowering the energy consumption.
With the emergence of new technologies and advancements in smart and intelligent LED lighting solutions, LED is expected to be exhibit the fastest growth during the forecast period. LED is a semiconductor device that emits light when electric current passes through it.
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Based on source, the smart lighting market is categorized into fluorescent lamp, light-emitting diode (LED), and high-intensity discharge lamp. Out of these, during the historical period (2013–2016), the LED category led the market in terms of revenue, and it is predicted to maintain its lead during the forecast period.
The increasing deployment of advanced technologies, such as intelligent sensing and internet of things in lighting solutions, and the rising consumption of energy-efficient lighting owing to the surging consumer awareness on energy conservation are two of the key factors behind the growth of the smart lighting market.
Geographically, during the 2013–2016 period, Europe dominated the smart lighting market in terms of revenue with a 35.0% share, and it is predicted to continue leading it during the forecast period.
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Some of the key players in the global smart lighting market are Hubbell Lighting Inc., Cree Inc., Osram Licht AG, Koninklijke Philips N.V., Zumbotel Group AG, Schneider Electric SA, Digital Lumens Inc., Acuity Brands Inc, Legrand SA, and Honeywell International Inc.
This post was originally published on Technology Trend