Wireless Smart Lighting Market to Expand by 24% CAGR during 2017-2025
February 28, 2018
The global smart lighting market was valued at US$6.8 billion in 2016, and is projected to reach US$40.4 billion by the end of 2025. North America and Europe were the dominant markets in 2016 in terms of revenue in the smart lighting market. Asia Pacific is expected to dominate in terms of compound annual growth rate (CAGR) during the forecast period.
The market is segmented into four categories. On the basis of product type, the global market for smart lighting is segmented into fixture, lighting control and others. In terms of value, the fixture segment is projected to be the most attractive in the global smart lighting market during the forecast period. In terms of value, this segment is expected to expand at a CAGR of 23.5% during the forecast period.
The light source segment consists of LED, CFL, and incandescent. In terms of value, the LED segment is expected to increase at a high CAGR during the forecast period. In 2016, the LED segment was valued at US$3.3 billion, and is expected to witness steady growth in terms of revenue throughout the forecast period.
Communication technology segments include wired smart lighting and wireless smart lighting. The wireless smart lighting segment is expected to register high year-over-year growth rates throughout the forecast period. In terms of value, this segment is anticipated to expand at a CAGR of 24.0% during the forecast period.
By application the market is segmented into indoor and outdoor. Indoor segment is sub-segmented into commercial/industrial and residential, while outdoor segment is further segmented into street lighting, architectural lighting, lighting for public places and others. Currently, the indoor segment dominates in terms of revenue, owing to the adoption of advanced lighting solutions.
The global smart lighting market is segmented on the basis of product type, light source, communication technology, region and application. Persistence Market Research has come up with a new report, “Smart Lighting Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025),” that tracks the performance of the various segments of the global smart lighting market for a projected period of eight years between 2017 and 2025. The global smart lighting market is expected to witness high revenue growth during the forecast period.
This growth is attributed to the increasing adoption of better lighting solutions globally.
The report covers five redions: North America, Latin America, Europe, APAC (Asia Pacific and Japan) and MEA (Middle East and Africa). The APAC smart lighting market is expected to witness a relatively high growth rate over the forecast period. Revenue from the smart lighting market in North America and Europe collectively accounted for over 50% of the global smart lighting market revenue in 2016.
In terms of value, APAC is projected to be the most attractive regional market in the global smart lighting market during the forecast period. The market in APAC is also expected to register high year-over-year growth rates throughout the forecast period.
Read a report overview: www.persistencemarketresearch.com/market-research/smart-lighting-market.asp.
