Smart LED Lighting Market
According to a new market research report “Smart Lighting Market by Product Type (Smart Bulbs, Street light Fixtures, and Lighting Controls), Light Source (Fluorescent, LED, HID), Communication Technology (Wired, and Wireless), Software & Service, Application, and Geography – Global Forecast to 2022”, published by Markets and Markets, the total market size, in terms of value, is expected to reach USD 19.47 Billion by 2022, at a CAGR of 27.1%; and in terms of volume, the market size is expected to reach 1.27 Billion units by 2022, at a CAGR of 71.3% during the forecast period.
The growing consumer demand for energy efficient lighting system is expected to be the major factor driving the market.
Commercial indoor lighting is expected to dominate end users in terms of value
The use of applications of indoor lighting within the commercial sector is boosted by the use of lighting control systems which uses parameters such as occupancy, available daylight, and time of the day to turn lights on or off accordingly, thus providing noteworthy energy and cost savings. These are expected to be the leading factors for this segment.
Market for LED light sources to grow at the highest growth rate during the forecast period
The gradual reduction in prices of LED components, besides factors such as low maintenance costs, low power consumption are proving to be the main drivers for the growth of the LED light sources within the Smart Lighting Market.
The market in the APAC region is expected to grow at the highest rate during the forecast period
The market in Asia-Pacific (APAC) region is expected to grow at the highest rate between 2016 and 2022. The high growth rate can be attributed to the rapid infrastructure building activities being undertaken in the APAC region.