Smart lighting solutions are offered by coupling various lighting types powered with different control components and connecting technology. Smart lighting solutions enable remote controlling of lighting systems using wired or wireless technologies. The smart lighting market is primarily driven by the increasing demand for energy efficient lighting systems for reducing energy consumption cost.
The global smart lighting market is expected to witness a significant growth during the forecast period. This is due to the increasing adoption of smart lighting solution across various application segments such as industrial, commercial, public and government buildings.
In addition, incorporation of smart lightings in various outdoor lighting and residential buildings is further aiding the growth of smart lighting market. Presently, commercial and industrial segment holds the majority of the market share and is expected to dominate the market during the forecast period from 2014 to 2020.
Replacement of traditional inefficient lighting systems with sensors enabled automated lighting systems is creating new opportunities for the smart lighting manufacturers globally. Moreover, LED lamps replacing traditional incandescent lamps are creating new opportunities in the market.
Regionally, Europe has the highest penetration for smart lighting are they are the early adapters of technology. However, the Asia Pacific region is expected to show the highest growth rate due to the presence of developing nations like India and China.
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