Smart Lighting Market To Reach USD 19.47 Billion By 2022

Based on a report by MarketsandMarkets, the total smart lighting 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.

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.

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 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.

The smart lighting ecosystem comprises hardware component manufacturers, prototype designers, and Original Equipment Manufacturers (OEMs) – such as Philips Lighting (The Netherlands), Acuity Brands Lighting (U.S.), General Electric Company (U.S.), OSRAM Licht AG (Germany), Honeywell International (U.S.), Cooper Industries (Ireland), Digital Lumens (U.S.), Legrand S.A. (France), Lutron Electronics Company (U.S.), StreetLight Vision (France), Schneider Electric SE (France), and Cree (U.S.) among others.