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Albany, New York, June 06, 2019 (GLOBE NEWSWIRE) -- The competitive landscape in the global smart lighting and control systems market is a consolidated one, observes Transparency Market Research (TMR). A few large players in the market are competing among each other to achieve prominence. Among these handful of players, three leading players hold for 47.53% of the overall market share. These three prominent players in the global smart lighting and control systems are General Electric Company, Acuity Brands Lighting, and Koninklijke Philips N.V.
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The topmost players in the global smart lighting and control systems market are shifting their focus on intensive research and development to stay ahead of the competitors. They are acquiring numerous strategies to obtain upper hand in the market. These strategies include incorporation of advanced technologies into their existing products and mergers and acquisitions. Through collaborating with renowned vendors in the global smart lighting and control systems market, these players are targeting to expand their geographical boundaries.
According to the experts of TMR, the global smart lighting and control systems market is prophesized to rise at a stellar 15.6% CAGR during the assessment period of 2016-2024. The market was worth around US$26.26 bn in 2015. The market is expected to accumulate valuation of US$96.38bn by the end of the forecast period.
In terms of lighting sources, LED accounts for the maximum share in the global smart lighting and control systems market, on account of being largely used across several lighting applications due to its features such as high energy savings and low carbon emission. On the regional front, North America is dominating the global smart lighting and control systems market, owing to the rapid adoption of advanced technologies.
Soaring Demand for Energy-efficient Products Fillips Market
Smart lighting and control system is basically an automated technology, which comprises of several lighting fixtures connected through a network, in order to control lighting. This type of lighting has the ability to improve energy efficiency and performance and customer value. These smart lighting and control systems are available on the basis of needs and desire. Moreover, smart lighting and control system has the potential to regulate the level and also the quantity of light in a particular space. This type of light aids in saving energy. Such advantages are highly fueling growth in the global smart lighting and control systems market.
Furthermore, rapid technological innovations and rising demand for energy efficient products are triggering growth in the global smart lighting and control systems market. Along with this, rapid adoption of Internet of Things (IoT), and rapid modernization and infrastructural development are also propelling expansion in the global smart lighting and control systems market. Additionally, growing awareness among consumers about energy management and saving and rising electricity prices are the couple of factors expected to boost the global smart lighting and control systems market. Besides this, smart lighting and control systems are extensively adopted in aircraft, home appliances, and automobiles. This lighting is largely adopted in various sectors for reducing energy consumption. Such applications are also providing impetus to the growth of the global smart lighting and control systems market.
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High Installment Costs to Obstruct Market’s Growth
Apart from all the advantages, on the flip side, a few factors are responsible for hampering the growth of the global smart lighting and control systems market, which include high costs of installation of this light. Nonetheless, governments’ initiatives in adopting smart lighting technologies for reducing energy consumption is expected to provide several opportunities in the global smart lighting and control systems market in the forthcoming years.
The review is based on a market research report by TMR, titled, “Smart Lighting and Control Systems Market (Lighting Source - Fluorescent Lamps and Compact Fluorescent Lamps, High Intensity Discharge Lamps (HID), and Light Emitting Diodes (LED); End-use Application - Residential, Commercial, Industrial and Outdoor Lighting; Control System - Smartphone-enabled Technology, Daylight Sensing Technology, and Proximity Sensing Technology) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”.
Browse Research Release at https://www.transparencymarketresearch.com/pressrelease/smart-lighting-control-systems-market.htm
The segmentation of global smart lighting and control systems market is based on:
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