Detailed Analysis of Smart Light IoT Market 2019: will emerge globally and grow with high CAGR by 2023
The increasing number of smart city projects across the globe is creating opportunities for the Smart Light IoT market during the forecast period 2016-2023
Fremont, United States – May 22, 2019 /MarketersMedia/ —
Smart light can enhance the ambience of a place by adding elegance, energy efficiency, and convenience to it. Technologies used in smart lightning include advanced lighting controls and numerous sensors such as passive infrared, ultrasonic, hybrid, and others. Further, the increasing number of smart city projects across the globe is creating opportunities for the Smart Light IoT market during the forecast period.
Development and modernization of the infrastructure to convert cities into smart cities are driving the growth of the Smart Light IoT market. Further, the increasing demand for energy-efficient lighting, coupled with the rising demand for intelligent solutions for street lightning, is boosting the growth of the market in recent years. However, increasing privacy and security issues in smart lightning systems are restraining market growth.
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Nowadays, light tubes and bulbs are capable of changing color according to customer needs, owing to the features offered by intelligent lightning solutions. These types of tubes and bulbs are paving the growth of the Smart Light IoT market in recent years.
The wired segment dominated the technology market in 2018 owing to its offering of high reliability as well as control over the lightning system. On the other hand, wireless technologies such as Zigbee, Bluetooth, and Wi-Fi, and the growing adoption of IoT-based sensors are likely to boost the growth of the wireless technology market in the coming years.
Based on type, the smart bulb segment is expected to hold a significant market share during the forecast period. The rebates and subsidies given by governments on purchase of LED bulbs in countries such as India, China, and the U.S. is boosting the growth of Smart Light IoT market. LED bulbs with Bluetooth mesh technology enable users to control the switch by using mobile Bluetooth, which is driving the market for this segment.
The Asia-Pacific region dominated the Smart Light IoT market in 2018 and is expected to show a similar trend in the coming years. Increasing construction activities in the region are boosting the growth of the market. India is leading the Asia-Pacific market owing to an increase in government investments in smart cities in the region. Further, North America is projected to witness the fastest growth over the forecast period. The increasing deployment of smart lightning systems in residential, commercial, and government sectors is creating demand for the market in the region.
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The key players in the Smart Light IoT market are Koninklijke Philips N.V., OSRAM Licht AG, Acuity Brands, Inc., General Electric Company, Honeywell, Lutron Electronics Co. Inc., Streetlight. Vision SALR, Syska, Wipro Consumer Care and Lighting, Echelon, and others. Companies operating in this market are concentrating on research and development, along with acquisitions & mergers and innovations in products, in order to strengthen their market share.
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