Industry Report On Global Smart Lighting Market by Knowledge Sourcing Intelligence
The global smart lighting market is expected to witness a high CAGR of 25.44% over the projected period. This high growth is mainly driven by the development and modernization of infrastructure. The growing trend of smart building and rising number of smart cities propels the smart lighting market growth. Moreover, the growing concern and awareness among people regarding the importance of energy conservation further drive the smart lighting market growth.
Moderation Of Infrastructure
Rapid urbanization and increasing spending towards construction activities coupled with the growing trend of smart cities and smart home are resulting in the modernization of infrastructure. Governments across the world, especially in developing countries like China, India, and Brazil among others, have allocated significant budget towards smart city projects. Moreover, the growing adoption of IoT in homes further leads to infrastructural advancement. This continuous modernization and development of infrastructure is driving the smart lighting market growth, as high efficiency and automated control features offered by smart lighting solutions enables adjustment based on conditions like daylight availability and occupancy. Moreover, smart lighting is an important part of smart cities owing to its energy-efficient feature which further assists in reducing operational costs. Cities like Paris, Madrid, and others have already implemented these lights for traffic management.
Smart Lighting Market By Geography
Geographically, the global smart lighting market is segmented as Americas, Europe Middle East and Africa, and Asia Pacific. These regions are subdivided into key countries which hold significant opportunity for smart lighting solution vendors.APAC is expected to grow at the highest rate with the CAGR of X.XX% over the projected period. This growth is largely driven by a focus towards growing energy conservation owing to rapid industrialization and urbanization coupled with a large population base, especially in developing countries like India and China. Strict regulations adopted by various countries is also accelerating the demand for smart lighting solutions in the region. For instance, China over the past few years has implemented various energy efficiency policies and programs, including green building rating, voluntary rating programs, building energy codes and energy-efficiency retrofits in existing buildings. However, the United States accounted for a decent market share in 2016 owing to federal efficiency standards, which fosters technological advancement and entry of new players with products aligned to the overall regulatory and industry environmental norms.
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