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(MoneyNewsWire.Net, October 14, 2016 ) Smart lighting being an emerging concept in the lighting world, is facing slow acceptance in the market. This is mainly owing to the lack of awareness regarding the benefits of the technology. The customers here, are habituated to the traditional lighting more as compared to the innovative smart lighting. The comparatively high price of LED is a factor that had been constraining the adaptability of this market by the end-users in the recent years. However, the continuous decrease in price of LEDs along with improvement in its efficiency is expected to bolster the market during the forecast period.
According to the new Market research study published by The Insight Partners, the Global Smart Lighting Systems Market was valued at US$ 10.55 Bn in 2015 and is estimated to reach US$ 51.05 Bn by 2025. The report highlights the trends prevalent in the global market and the factors driving the market along with those that act as deterrents to its growth.
Browse market data tables and in-depth TOC of the Smart Lighting Market to 2025 @ http://www.theinsightpartners.com/reports/smart-lighting-market
The retrofitting of old lighting systems with the latest smart lighting technology would create a profitable opportunity for the manufacturers and suppliers. Globally, Europe is the fastest adopter of this market and in the forthcoming years Asia Pacific is expected to take over the market, because of rapidly growing demand of economic and energy efficient lighting systems in developing countries such as China and India.
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The global smart lighting market is fragmented on the basis of lighting Type into. Light Emitting Diode (LED) Lamp, Fluorescent Lamps, Compact Fluorescent Lamps (CFL), High Intensity Discharge Lamps and Others (Neon Lamps and Photographic Flashes). Furthermore the segmentation is based upon application of smart lighting viz. Industrial lighting, Commercial lighting, Residential lighting, Outdoor lighting, Automotive lighting and Government. According to the geographic regions, the market is segmented into Europe, Middle East & Africa (MEA), Asia Pacific (APAC), North America and South America (SAM).
Some of the major players in the global smart lighting market are Koninklijke Philips N.V., OSRAM Licht AG, Honeywell International Inc., Eaton Corporation PLC., Digital Lumens, Inc., Lutron Electronics Company Inc., General Electric Company, Legrand SA, Streetlight.Vision and Acuity Brands Lighting, Inc. among others.
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