Smart Light Fixture and Control Market Size, Share, Trends, Demand and Revenue Forecast to 2023

The continuously decreasing average selling price of LED lighting, burning issue of global energy crisis, and evolution of the smart homes market, along with the customization benefits are the key drivers of the global smart light fixture and control market. The changing paradigm of lighting industry to electronics industry is promoting growth of the market.

The global smart light fixture and control market is expected to increase from $22,110.0 million in 2014 to $59,188.1 million in 2020, with the CAGR of 17.9% during 2015 – 2020. The global smart light fixture and control market is mainly driven by continuously declining average selling price (ASP) of LED bulbs. LEDs have become much cheaper than any other traditional lighting currently in use.

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The key drivers for reducing LED lighting costs are improving the brightness of light generated, in terms of the power consumed (measured in watt) and reducing production costs, per LED product. As the ASPs have been declining, the LED bulb penetration has been gradually increasing, which is further accelerating the growth of the smart light fixture and control market.

Asia-Pacific leads the global smart light fixture and control market in 2014, and is expected to maintain its dominance in the forecast period. The Asia-Pacific smart light fixture and control market is expected to grow, with the fastest rate in the forecast period. The dominance of Asia-Pacific smart light fixture and control market over other regions is due to the heavy demand for new construction, strong economic growth, which is mainly driven by China, and increasing affordability of LED lighting in the region.

A smart home is equipped with special connected platform, enabling its residents to control and program an array of automated home electronic devices, with the help of a remote. Segments such as energy management system, and security and access control systems are driving the smart homes market. The market had already progressed well in the developed countries, and it is expected to grow in the developing nations, during the forecast period due to the regulatory initiatives from various governments, and increased consumer interest in reducing the energy consumption.

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The major companies operating in the global smart light fixture and control market include Acuity Brands, Inc., Lutron Electronics Co. Inc., NXP Semiconductors, Control4 Corporation, ams AG, OSRAM Light AG, Zumtobel Group AG, Koninklijke Philips N.V., Leviton Manufacturing Co. Inc. and CommScope Holding Company Inc.

About P&S Intelligence P&S Intelligence, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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