SMART LIGHT FIXTURE AND CONTROL MARKET SIZE .pdf
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SMART LIGHT FIXTURE AND CONTROL MARKET SIZE,
GROWTH, TRENDS AND DEMAND
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
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 AsiaPacific 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.
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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.