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(MoneyNewsWire.Net, September 03, 2016 ) The smart lighting is a technology that enables its users to govern the lighting of any space without being surrounded by unnecessary wires. Smart lighting is a part of upcoming IoT technology, facilitating mobile and sensor based control on the luminosity of lights in a particular space. The intelligent connected lighting offers ecofriendly environment and effectively reduces the consumption of energy.
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.
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The global smart lighting market is categories into lighting types, application, connectivity technology and geographical regions. Furthermore the lighting type is broadly segmented into light emitting diode lights, fluorescent lights, compact fluorescent lights, high intensity discharge bulbs and others (such as photographic flashes and neon lamps).The lighting application market is further segmented into residential lighting, commercial lighting, industrial lighting, government, outdoor lighting, and automotive lighting. On the basis of connectivity technology the market is segment into wireless and wired technology. The global market is also segmented based on the basis of geographically as Europe, North America, Asia-Pacific, Middle East & Africa and South America.
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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.
IoT or the connected technology is experiencing a rapid adoption trend. It is expected that in coming year’s home automation, smart homes or connected homes usage and adoption will see a dramatic surge with the increase in the market of IoT, the smart lighting industry will be receiving a wide range of opportunity for better market penetration.
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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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In 2015, USA was leading the smart lighting market in North America, and is expected to lose its share to other major North American countries such as Canada and Mexico during the forecast period of 2016-2025. Where U.S would be growing at a CAGR of 13.7%, Mexico and Canada are expected to grow at a CAGR of 16.0% and 18.3% respectively. The report profiles key players such as Konjnklijke Philips N.V., Osram GmbH, Lutron Electronics Co. Inc., Lutron, Legrand S.A., Acuity Brands, Digital Lumens, Inc. and Zumtobel.
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About The Insight Partners:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Media, and Telecommunication industries.
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Sameer Joshi
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