12.02.14

TechNavio Finds Global Smart Lighting Market Driven by Need for Less Energy Consumption in Residential Segment

Key Vendors include Koninklijke Philips, OSRAM, Samsung Electronics, Zumtobel Lighting TechNavio, the independent London-based global ...

Key Vendors include Koninklijke Philips, OSRAM, Samsung Electronics, Zumtobel Lighting TechNavio, the independent London-based global research firm, shared its research findings from its latest report on the Global Smart Lighting Market, which finds the need for less energy consumption in Residential segment is driving this market. The analysis is for the forecast period 2014-2018. As per research analysis, the Residential segment until the recent past was a segment with very low potential in the Global Smart Lighting market. However, it emerged as one of the potential segments in 2013, due to increasing awareness among owners for using less energy consumption lightings. The Global Smart Lighting market in the Residential segment will be growing at a CAGR of 72.3 percent during the forecast period due to the demand for energy-efficient lighting devices and modernization, leading to the increased adoption of advanced technologies. Government initiatives are also contributing to the growth of this segment; as such initiatives are promoting the usage of smart lighting systems for residential applications, helping in energy consumption. Smart lighting is providing several benefits such as enhanced durability, long-term cost-effectiveness, and power-efficiency. Moreover, it is relatively more eco-friendly than CFL chemicals. Because of these appealing features, various other segments like ‘Commercial’, ‘Government’ and other segments are also readily adopting smart lighting in their immediate environment. To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance. www.TechNavio.com