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.
If you are interested in more information on this topic and our upcoming research on Global Smart Lighting Market 2014-2018, please send an e-mail to media@TechNavio.com
About TechNavio
TechNavio is a leading technology research and advisory company with a global coverage. We focus on emerging technology trends that can shape the market. We identify and explain these trends to our customers to help them take better decisions.
TechNavio models the trends using a mix of quantitative and qualitative tools in its proprietary research methodologies. We build forecasts across market segments and geographies based on the trends identified. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a changing market scenario.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape of Global Smart Lighting Market. Our analysts obtain the information using a combination of the bottom-up and top-down approaches, besides using in-house market modeling tools. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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Founded in 2003, TechNavio has about 200 analysts globally. We cover more than 500 technologies across 80 countries. Our analysts are closely monitoring the market every day by talking to all the industry participants. We have proprietary databases that provide us with a complete perspective of the market. TechNavio develops over 2000 pieces of research deliverables every year.
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