The global indoor lighting management market is predicted to surpass a valuation of USD 17 billion, attaining a CAGR of 19% during the forecast period (2017-2023), Market Research Future (MRFR) reveals in a detailed report. Indoor lighting management is an integral part of any interior, which helps to enhance the ambiance of a room. Light fixtures are considered one of the most important parts of any interior design.
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Market Potential and Pitfalls
The global indoor lighting is expected to witness a sturdy growth, mainly due to the changing lifestyle, high disposable income of the population, and increased availability of low-cost light emitting diode for indoor space. The benefits offered by LED luminaries including high energy efficiency, high intensity of brightness, high reliability, low radiated heat, negligible UV rays, and long-life span are influencing the growth of indoor lighting management market across the globe. Moreover, the decreasing cost of LED components is further triggering the demand from the indoor lighting management market. Factors such as the increased requirement for energy-efficient lighting control and management systems, acceptance of lighting control, surging adoption of IoT in the lighting industry, and modernization have highly impacted the growth of the market positively.
On the contrary, the high cost of LEDs, especially in the developing regions, is considered to impede the growth of the indoor lighting management market during the assessment period.
The global indoor lighting management market is segmented on the basis of product, type, space type, and application.
By product, the indoor lighting management market is segmented into suspended, recessed, wall mounted, surface mounted, downlights, free-standing, multiple lighting systems, projectors, and others.
By type, the indoor lighting management market is segmented into task lighting, ambient lighting, and accent lighting. Of these, accent lighting enables the users to adjust to day and night light source automatically.
By space type, Global Indoor Lighting Management Market comprises of industrial, residential, commercial, and office.
By application, the market consists of wall lights, ceiling lights, table lamps, picture lights, bathroom lights, floor lamps, commercial lights, kitchen lights, and others.
Geographically, the indoor lighting management market spans across Europe, Asia Pacific, North America, and Rest of the World (RoW).
Considering the global scenario, the North American region is considered a top player in the indoor lighting management market. The growth can be credited to the surging demand for ambient lighting and high disposable income of the people.
The Asia Pacific will expand at a significant rate due to rapid infrastructure activities across industries. The increased demand for ambient lighting, coupled with strict energy efficiency regulation, has encouraged the regional market’s growth. The rapid infrastructure activities are undertaken by APAC, especially in China, where the lighting control system paves the way for modernization of infrastructure.
The key players dominating the global indoor lighting management market include General Electric (U.S.), Crompton Greaves (India), Havells Sylvania (U.K.), Gstar Technology Co. Ltd. (China), Osram Sylvania (U.S.), Osram Licht AG (Germany), Shenzhen MR LED (China), Koninklijke Philips N.V. (Netherlands), Ushio Lighting Technologies (Japan), and Thorn Lighting (U.K.).
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