The global market for indoor lighting management can touch an approximate valuation of USD 17 Billion by 2023, believes Market Research Future (MRFR). MRFR also reveals that the market has the potential to record a striking growth rate of 19% during the forecast period (2017-2023).
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Top Drivers and Key Restraints
Indoor lighting management forms a crucial component of homes or an indoor space, improving the overall ambiance of the room. Light fixtures are considered an important aspect of interior design, enjoying strong demand in the market.
The worldwide market for indoor lighting management is exhibiting significant growth on account of the high disposable income of people and the subsequently evolving lifestyle across the globe. Also, high availability of low-cost light-emitting diode that is used indoors also benefits the global market. Various studies reveal that LED luminaries offer a host of benefits, including high energy efficiency, high intensity of brightness, high reliability, low radiated heat, long life span and negligible UV rays, which boost its demand in the market. Further, declining price of LED components is also stimulating the growth of the indoor lighting management market.
The indoor lighting management market is also supported by the rising adoption of the Internet of Things (IoT) and the growing use of smart devices like smartphones and tablets, etc. The lighting control market has a number of applications in IoT-connected devices, which results in market growth.
The global indoor lighting management market has been thoroughly analyzed, with regard to segments like product, type and application.
Product-wise segments in the market are recessed, suspended, surface mounted, wall mounted, free standing, downlights, projectors, multiple lighting systems and others.
Considering the type, the indoor lighting management market includes task lighting, accent lighting and ambient lighting. Accent lighting automatically adjusts to the day and night light source and enhances the interior space by increased the space of the property. It offers various choice features to the users, which helps augment its demand in the market.
The applications included in the report are residential, commercial, industrial and office.
The geographical analysis of the worldwide Indoor Lighting Management Industry has been conducted by MRFR experts for Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW).
North America steals the limelight with the largest share in the indoor lighting management market, thanks to high disposable income of people among others. Robust demand for ambient lighting also induces market growth in the region. High number of infrastructure activities across various industries has led the indoor lighting management market to greater heights in recent years. In addition to the strong demand for ambient lighting, strict energy efficiency regulations in the region also boost market demand.
APAC is set to note remarkable growth in the near future, given the surge in the number of infrastructure building activities. These activities are in full swing in China, wherein lighting control systems are leading to modernization of infrastructure. On top of this, growing awareness about the efficiency of connected lighting systems in emerging nations like India and Taiwan is resulting in significant cost savings backed by optimal energy consumption. India is touted to be the market with high potential among domestic and international manufacturers.
Emerging trends that directly influences the dynamics of the indoor lighting management industry in Europe include accelerated demand for daylight sensors, surge in camera-based lighting control technology, and advancements in hybrid lighting control systems.
Significant companies in the worldwide indoor lighting management market include General Electric (U.S.), Shenzhen MR LED (China), Ushio Lighting Technologies (Japan), Crompton Greaves (India), Osram Sylvania (U.S.), Koninklijke Philips N.V. (Netherlands), Havells Sylvania (U.K.), Thorn Lighting (U.K.), Osram Licht AG (Germany), Gstar Technology Co. Ltd. (China), to name a few
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