Asia-Pacific expected to have fastest growing global smart light fixture and control market
P&S Market Research has published a report stating that the Asia-Pacific region is expected to have the fastest growing market for smart light fixture and controls between the forecast period of 2015-2020. The region is expected to maintain the top market standing it had in 2014. The decreasing price of LED lighting, the global energy crisis, the evolution of the smart homes market and customization benefits are all key drivers of the global smart light fixture and control market. The changing paradigm of the lighting industry to the electronics industry is fueling the growth of the market.
The smart light fixture and control market include light emitting diode (LED) lighting, fluorescent light, compact fluorescent light, high intensity discharge lamps and plasma lamps. LED lighting accounts for the highest share in all regions. The lack of standards and the associated interoperability issues, and high replacement costs from existing solutions to smart lighting, are some of the major factors restraining the growth of the smart light fixture and control market.
The market had already progressed well in the developed countries, and it is expected to grow in the developing nations during the forecasted period due to the regulatory initiatives from various governments and increased consumer interest in reducing the energy consumption. Segments such as energy management system and security and access control systems are driving the smart homes market.
Acuity Brands Inc., Lutron Electronics Co. Inc., Control4 Corporation, ams AG, OSRAM Light AG, Zumtobel Group AG, Koninklijke Philips N.V., Leviton Manufacturing Co. Inc., CommScope Holding Company Inc. and NXP Semiconductors are cited as the major companies in the global smart light fixture and control market.