The CFL segment led the smart lighting market in 2014, by accounting for $9.03 billion. The dominance of this segment is due to the high durability and energy efficiency among other lighting types. Besides, during the forecast period LED lighting have the highest growth potential among other lighting types. However, the high cost of LED lamps is restraining the growth of this segment.
The LED lighting segment to nearly rise with a CAGR of 17.2% during the forecast period. By application of smart lighting, commercial and industrial application led the smart lighting market in 2014 and is expected to maintain its dominance during the forecast period. Smart lighting systems are mainly incorporated in commercial and industrial buildings for increasing demand for energy efficient and automated lighting systems.
Europe led the smart lighting market in 2014 and the region is expected to continue its dominance in 2020. The region’s dominance is due to the growing adoption of smart lighting solution in different application segments. Europe is followed by North America which accounts for nearly 35% of the global smart lighting market.