The global smart light fixture and control market is expected to increase from $22,110.0 million in 2014 to $59,188.1 million in 2020, with the CAGR of 17.9% during 2015 – 2020. The global smart light fixture and control market is mainly driven by continuously declining average selling price (ASP) of LED bulbs. LEDs have become much cheaper than any other traditional lighting currently in use. The key drivers for reducing LED lighting costs are improving the brightness of light generated, in terms of the power consumed (measured in watt) and reducing production costs, per LED product. As the ASPs have been declining, the LED bulb penetration has been gradually increasing, which is further accelerating the growth of the smart light fixture and control market.
Standardization of light engines is one of the major trends seen in the global smart light fixture and control market. Standardization of light engines such as Zhaga is a key trend in the smart light fixture and control market. Zhaga is the light engine standardization, which develops specifications that enable the interchangeability of LED light sources, made by different manufacturers and its members include hundreds of companies throughout the global lighting industry. Standardization has various benefits, such as increasing the usability and availability of light engines, allowing manufacturers to scale their production lines and volume output on a defined set of parameters, and many more.
Asia-Pacific leads the global smart light fixture and control market in 2014, and is expected to maintain its dominance in the forecast period. The Asia-Pacific smart light fixture and control market is expected to grow, with the fastest rate in the forecast period. The dominance of Asia-Pacific smart light fixture and control market over other regions is due to the heavy demand for new construction, strong economic growth, which is mainly driven by China, and increasing affordability of LED lighting in the region.
The major companies operating in the global smart light fixture and control market include 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.
Request a sample of this report here: https://www.psmarketresearch.com/market-analysis/smart-light-fixture-and-control-market/report-sample
