Europe accounts for the largest market share for smart lighting technology, followed by North America and Asia Pacific. The U.S. is the largest consumer of smart lighting technology, led by increasing consumer awareness about the importance of energy saving. Europe will maintain its dominance in smart lighting technology, while North America is anticipated to experience marginal growth during the forecast period. However, Asia Pacific will witness the highest growth during the forecast period, due to rapid growth in infrastructure development in developing countries such as India and China.
Consumer awareness about the importance of energy saving is driving demand for smart lighting technology globally. The Government of U.K.’s investment for infrastructure development in the public sector is anticipated to rise by $4.9 billion to nearly $77.7 billion during 2013~2014 over the 2012~2013 period. It is further projected to increase to about $83.0 billion during 2014~2015. Consumers are inclined to spend more on energy saving equipment, due to an increase in disposable income. This is further augmenting demand for smart lighting technology. However, high costs associated with replacement of old appliances will hamper the global smart lighting technology market.
Light manufacturing companies are compelled to introduce innovative lighting technology, especially in developing regions, due to rising demand and higher spending capacity for energy saving equipment by major end-users.