Market Analysis
In its research report, Market Research Future (MRFR), emphasizes that the global smart lighting market 2020 is slated to grow exponentially over the review period, securing a substantial market valuation of USD 25 Billion by 2027, and a healthy 27% CAGR over the review period.
Various factors are propelling the global Smart Lighting Industry. As per the current MRFR report, such factors include increasing awareness regarding energy savings among governments and consumers across the globe, availability of lights with smart devices, increasing adoption of LEDs and decreasing cost, the trend for smart city projects in the developing economies, and the launch of integrated lighting control systems. Additional factors adding market growth include demand for intelligent street lighting systems, demand for energy-efficient lighting systems, advances in wireless communication technology, and the emergence of internet of things technology for smart lighting.
On the contrary, high installation cost, high maintenance cost, lack of professional experts, and a temporary halt in manufacturing facilities due to the current COVID-19 pandemic are factors that may impede the global smart lighting industry growth over the forecast period.
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Key Players
Prominent players profiled in the global Smart Lighting Systems Market report include Digital Lumens, Inc. (U.S.), Cooper Industries, Inc. (Ireland), CREE, Inc. (U.S.), Schneider Electric SE (France), Legrand S.A. (France), Honeywell International Inc. (U.S.), Osram Licht AG (Germany), General Electric Company (U.S.), Acuity Brands Lighting, Inc. (U.S.), and Philips Lighting Holding B.V. (The Netherlands), among others.
Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global smart lighting market report based on application, software and service, light source, communication technology, and type.
By type, the global smart lighting market is segmented into lighting control and fixtures smart bulbs.
By light source, the global smart lighting market is segmented into HD light source, fluorescent light source, LED light source, & another light source.
By communication technology, the global smart lighting market is segmented into wireless communication technologies and wired communication technologies. Of these, wired communication technologies will lead the market over the forecast period.
By software and service, the global smart lighting market is segmented into service into lighting as a service and smartphone applications.
By application, the global smart lighting market is segmented into outdoor lighting and indoor lighting. Of these, outdoor lighting will spearhead the market over the forecast period.
Regional Analysis
Based on the region, the global smart lighting market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, Europe will have the lions share in the market over the forecast period. Stringent government regulations to limit the usage of inefficient lighting technologies, increasing use of LED lamps, the smart city development initiative, and the adoption of advanced technologies are adding to the global smart lighting market growth in the region.
The global smart lighting market in North America is predicted to have notable growth over the forecast period for the rising use of smart lighting systems as energy-efficient lighting solutions.
The global smart lighting market in the APAC region is predicted to have healthy growth over the forecast period. Increasing adoption as energy-efficient lighting solutions, low labor costs, abundant raw material supply, fall in the cost of LED lamps, supportive government initiatives, rising adoption of connected lamps, and increasing urbanization & industrialization are adding to the global smart lighting market growth in the region.
The global smart lighting market in the RoW is predicted to have sound growth over the forecast period.
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