ID: MRFR/ICT/0485-HCR | February 2021 | Region: Global | 110 pages
In this technology-driven world, the new way to light our homes is smart lighting. Smart lighting is an advanced way to light homes with access to technology. Smart LED lights contain software that connects to an application, smart home assistant, or any other accessory to automate lights or to control them remotely, which ultimately eliminates the need for traditional wall switches. Due to all this advancement in technology smart lighting market is booming. All over the Globe, this lighting innovation has enabled many businesses a strong path for opportunities. This is also due to the fact, Government is taking various measures to develop smart cities as a result leading to more smart lighting market opportunities. Many key players are working in the advancement of Led by changing its color from white to orange as it is more compatible and familiar in some remote areas as compared to the previous white light.
Not only this, but growing awareness among the people also concerning the environment, and rising technology are the major factors that are responsible for the growth of the smart lighting market in the coming years. It is expected to grow at a CAGR of about 27% from 2020 through 2027.
The global smart lighting market is expected to reach USD 30,658.36 billion, growing at a CAGR of approximately 17.5% during the forecast period 2019-2026
COVID 19 Analysis
The pandemic of COVID 19 has made an eternal impact on the lives of people. It not only disrupted the health sector but also lead to disaster in the economic sector. No one has to move ahead in the scenario of forced recession. With the global downturn, it becomes very difficult for each business group to increase their sales and production. The smart lighting industry is expected to recover its business in the first quarter of the coming year.
The smart lighting industry is trying to take stock of the situation and to take necessary measures to ensure cost-effectiveness and to increase the overall demand for the product. The smart lighting industry is putting its best foot forward to get the best insight into their clients and market to recover from the loss caused by this pandemic. The smart lighting industry is also trying its best to increase its market share in this situation by looking out for various opportunities available to them.
The growth of the smart lighting market in the global market is possible due to the advancement of an integrated lighting control system. With this integrated control system, one can access the control of LED lights from one place only and does not have to move around for switching it on and off. Smart lighting is also in trend due to the smart city projects in developing countries like India. The smart lighting market share is also increasing owing to its benefit of cost-effectiveness and growing awareness of saving electricity among government and consumers.
Cumulative Growth Analysis
The increasing demand for smart lighting products. It has been forecasted that the lighting industry will rise with a CAGR of approximately 27% by 2027. The overall market share of smart lighting is increasing very rapidly. It is not only used in housing but also the malls and now people are using it in their business also to make their life easy and comfortable. With the smart Led lighting one can have access to the whole control system in just one click. It also ensures fixture efficiency that can be adjusted according to the need of the clients. The rise in usage of Led in the street lights is also setting smart lighting trends. In the coming 6 years, the Global market will touch its height.
Value Chain Analysis
With the advancement in technology and with the vigorous rise of wireless networking smart lighting industry is gaining a lot of popularity. It has made life if people easier many times and hustle free. Smart lighting is applicable in the residential sector, commercial buildings, government buildings, industrial sector, and automobiles. With the growing use of mobile phones in our day-to-day life, the usage of smart lighting systems is also increasing owing to an increase in demand many more times.
It also provides variations in color and brightness of fixtures which also attracts the clients to switch from traditional lighting to smart lighting. It is also beneficial as far as the environment is concerned as smart lighting reduces greenhouse emissions.
The Global market is globally categorized based on type, light source, communication technology, software, and service and application.
Based on type segment, the Smart lighting market can be categorized as smart bulbs, smart lamps, traffic lights, street lights, fixtures, and lighting control such as LED drivers and ballasts, sensors and switches, wireless dimmers, relay units, and gateways.
Based on the light source segment, the Global market is segmented as a fluorescent light source, LED light source, HID light source, orange light source, and another light source.
Based on the communication technology segment, the Smart lighting market is categorized as wired communication technology and wireless communication technology.
Based on the software and service segment, the Global market is segmented in terms of software as smartphone applications, cloud-based and web-based applications, and in terms of service as pre-installation services and post-installation services.
Based on the application segment, the Smart lighting market is categorized as indoor lightings such as for residential, commercial, industry, and outdoor lighting such as for architectural lighting, lighting for public places, highway, and roadways lighting.
The smart lighting market is marking its trend globally. It is mostly studied in Asia Pacific, North America, Europe, Rest of the World. During 2014, the smart lighting industry is dominated by European regions and it is also estimated to sustain its position in the coming years also. After the European region, the next most leading region is North America due to the increased adoption of a smart lighting system and energy-efficient solution to the lighting problem. The fast-growing market due to low labor cost, availability of raw material in the usage of smart lighting is expected to be the Asia Pacific region.
Some many technologies giants are the major key players in the smart lighting industry are as follows:
All of these key market players are dealing in both organic and inorganic growth strategies so that their position in the global market should be strengthened. The companies are constantly working on new product development strategies to enhance their market share with the integration of advanced technology with wireless technology.
The smart lighting market research report covers the following:
This report involves the analysis of the functions of the smart lighting market in previous years. The impact of the COVID 19 pandemic and the forecast of growth to 2027 is also estimated and mentioned.
|Market Size||USD 25 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Light Source, Communication Technology and Software & Service|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Koninklijke Philips N.V. (Netherland), Osram GmbH (Germany), Lutron Electronics Co. Inc. (U.S.), Legrand S.A. (France), Daintree Networks (U.S.), Bridgelux (U.S.), Echelon Corporation (U.S.), Streetlight Vision (France), Zumtobel (Austria), and Honeywell (U.S)|
|Key Market Opportunities||The increased adoption of smart lighting systems as an energy efficient lighting solution is fueling the smart lighting market|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market for smart lighting is projected to grow at an approximate rate of 27% from 2017 to 2027.
The primary applications of smart lighting are indoor and outdoor.
Europe is the dominating regional market across the globe.
Rising applications of smart lighting, availability of raw materials coupled with the low labor cost makes APAC the fastest expanding regional market.
Lack of skilled expertise and the high installation cost are the aspects that can slow down the future market growth rate.