Smart Lighting Market
The smart lighting market is witnessing increasing revenue growth. With its versatility and lower energy conservation, smart lighting systems allow users to customize illumination based on their personal needs. The market growth attributes to the vast popularity smart lights are garnering nowadays due to their convenience and cost-saving operations.
Moreover, advantages such as reduced energy usage, enhanced security, long life span, and easy customization options increase the smart lighting market share. Subsequently, the market is expected to garner significant traction worldwide. In this regard, a leading research firm, Market Research Future (MRFR), asserts that the global smart lighting market is poised to reach an approximate valuation of USD 25 billion by 2027, growing at a whopping CAGR of 27% throughout the review period (2017-2027).
As people continue to spend more time at home due to COVID 19 lockdowns, smart lighting solutions are witnessing the increasing potential of catering to changing consumer needs of elevating ambiance of comfort and convenience. Keeping this in mind, industry players are bringing up their latest innovation and new product launches, offering immense choices of lighting solutions with the latest Wi-Fi and Bluetooth-enabled LED lamps.
Conversely, high installation costs and lack of expertise are major factors expected to hinder the market growth. Smart lighting fixtures are costlier than regular fluorescent / LED bulbs. Nevertheless, smart light's benefits that invariably surpass initial investment over time would support the market growth throughout the forecast period, posing smart lighting as a cost-saving option.
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Smart Lighting Market - Segmentation
The report is segmented into six dynamics;
By Type : Smart Bulbs, Fixtures, and Lighting Control.
By Light Source : Fluorescent Light Source, LED Light Source, HID Light Source, and other Light Sources.
By Communication Technology: Wired and Wireless Communication Technologies
By Software Service: Smartphone Applications, Lighting As-A-Service, and others.
By Application : Indoor and Outdoor Lighting.
By Regions : Europe, Americas, Asia Pacific, and the Rest-of-the-World.
Smart Lighting Market - Regional Analysis
Europe dominates the global smart lighting market. The largest market share attributes to the increased adoption of smart lights as an energy-efficient lighting solution. Besides, the resurging economy has been influential for the market growth, increasing consumer purchasing power.
Vast advances in sensing technology and improved technical infrastructure in the region drive the size of the market. Moreover, the extensive uptake of smart lighting systems for connected street and parking lights in residential and industrial sectors influences the market share.
North America holds the second position in the global smart lighting market. The market growth is driven by the augmenting demand for smart lighting systems from the automotive and transport sectors. Additionally, increased adoption of smart lighting systems and favorable government policies bolster the market growth. Significant technological advances and increased investments in developing wireless technology substantiate the region's market share.
The smart lighting market in the Asia Pacific region has emerged as a profitable market. The region has been attracting foreign investors with its raw material advantage and the availability of cost-competitive workforces, impacting the region's market share.
Furthermore, factors such as the increasing uptake of smart LED street lights and government initiatives to improve infrastructure boost the market growth. Moreover, the rapid economic growth in the region increases the market size, increasing consumer purchasing power.
Smart Lighting Market - Competitive Analysis
Highly competitive, the Smart Lighting market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers acquisitions, collaborations, expansion, and product/ technology launch.
Players leading the global smart lighting market include Osram GmbH (Germany), Koninklijke Philips N.V. (Netherland), Lutron Electronics Co. Inc. (U.S.), Daintree Networks (U.S.), Legrand S.A. (France), Bridgelux (U.S.), Streetlight Vision (France), Echelon Corporation (U.S.), Honeywell (U.S), and Zumtobel (Austria), among others.
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