Smart Lighting Market to grow at 22.8% from 2020 to 2027
July 20, 2020, Valsad, India – According to the study published by Evolve Business Intelligence, the smart lighting market is anticipated to grow at a CAGR of 22.8% from 2020 to 2027. The smart lighting market is expected to reach $54,214.8 million by 2027. Some of the major factor impacting the overall growth of smart lighting market include, increasing government investments in smart cities, growing demand for energy efficient lighting solution and penetration of IoT technology.
Analyst's View
According to Evolve Business Intelligence, “the recent COVID scenario is expected to increase the burden on the manufacturing side of the smart lighting business. With a sudden halt in the supply chain activities of non-essential products and services, the smart lighting market might look at a comparatively lower growth trend then the expected. However, the market is expected to pick up after the COVID situation in 2021.”
Some of the major smart lighting provider include Signify, Acuity Brand, and Honeywell
Some of the amjor lighting players holding high market share include Signify, Acuity Brand, Honeywell, General Electric and DECO lighting. The market has also witnessed several local brands like Syska in India to hold high share in a particular country.
The smart lighting market report published today include market revenue generated through the sale of smart lighting hardware and software. The report also includes the market analysis on the basis of end users such as, residential, commercial, and industrial, among others.
