Category: Electronics and Semiconductor
Sub-Category: Emerging Technologies
The Global Smart Lighting Market was valued at $10,489.6 million in 2019 and is anticipated to grow at a CAGR of 22.8% from 2020 to 2027. Lighting plays an important role in improving the quality of life and productivity of the workforces. Many countries across the globe promote energy-efficient lighting solutions. This solution is accomplished through a combination of regulatory policies coupled with supportive financial policies. For instance, countries such as Argentina, Brazil, Ecuador, Ghana, Jordan, the Russian Federation, Senegal, and South Africa are working towards the development of energy-efficient lighting solutions. According to the data published by the United Nations Environment Programme, 48 developing and emerging countries have completed the energy-efficient lighting solution, with the support of U4E.
Top Growth Impacting Factors
The factors that have led to the growth of the market include the growing development of integrated lighting solutions, evolving smart cities, growing demand for energy-efficient lighting solutions, an increase in demand for IoT based smart lighting, and among others.
Increasing government focus on smart cities initiatives
The smart cities’ initiative has provided an immense opportunity for the government sector to use the emerging technologies which will improve the livelihood, connectivity, and sustainability of the place. The smart lighting solutions is the major contributor in the smart cities infrastructure. Some of the major use-cases in smart cities infrastructure include street light and residential lighting. Through the evolution of smart cities, street lighting on the roads are being digitized to provide energy-efficient lighting solution. The primary purpose of the smart street lighting solution is to conserve the use of energy and reduce the wastage of lights by adjusting the intensity of the light with the help of various technologies used in it. The smart street lighting connected with the help of IoT can help to gather the data through a centralized data management platform. Hence, increasing smart cities initiative will surge the demand for the usage of smart lighting solutions leading to the smart lighting market growth during the forecast period.
Benefits of Smart Lighting
|Municipalities||Light saving through adjusting the dimming of light|
|Reduction in power consumption through gathering the actual consumption data|
|Advanced lighting solution for future smart cities applications|
|Grid Operators or Private Institution||The most efficient energy-efficient management solution, since it automatically records the live data and malfunction of a street light|
|Continues gathering of information such as actual power consumption|
Growing demand for IoT based smart lighting
Smart lighting plays an important role in revealing the power of IoT and smart building applications. The market represents a bigger opportunity to build a connected and secure city lighting. The integration of lighting system with AI technology and IoT will improve the operational efficiency of the system through properties such as auto-dimming and continuous actual data collection on surrounding weather. The information collected can be utilized to provide a better understanding of the environment in residential sectors and automobiles. The increased benefits provided by IoT technology will increase the demand for the smart lighting market.
Key Insight in the report:
The Smart Lighting market report covers Executive Summary, Market Dynamics, Trend Analysis, Market Size and Forecast, Competitive Intelligence, Market Positioning, Product Benchmarking, and Opportunity Analysis.
The report covers extensive competitive intelligence which include following data points:
- Business Overview
- Business Model
- Financial Data
- Financial – Existing
- Financial – Funding
- Product Segment Analysis and specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. The market is analyzed across below-mentioned different segments:
|Offerings||Communication Technology||Lighting Type||Application|
|PLC||Incandescent Light Bulb||Others|
Based on communication technology, the market is segmented based on Bluetooth, Zigbee, Wi-Fi, PLC, DALI, and Others. DALI has dominated the market in 2019 because it enables the integration of smart lighting systems into intelligent lighting and IoT based lighting. DALI and IoT technology offer a reliable and cost-effective protocol by developing a futuristic based lighting system.
Based on Application, the market is segmented based on residential, commercial, industrial, and others. The commercial segmented has dominated the market in 2019 and is expected to grow at the highest CAGR during the forecast period.
The market is also analyzed across below-mentioned regions/countries
North America region has dominated the Smart Lighting market in 2019 due to continuous development in the technology for the design of smart lighting. Due to the advanced technology in the lighting market and low power connectivity technology, the self-life of smart lighting is very high due to which the North American market is currently witnessing the highest acceptance among the customers. Furthermore, in North America, the per capita income of the consumers is high which has resulted in the highest purchasing power. Due to the high purchasing power, consumers tend to invest in improved technologies resulting in market growth. Asia Pacific region is anticipated to grow at the highest CAGR from 2020 to 2027.
The some of the key players in of Smart Lighting market include:
- Acuity Brands, Inc.
- General Electric
- Cisco Systems, Inc.
- Cree, Inc.
- Deco Lighting, Inc.
- Honeywell International Inc.
REPORT CONTENT BRIEF:
- High level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Historic market size for year 2019, and forecast from 2020 to 2027
- Vendor market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.