Evolve Business Intelligence has published a half-cooked research report on the Global Smart Lighting Market, 2021–2030. The global Smart Lighting market is projected to exhibit a CAGR of around 20.4% during the forecast period of 2022 to 2030.
Evolve Business Intelligence has recognized the following companies as the key players in the global Smart Lighting market: Signify (Philips Lighting), Legrand S.A., Acuity Brands Inc., Eaton Corporation, Genera, Electric Company, OSRAM Light, Lutron Electronics, Zumtobel Group, Honeywell International Inc., Hubbell Incorporated.
The global Smart Lighting market is projected to be valued at $46.90 Billion by 2030, recording a CAGR of around 20.4% during the forecast period. Smart lighting is designed to manage luminance remotely by adjusting the intensity of its lighting depending on external conditions. It saves energy and includes automated controls and fixtures that could be adjusted depending on conditions such as occupancy and external light levels. Lighting systems can be used for practical as well as aesthetic purposes. Smart Lighting uses a range of light sources, including general, accent, and task lighting. In addition to this, their usage reduces energy consumption; it also saves money for businesses by reducing costs.
The COVID 19 pandemic has had an everlasting impact on people around the world. The smart lighting industry is trying to find ways to extract maximum gains from this crisis and ensure that it becomes a well-received cost-efficient product. COVID-19 infected the market and led to a halt in production with serious damages across many regional supply chains. This weakened growth of industrial output, as well as a decline in light manufacturing output. Smart lighting solution Providers are trying to exploit various opportunities by expanding their reach in the industry.
The global Smart Lighting market has been segmented based on the Offering, Communication Technology, Installation Type, End-Use Application, and region.
Based on Offering, the Smart Lighting market is segmented based on Hardware, Software, and Service. During the forecast period, the hardware segment for lights and luminaires is expected to dominate and grow at a fast pace mainly due to their increasing use in integrated lighting control.
Based on Communication Technology, the Smart Lighting market is segmented based on Wired and Wireless. The Wired segment is anticipated to hold the largest market. As the adoption of smart lighting in commercial and industrial spaces increases, there is an increasing demand for Wired connectivity. This demand is driving more production supply of these wired/cables.
Based on Installation Type, the Smart Lighting market is segmented based on New installations and Retrofit. The New Installation segment is anticipated to hold the largest market owing to several factors. Standard types of light fixtures have been around for a while but with the introduction of new technology, consumers are now more inclined to the new installation. This includes smart bulbs from Osram and GE, among others.
Based on End-Use Application, the Smart Lighting market is segmented based on Indoor and Outdoor. The Indoor segment is anticipated to hold the largest market share. Indoor Smart Lighting is seeing an increase in use for IoT purposes. It’s implemented in different parts of the house such as kitchens, living rooms, and study rooms.
The Smart Lighting market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Across the world, Europe’s leading position is largely owed to the rapidly increasing popularity of intelligent and green light solutions. Concerns over environmental safety, as well as the significant presence of intelligent lighting applications, have encouraged consumers to explore new options in this area. The Asia-Pacific region saw significant growth in the smart lighting market during the forecast period. It is anticipated to have the highest growth in the coming years. The government is focusing more on public infrastructure and has begun to invest in rapid urbanization in the region, which is expected to increase the growth of the market. In North America, the rate of smart lighting system adoption has increased significantly due to a larger number of initiatives and guidelines from innovative organizations. The Middle East and Africa and Latin America are expected to experience moderate growth shortly, driven by the increasing development of foreign direct investments from Western Europe and North America.