Description
Smart Lighting Market
Product Overview
Smart lighting acts as an initial step in automated IoT technology adoption which is designed for convenience, security,, and energy efficiency. Smart lighting comprises a mesh network of wireless bulbs connected to the nearest neighbor controlled by a hub plugged into the router that enables the connected phone or tablet to communicate with the bulbs. This lighting technology creates buildings more responsive, secure, sustainable, and healthy; it also comprises automated controls and high-efficiency fixtures that adjust based on daylight and occupancy.
Market Highlights
Global Smart Lighting Market is expected to project a notable CAGR in 2030.
Global Smart Lighting Market to surpass USD million by 2030 from USD million in 2020 at a CAGR of XX% throughout the forecast period, i.e. 2020-30. Global Smart Lighting Market is expected to observe growth in the future due to advancements and innovations in technology such as intelligent sensing lighting solutions and the internet of things (IoT) which has led to a rise in demand for energy-efficient lighting solutions. Rising consumer awareness for energy conservation has led to a gradual shift in demand from incandescent lamps to light-emitting diodes (LEDs) which has helped the market to advance globally with the rising commercialization of Wi-Fi technology.
Recent Highlights in Global Smart Lighting Market
In December 2019, Cooper Lighting Solutions was acquired by Signify from Eaton which would bolster its position in the North American lighting market.
Global Smart Lighting Market: Segments
Control Systems segment to grow with the highest CAGR during 2019-30
Global Smart Lighting market is segmented by type into Smart Bulbs, Control Systems, and Fixtures. The control systems segment held the largest market share in the year 2018 and is anticipated to dominate the global market throughout the forecast period.
Services segment to grow with the highest CAGR during 2019-30
Global Smart Lighting market is segmented by offering Hardware, Software,, and Services. Services segment held the largest market share in the year 2018 and is anticipated to dominate the global market throughout the forecast period.
Indoor segment to grow with the highest CAGR during 2019-30
Global Smart Lighting market is segmented by application into Indoor and Outdoor. Indoor segment held the largest market share in the year 2018 and is expected to maintain this trend throughout the forecast period due to the higher adoption of connected lighting systems for commercial and residential purposes.
Light Emitting Diode segment to grow with the highest CAGR during 2019-30
Global Smart Lighting market is also segmented by the light source into Fluorescent Lamp and Light Emitting Diode (LED). LED segment held the largest market share in the year 2018 and is anticipated to grow with the highest CAGR throughout the forecast period since it provides smart lighting based application opportunities by using indoor lighting infrastructure and high-speed wireless data communication which is widely used across smart buildings ad is very cost-effective.
Wireless segment to grow with the highest CAGR during 2019-30
Global Smart Lighting market is segmented by technology into Wired and Wireless. Wireless segment held the largest market share in the year 2018 and is expected to maintain this trend throughout the forecast period.
Market Dynamics
Drivers
Development of Smart Cities
Construction of smart cities has further led to a demand for smart lighting due to its adoption of internet of things technology that ensures convenience, security, and energy efficiency. Rising disposable income and constantly changing lifestyle has accelerated the demand for interior lightings in office buildings, hotels, restaurants. Smart cities use smart embedded devices and sensors at various places such as streets, traffic signals which leads to lower energy consumption to a greater extent. Smart lighting creates a reliable sensing network through a multi-sensor node that collects environment-related information such as humidity, carbon-dioxide, UVA light as a result of which municipal bodies reduce the maintenance cost and energy consumption of smart cities.
Energy Efficient
Digitization had transformed the lighting industry and provided an energy-efficient lighting system that saves energy. Smart automation and the adoption of connected technologies have impacted applications of smart lighting, such as, residential, commercial, retail, government by transforming the process by which lighting systems consume energy and interact with their surroundings.
Restraints
High investment costs
Smart Lighting market observed disturbances in a supply chain that created a demand-supply gap resulting in higher prices. Higher investment costs in smart lighting technology is also hampering the growth of outdoor as well as indoor lighting vertical.
Impact of Covid-19 on Smart Lighting Market
Coronavirus had adversely affected majority of industries all around the world. The smart lighting market also witnessed a negative impact due to the disruption in manufacturing activities and supply chains. Due to this pandemic industry were directed to shutdown manufacturing units and operations to break the chain of the spread of the virus. Social distancing norms have encouraged the businesses to operate from home but it has adversely affected the manufacturing sector. However, a government initiative to encourage and promote smart city projects is expected to boost the smart lighting market post corona period.
Global Organic Market: Key Players
Phillips
Company Overview
Business Strategy
Key Product Offerings
Financial Performance
Key Performance Indicators
Risk Analysis
Recent Development
Regional Presence
SWOT Analysis
Cree Inc.
Osram Licht AG
Nichia Corporation
Eaton Corporation
Seoul Semiconductor Co. Ltd.
GE lighting
Zumbtobel Group
Other Prominent Players
Global Smart Lighting Market: Regions
Global Smart Lighting market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Global Smart Lighting Market in Europe held the largest market share in the year 2019 and will continue to dominate the global market due to adoption of smart lighting technology promoting energy conservation. Asia-Pacific region is also anticipated to witness a rise in demand due to the availability of raw materials and low labor costs.
Global SMART LIGHTING market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey,, and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Global Smart Lighting market report also contains analysis on:
Smart Lighting Market Segments:
By Product Type
Smart Bulbs
Control Systems
Fixtures
By Offering
Hardware
Software
Services
By Application
Indoor (Residential, Commercial, Industrial)
Outdoor (Highways and Roads Lightings, Lighting for public places)
By Light Source
Fluorescent Lamp
Light Emitting Diode (LED)
By Technology
Wired
Wireless
Smart Lighting Market Dynamics
Smart Lighting Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
