The global smart lighting market is expected to reach USD 45.47 billion at a steady revenue CAGR of 19.7% in 2028, according to the latest analysis by Emergen Research. The increasing popularity of smart lights, the wide acceptability of standard protocols for lighting control systems, and the increasing use of LED lights and luminaires in outdoor lighting are driving market revenue growth.
The analysis provides accurate growth pattern estimates and looks at the factors influencing market growth in the global Smart Lighting market. The report's primary focus is on the key market constituents, including market drivers, restraints, opportunities, threats, risks, restrictions, and other factors. The research includes comprehensive studies of the company profiles, product portfolio, and corporate expansion strategies, in addition to a complete investigation of the competition landscape.
Smart lighting is a lighting technology based primarily on increasing energy efficiency and is also designed with features and functionalities to enhance convenience and security, among others. Smart lights can be controlled remotely with smartphone applications. This makes it trendy and gives it a significant novelty in businesses and homes worldwide. It is highly energy efficient, comprises self-operating controls, and comes with exceptionally efficient fixtures that can be modified according to occupancy and external lighting.
Various industries, sectors, and companies are using smart lights as a potential feature for decoration, security, and other advantages and benefits. Due to this, rapid growth in the smart lighting market is evident. Factors like vast range of products, alternative availability of light sources, wide area of applicability, including indoor lights and outdoor light applications, and wired and wireless communication technology are boosting revenue growth of the global smart lighting market currently.
The latest study provides an insightful analysis of the broad competitive landscape of the global Smart Lighting market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Smart Lighting market and pinpoint the fundamental growth trends.
The leading market contenders listed in the report are:
Acuity Brands, Signify Holding, Honeywell International Inc., Itron Inc., Ideal Industries, Inc., Häfele GmbH & Co KG, Wipro Consumer Lighting, YEELIGHT, Sengled Optoelectronics Co., Ltd., Verizon, Häfele GmbH & Co KG
Global Smart Lighting Market Highlights:
Regional demand estimation and forecast
Product Mix Matrix
R&D Analysis
Cost-Benefit Analysis
Pre-commodity pricing volatility
Supply chain optimization analysis
Technological updates analysis
Raw Material Sourcing Strategy
Competitive Analysis
Mergers & Acquisitions
Location Quotients Analysis
Carbon Footprint Analysis
Patent Analysis
Vendor Management
Key Parameters Analyzed in This Section:
Company Profiles
Gross Revenue
Profit margins
Product sales trends
Product pricing
Industry Analysis
Sales & distribution channels
Regional Segmentation:
North America
Latin America
Europe
Middle East & Africa
Asia Pacific
Key Points Covered in This Section:
Regional contribution
Estimated revenue generation
Vital data and information about the consumption rate in all the leading regional segments
In August 2021, Signify launched new range of Philips Smart Wi-Fi lights in India. With this it expanded its Phillips Smart Wi-Fi ecosystem in India under Wiz Smart Light Range. The portfolio also includes a new smart LED downlighter, T-Bulb, T-Beamer, and Batten in addition.
Hardware segment accounted for a significant revenue share in 2020. A majority of industries acknowledge the benefits earned by the use of smart light bulbs and fixtures which can switch shades, dim lights with a remote controller such as tablets, Alexa device, and smartphones among others. This has resulted in high preference for hardware among end-use industries.
LED light sources segment accounted for a significantly robust revenue share in 2020 due to higher preference and benefits such as long lifespan and energy efficiency, which helps in improving its environmental impact and most importantly low voltage operation.
Wireless receivers and transmitter segment accounted for a moderately robust revenue share in 2020, as these products are gaining gradual popularity due flexibility, versatility, and cost effectiveness.
North America registered highest revenue growth in 2020 due to rising demand for smart lights at different sectors in countries in this region. Emergence of smart city projects is also contributing to market revenue growth.
Market Overview:
The report bifurcates the Smart Lighting market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
Component Outlook (Revenue, USD Billion; 2018–2028)
Hardware
Software
Services
Light Source Outlook (Revenue, USD Billion; 2018–2028)
LED Light Source
HID Light Source
Fluorescent Light Source
Type Outlook (Revenue, USD Billion; 2018–2028)
Key reasons to buy the Global Smart Lighting Market report:
The latest report comprehensively studies the global Smart Lighting market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
The report offers an insightful analysis of the regional outlook of the market.
It offers a detailed account of the end-use applications of the products services offered by this industry.
The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
Thank you for reading our report. If you have any requests for customization of the latest report, kindly get in touch with us. Our team will assist you and ensure the report is designed as per your requirements.
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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