DUBLIN, November 18, 2021– (BUSINESS WIRE) – The “Global Smart Lighting Market Size, Share and Trend Analysis Report by Component, By Connectivity (Wired, Wireless), By Application (Indoor, Outdoor) , by Region and Segment Forecast, 2021-2028 “the report was added to ResearchAndMarkets.com offer.
The global smart lighting market size is expected to reach USD 46.90 billion by 2028, registering a CAGR of 20.4%, from 2021 to 2028.
The market growth is driven by the development of smart cities, the rising trend of smart homes, smart street lighting systems, and the need to implement energy efficient lighting systems.
While smart lights are expensive compared to general lights, their benefits outweigh the overall cost of installation. However, the high price of smart lighting has limited market growth as the purchasing capacity of the middle class income group has declined during the COVID-19 pandemic.
The new trend in home automation is entering the homes of consumers in the middle and upper income groups. The trend is further fueled by the ever-evolving IoT technology for smart homes; in which smart lights can be connected to control the functions of electronic devices.
Additionally, personal assistants such as Alexa, Crotona and Siri can be synced with smart lighting app to control light tint, brightness, on / off time and other functions using only voice commands. A similar transformation using smart lights has also entered commercial spaces.
Retail has become the primary beneficiary of smart lighting. In addition to energy efficiency, âsmartâ lighting systems installed in retail stores exploit Bluetooth Low Energy (BLE) and Visible Light Communication (VLC) technologies that allow LED luminaires to communicate wirelessly with antennas and devices. smartphone cameras.
Thus, smart lighting technology helps retailers reach customers who visit the store premises to send offers and product availability information based on their purchasing model. Similar complementary integrated functions are expected to increase market growth in the coming years.
The residential, commercial and industrial sector is slowly advancing with the integration of artificial intelligence (AI), Internet of Things (IoT) and other technologies to expand the capacity of smart lights. With the help of AI in the local network, smart light creates safe and sustainable lighting solutions while protecting user privacy as data is not uploaded to the cloud.
Data privacy has been one of the main concerns when smart lighting is connected via Wi-Fi and other wireless methods to electronic devices. It allows hackers to infiltrate the local network to gain access to personal information.
Additionally, the incidence of hacking increased during COVID-19 in internet-connected infrastructure. Therefore, building a robust security infrastructure to provide offline connectivity without the Internet can restrain the hacker and improve the efficiency and adoption of smart lighting during the forecast period.
Highlights of the Smart Lighting Market Report
The wireless segment in the market is expected to experience the fastest growth during the forecast period. Growth is attributed to demand for fast connectivity in confined areas using Z-wave, ZigBee, Wi-Fi and Bluetooth
The hardware segment is expected to achieve the highest contribution to revenue in 2020, as lamps and fixtures are an inseparable part of smart lighting. The lamp and fixture are integrated with sensors, dimmers and other electronic components to perform controllable functions such as changing color, dimming according to outdoor weather conditions and switching on / off according to the set time
The Asia-Pacific region is expected to experience the highest growth rate during the forecast period due to the large-scale development of smart city projects in China, Japan and South Korea. In addition, increased investment from India, Singapore, Thailand and Malaysia to install energy efficient smart lighting will boost market growth in Asian countries.
Some of the major players operating in the market are the Acuity brands; Signify detention; Honeywell International Inc .; Ideal Industries, Inc .; Hafele GmbH & Co KG; Wipro consumer lighting; YEELIGHT; Schneider Electric SA; and Honeywell Inc. These vendors are dominant players in the market due to their broad product portfolio offering smart lighting and luminaires.
Main topics covered:
Chapter 1. Methodology and scope
Chapter 2. Executive summary
2.1. Market Snapshot
2.2. Segment outlook
Chapter 3. Smart Lighting Market Variables, Trends and Scope
3.1. Mapping of penetration and growth prospects
3.2. Industry value chain analysis
3.3. Market dynamics
3.3.1. Market driver analysis
3.3.2. Analysis of market challenges / restrictions
3.4. Business environment analysis tools
3.4.1. Industry Analysis – Porter’s Five Forces Analysis
3.4.2. PEST analysis
3.5. Smart lighting market: impact analysis of COVID-19
Chapter 4. Smart Lighting Market: Component Estimates and Trend Analysis
4.1. Components Market Analysis and Market Share, 2020 and 2028
18.104.22.168. Global Hardware Market, by Region, 2017 – 2028 (USD Million)
Chapter 5. Smart Lighting Market: Connectivity Estimates and Trend Analysis
5.1. Connectivity Market Analysis and Market Share, 2020 and 2028
Chapter 6. Smart Lighting Market: Application Estimates and Trend Analysis
6.1. Application Market Analysis and Market Share, 2020 and 2028
22.214.171.124. Global domestic market, by region, 2017 – 2028 (USD million)
126.96.36.199. Commercial and industrial
188.8.131.52. Global domestic market, by region, 2017 – 2028 (USD million)
184.108.40.206. Highways and roadways
Chapter 7. Smart Lighting Market: Regional Estimates and Trend Analysis
7.1. Regional market analysis and market share, 2020 and 2028
Chapter 8. Competitive analysis
8.1. Recent developments and impact analysis, by the main market players
8.2. Categorization of companies / competitions (Key innovators, market leaders, emerging players)
8.3. Market Ranking Analysis of Key Companies, 2020
Chapter 9. Competitive landscape
9.1. Company presentation
9.2. Financial performance
9.3. Comparative analysis of products
9.4. Strategic initiatives
Honeywell International Inc.
Itron Inc. (Streetlight Vision)
Ideal Industries, Inc.
Hafele GmbH & Co KG
Wipro consumer lighting
Sengled Optoelectronics Co., Ltd.
For more information on this report, visit https://www.researchandmarkets.com/r/lam30b
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211118006057/en/
Laura Wood, Senior Press Director
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