The latest report by IMARC Group titled, “Smart Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027” the global smart lighting market reached a value of US$ 11.2 Billion in 2021. Looking forward, IMARC Group expects the market to grow at a CAGR of 19.4% during 2022-2027.
Smart lighting is designed for efficient use of light resources and to manage illuminance remotely. It is equipped with automated controls and highly efficient fixtures that can be adjusted as per the conditions, occupancy, and external lighting. Smart lighting is an energy-efficient lighting solution as they consume lower energy than traditional lighting and can be connected via Wi-Fi, Zigbee, smart things, or Bluetooth. Owing to these properties, they find extensive applications in the industrial, commercial, and residential sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Smart Lighting Market Trends and Drivers:
One of the prime factors driving the global smart lighting market is the surging need for intelligent lighting systems equipped with sensors and wireless technology. This is further supported by the development of smart cities owing to rapid urbanization and infrastructural development. Additionally, the rising demand for energy-efficient lighting solutions with better performance and lesser power consumption and the inflating consumer expenditure power, especially in developing regions, are acting as other growth-inducing factors. Besides this, the implementation of various favorable government initiatives, significant technological advancements, and continuous product innovations are creating a positive outlook for the market.
- Based on the offering, the market has been classified into hardware (lights and luminaries, and lighting controls), software and services (design and engineering, installation, and post-installation).
- On the basis of communication technology, the market has been bifurcated into wired and wireless technology.
- Based on the installation type, the market has been segmented into new and retrofit installations.
- The market has been categorized on the basis of the light source into LED, fluorescent, compact fluorescent, high-intensity discharge, and other lamps.
- Based on the application, the market has been classified into commercial, residential, public infrastructure, and others.
- Region-wise, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The report has also analyzed the competitive landscape of the market, with some of the key players being Philips Lighting, Acuity Brands Inc., Osram Licht AG, Cree LED, General Electric Company, Eaton Corporation PLC, Honeywell International Inc, Legrand, Hubbell Lighting, Zumtobel Group, Hafele Group, Lutron Electronics, Wipro Consumer Care and Lighting, Streetlight Vision, Virtual Extension, and Syska LED.
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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