To know the impact of COVID-19 On Smart Lighting Market Share, Growth Rate and Gross Margin, Development Trends & Industry Forecast Report 2020-2025 Market
Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
Smart Lighting Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025- Increasing demand for energy efficient lighting solutions couples with government initiatives to reduce energy consumption are anticipated to drive growth of Global Smart Lighting Market.
Smart Lighting Market is valued at USD 10.53 Billion in 2018 and expected to reach USD 33.94 Billion by 2025 with a CAGR of 18.2% over the forecast period.
Market Analysis of Smart Lighting-
Smart lighting is a lighting that user can control from an app, usually on their Apple or Android phone. The app enables user to change the brightness of the bulbs, and if the bulbs have colored LEDs user can change their colours too. It allows users to control light wirelessly with their phone, tablet, or smart assistant, such as Google Assistant or Amazon Alexa. For example; Smart LED bulbs contain software that connects to an app, smart home assistant, or other smart accessory so users can automate their lights or control them remotely, eliminating the need for traditional wall switches. Smart lighting solutions using networked technology represent an interesting opportunity for cities such as; huge reduction of energy and maintenance cost, increased public safety from improved lighting, safer traffic due to increased visibility of hazards, measurable environmental impact due to reduced energy consumption. All these advantages of smart lighting increases the demand for smart lighting solutions.
Global smart lighting market report is segmented on the basis of lighting type, component, application and region & country level. Based upon lighting type, global smart lighting market is divided into led lamps, high intensity discharge lamp, fluorescent lamp and others. Based upon component, global smart lighting market is classified into relays, sensors, controllable breakers, dimmer actuators, switch actuators and others. Based on application, the smart lighting market is classified into residential, commercial & industrial, public & government constructions and others.
The regions covered in this Smart Lighting Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Smart Lighting is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some major key players for Global Smart Lighting Market are Acuity Brands, Inc., Legrand S.A., Lutron Elecronics, Co., Streetlight Vision, Encelium Technologies, Inc., Zumtobel AG, Digital Lumens, Inc., Royal Philips Electronics N.V., Honeywell International, Osram Licht AG and others.
Increasing Demand for Energy Efficient Lighting Solutions is the Key Factor Driving the Market Growth.
The major factor driving the growth of global smart lighting market is increasing demand for energy efficient lighting solutions in commercial and residential construction. In addition, rising disposable income and purchasing power of consumers are also supplementing the demand for smart lighting solutions. The increasing number of smart buildings coupled with the government initiatives for smart city projects are also fostering the growth of global smart lighting market. For example; Up until 2016, China had 542 cities under Smart City development and that number is expected to only increase (China Academy of Information and Communication Technology, 2018) with rising government investment into this industry. It is estimated that the annual amount of investment into Smart City projects will rise from 375.2 billion CNY (approximately USD 55 billion) in 2017 to 1.23 trillion CNY (approximately USD 181.7 billion) in 2021. Furthermore, increasing adoption of LED lights owing to its various advantages over traditional lighting solutions such as; it has long lifespan, environmentally friendly, generally consumes very low amounts of power, emits almost no forward heat, LED devices are extremely small, have great color rendering index (CRI) and others are also augmenting the demand for smart lighting solutions.
However, high installation cost may hamper the market growth. In spite of that, increasing advancements in the field of more innovative and affordable smart lighting solutions can provide various opportunities for the further growth of the market.
North America is Expected to Dominate the Global Smart Lighting Market.
The global smart lighting market is segmented into North America, Europe, Asia-Pacific Latin America and Middle East & Africa. North America is expected to dominate the global smart lighting market within the forecast period attributed to various government regulations to improve the more energy efficient alternatives are implemented in this region and fuel the demand for smart lighting products.
Asia pacific is expected to witness a significant growth in the global smart lighting market owing to rapidly growing construction industry and smart city projects in the economies such as India, China and others in this region. For example; The Indian Economic Survey 2017-18 estimated that the country will require $4.5 trillion infrastructure investment by 2040. Much of this infrastructure investment will need to be focused on urban India, as by 2030, 40% of the country’s population, or 600 million people, will reside in cities. According to the International Monetary Fund, India’s economic growth is expected to be reach 7.5 percent by the year 2021. This will make India one of the fastest growing economies in the world, and India’s aspiration to be among the top could soon be realized.
In addition, rising government investments on public infrastructure is also one of the major factors fostering the market growth in this region. For example; New Delhi Municipal Council, India has managed to switch its electricity meters to smart meters, a move that would save the city US$1.7 million a year by eliminating data entry errors. In China, major smart city projects such as; Hangzhou’s “City Brain”, Cloud platforms and smart parking in Shanghai, Guangzhou, Go cashless in Beijing, China’s startup capital and Managing migrations to Xi’an. In addition, rising disposable income in emerging economies of this region is also supplement the demand for smart lighting solutions.
Key Benefits for Market Report–
- Global Smart Lighting Market report covers in-depth historical and forecast analysis.
- Global Smart Lighting Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
- Global Smart Lighting Market report helps to identify opportunities in marketplace.
- Global Smart Lighting Market report covers extensive analysis of emerging trends and competitive landscape.
By Lighting Type:
- LED Lamps
- High Intensity Discharge Lamp
- Fluorescent Lamp
- Controllable Breakers
- Dimmer Actuators
- Switch Actuators
- Commercial & Industrial
- Public & Government Constructions
By Regional & Country Level:
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
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Smart Lighting Market Share and Growth to 2025 and Analysis 2019-2025
Smart Lighting Market Share, Growth Rate and Gross Margin, Development Trends & Industry Forecast Report 2020-2025
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