The smart lighting market is expected to grow at a CAGR of 22.3% during the forecast period 2021-2027. The rapid rise in smart cities projects in developed and developing nations and the increasing adoption and government subsidies on LEDs technology and advanced lighting systems are the significant factors driving the market demand for the smart lighting market.
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The strong growth in commercial and industrial infrastructure projects would further fuel the market demand for intelligent lighting worldwide. Moreover, the growth in end-use segments and rising investments from government authorities also support the growth of the intelligent lighting market over the projected period. The ongoing COVID-19 pandemic has led to a major negative effect on the intelligent lighting market. With the pandemic scenario, the global market demand for smart city engineering and construction service has been slightly down, and thus, the use of smart lighting systems is reduced.
Furthermore, many intelligent lighting companies have also reported a negative sale as the ongoing COVID-19 pandemic halted production and raw material supply. Besides, the decline in consumer purchasing power and delay in completing construction projects were also caused by the pandemic, pushing down the smart lights purchase order quantity, timeline, and payment. As a result, it may hamper the growth of the global market in recent years.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Growth Drivers
The presence of government policies promoting energy conservation and environment safety and stringent regulations that discourage the utilization of incandescent lamps is expected to be one of the prominent factors to boost the smart lighting market across the globe. The global lighting industry typically consumes nearly 19% of the overall electricity and accounts for almost 6% of the overall greenhouse gas emissions.
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The market is also driven by the improved acceptance of ordinary protocols for intelligent lighting systems and the advent of new features such as API event generation and data analytics. Moreover, the United States, the United Kingdom, Germany, China, India, and Brazil are among the few key countries wherein smart cities have been expanding at an unprecedented rate.
According to the Consumer Technology Association, the sending on smart city projects globally reached almost USD 35.35 billion in 2020 from USD 14.85 billion in 2015. Similarly, the U.S. Government launched the “Smart Cities” initiative in 2015, with an investment of USD 160 million in federal & incorporated more than 25 new technology collaborations to cope up with challenges faced by local communities. Therefore, smart lighting has observed a significant rise in projects related to smart cities due to the aim of improving the quality of life of individuals in the region.
Report Segmentation
By Type
Smart Light Bulbs
Smart Lights Connected with Hubs
Motion Sensing Lights
By Communication Technology
Wi-Fi
Bluetooth
Zig-bee
Others
By Application
Residential
Commercial
Industrial
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Competitive Insight
Major players operating in the global market include Acuity Brands, Honeywell International, Ideal Industries, Signify Holding, Itron (Streetlight Vision), Wipro Consumer Lighting, YEELIGHT, Verizon, Sengled Optoelectronics, and Hafele GmbH & Co KG.
Aim of the Report
This study aims to determine the market size of various segments and countries with forecast values for next ten years.
Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.
The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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