The Smart Lighting Market delves into various aspects, enabling readers to gain a deep understanding of the market dynamics, trends, and potential opportunities.
The global 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.
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
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By Communication Technology
Wi-Fi
Bluetooth
Zig-bee
Others
By Application
Residential
Commercial
Industrial
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
- Western Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
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- 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 Häfele GmbH & Co KG.
Table of Content
Chapter 1: Global Smart Lighting Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Smart Lighting market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Smart Lighting Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Smart Lighting market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Smart Lighting market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Smart Lighting market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Smart Lighting market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Smart Lighting business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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