Growing Trends in Smart Lighting Market Size & Share Will Reach to USD 36.84 Billion by 2026: Facts & Factors
New York, NY, March 12, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Smart Lighting Market By Installation Type (New Installation, and Retrofit), By Offering (Hardware, Software, and Services), By End-use Application (Indoor and Outdoor), and By Communication Technology (Wired, and Wireless): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026”.
“According to the research report, the global Smart Lighting Market was estimated at USD 11.23 Billion in 2019 and is expected to reach USD 36.84 Billion by 2026. The global Smart Lighting Market is expected to grow at a compound annual growth rate (CAGR) of 18.5% from 2019 to 2026”.
In the lighting industry, smart lighting has made use of a light control system dependent on parameters such as temperature, movement, occupancy, and natural light, etc. The control system intelligently controls the lighting. Lighting thus consumes a high amount of energy. Government offices, by substituting reliable and advanced lighting control systems, rely on reducing energy use. Not only an automated lighting control provides cost-effective and versatile lighting, but it also controls user functions. Therefore there is an increasing need for smart lighting systems. A new concept is evolving and aggressively embraced, such as wireless networking. In the public houses, retail and automotive industries the technology for smart lighting will be used more in near future.
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Key Questions Answered in this Report
1) What was the impact of COVID-19 on the Smart Lighting Market?
2) What is the market size, share of the Smart Lighting Market?
3) Who are the top market players in the Smart Lighting Market?
4) What will be the future market of the Smart Lighting Market?
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Impact Analysis of COVID-19 Pandemic on Businesses: Know Short Term and Long Term Impact
Most of the businesses are facing a growing litany of business-critical concerns related to the coronavirus outbreak, including supply chain disruptions, a risk of a recession, and a potential drop in consumer spending. All these scenarios will play out differently across various regions and industries, making accurate and timely market research more essential than ever.
We at Facts and Factors (http://www.fnfresearch.com) understand how difficult it is for you to plan, strategize, or make business decisions, and as such, we have your back to support you in these uncertain times with our research insights. Our team of consultants, analysts, and experts has developed an analytical model tool for markets that helps us to assess the impact of the virus more effectively on the industrial markets. We are further implementing these insights into our reports for a better understanding of our clients.
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Growing number of smart city development initiatives across the globe is driving the market
The need for smart lighting globally is projected to increase advances in wireless technologies and IoT technology to provide hyper-connectivity between smart infrastructure devices. The integration of Artificial Intelligence and IoT into lighting systems provides the operational efficiency needed in different applications, such as vertical farms, automobile interiors, and smart homes such as self-dimming and smart lighting. Technological innovations and advances in many countries have revolutionized outdoor lighting from on and off to intelligent lighting. In the lighting industry, adopting IoT and AI technologies has raised the demand for city street intelligent lighting. This adds to the increased need for the automatic operation of luminescence systems. In today’s economy, the development of less powerful technology has a strong demand. Electronic or electrical devices most of these consume and work on electricity. The reduction of these energy sources has enhanced energy-efficient systems growth. Compared with conventional lighting, intelligent lighting requires far less electricity and offers a profitable smart lighting potential.
Industry Major Market Players
- Awox SA
- Control4 Corp
- Cooper Lighting Solutions
- Crestron Electronics Inc
- Eve Systems GmbH
- General Electric Company
- Insteon (Smartlabs)
- KEA Systems BV
- LG Electronics
- Lutron Electronics
- Sengled USA Inc
- Signify Holdings
- Wiz Connected Lighting
- Wyze Labs Inc.
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Global Smart Lighting Market: Overview
Smart Lighting is one of the most important lighting solutions for offering solutions for both outdoor and indoor uses using the latest upgraded technology products like LEDs, fluorescent bulbs, Luminaires, and other lighting solutions. When opposed to conventional incandescent and halogen lighting, smart lighting has greater energy efficiency. The key aim is to have longevity in terms of breakage resistance and vibration immunity. Street lighting, tunnel and bridge lighting, architectural, industrial, office lighting, and projection lighting are all examples of smart lighting applications. Smart lighting is a lighting industry innovation that uses a control system to intelligently control light based on parameters such as occupancy, movement, temperature, amount of natural light, and so on.
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Global Smart Lighting Market: Growth Factors
Government regulations around the world are pushing the smart lighting industry by restricting the use of outdated lighting technologies. Governments all over the world are trying to phase out outdated lamps like incandescent and halogen lamps and promote the use of environmentally sustainable lighting. Tungsten halogen and compact fluorescent lamps will be phased out of use in Europe by 2020, according to new EU regulations. According to the current Ecodesign Law, lamps must have a maximum standby capacity of 0.5W and a minimum energy requirement of 85 lumens. This will promote the selling of energy-saving lamps in the country. Governments around the world are also providing tax cuts and incentives to facilitate the use of more energy-efficient lighting technologies. This is a significant factor in the market’s expansion.
The market’s adoption has been driven by the rapid increase in the number of smart city development projects and investments. When the world becomes more industrialized and urbanized, so does the amount of energy consumed in cities. Cities are thought to consume more than 60% of the world’s resources, with lighting alone accounting for 19% of global electricity consumption. Governments are dependent on advanced technology technologies to leverage assets and resources more efficiently in order to reduce energy usage and effectively manage resources. This is promoting the growth of smart city projects around the world, which will help the smart lighting industry meet demand.
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Europe Region Projected To Dominate Global Smart Lighting Market Growth
The smart lighting industry is dominated by Europe. Inefficient lighting technology is restricted by stringent government regulations in the country. Multiple phase-out programs for obsolete lamps are declared by the regional government. In addition, the governments in the area encouraged the use of LED lamps through the free distribution of LED lamps, along with tax discounts and subsidies. Business adoption in the area is encouraged. In addition to the stable macroeconomic situation in the area, smart city planning policies in the region would encourage business growth.
In the predicted time, Asia Pacific is going to rise most rapidly. The strong adoption of LED lamps in the area is responsible for the growth of the industry. The decrease in the cost of LED lamps and the supporting measures by the government is the key driver in the region’s overall demand for LED lamps. The increasing use of intelligent & wired lamps in the area creates multiple market growth opportunities.
Browse the full “Smart Lighting Market By Installation Type (New Installation, and Retrofit), By Offering (Hardware, Software, and Services), By End-use Application (Indoor and Outdoor), and By Communication Technology (Wired, and Wireless): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/smart-lighting-market
The global Smart Lighting market is segmented as follows:
By Installation Type:
- LED drivers & ballasts
- Manual on/off switches
- Electronic switches
- Wired dimmers
- Wireless dimmers
- Relay units
- Pre-installation Services
- Post-installation Services
By End-use Application:
- Highways & Roadways Lighting
- Architectural Lighting
- Lighting for Public Places
By Communication Technology:
- Wired Hybrid Protocols
- Wireless Hybrid Protocols
KEY REPORT POINTERS & HIGHLIGHTS:
- Statistically Validated Analysis of Historical, Current, and Projected Industry Trends with Authenticated Market Sizes Information and Data in terms of Value and Volume, wherever applicable
- Direct and Indirect Factors that Impacted the Industry as well Projected Rationales expected to affect the industry going forward
- Micro, Meso, Macro, and In-Depth Analysis of Technically relevant and Commercially viable Segments and Sub-segments of the Market
- Historical and Projected Company / Vendor / OEM / Supplier Market Shares, Competitive Landscape, and Player Positioning Data
- Historical and Current Demand (Consumption) and Supply (Production) Scenarios as well as Projected Supply-Demand Scenario Analysis
- Detailed List of Key Buyers and End-Users (Consumers) analyzed as per Regions and Applications
- Value Chain and Supply Chain Analysis along with Horizontal and Vertical Integration Scenarios
- Manufacturing and Production Cost Structure Analysis including Labor Cost, Raw Material Expenses, and Other Manufacturing Expenses, wherever relevant
- Overview of Key Marketing Strategies and Key Sales Channels Adopted in the Market
- Market Attractiveness Analysis and Key Investment Opportunity Analysis in the Market going forward
- Technological Roadmap, Patents Analysis, Potential Substitutes, and Technical Analysis
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