The global smart lighting market size is expected to reach USD 45.47 Billion at a steady revenue CAGR of 19.7% in 2028, according to the latest analysis by Emergen Research.
The report relies on advanced primary and secondary research methodologies to assess information. The data for the study is gathered from reliable and trustworthy sources, ensuring the authenticity and accuracy of the research study.
The most prominent obstacle that is hindering smart lighting market growth is high cost of installation. In spite of all these drawbacks, various benefits and advantages of smart lights is expected to drive deployment during the forecast period. Increasing popularity of smart lights, wide acceptability of standard protocols for lighting control systems, and increasing use of LED lights and luminaires in outdoor lighting are driving market revenue growth.
Various industries, sectors, and companies are using smart lights as a potential feature for decoration, security, and other advantages and benefits. Due to this, rapid growth in the smart lighting market is evident. Factors like vast range of products, alternative availability of light sources, wide area of applicability, including indoor lights and outdoor light applications, and wired and wireless communication technology are boosting revenue growth of the global smart lighting market currently.
Read More: https://www.emergenresearch.com/industry-report/smart-lighting-market
Research Methodology
Data triangulation and market breakdown
Research assumptions Research data including primary and secondary data
Primary data includes breakdown of primaries and key industry insights
Secondary data includes key data from secondary sources
Key questions answered in the report
What will be the market size in terms of value and volume in the next five years?
Which segment is currently leading the market?
In which region will the market find its highest growth?
Which players will take the lead in the market?
What are the key drivers and restraints of the market’s growth?
Some major factors expected to hamper market growth include interoperability, connectivity, non-visual effects of lighting, and data security concerns. Possible health implications from usage of blue-rich, solid-state or compact fluorescent lighting is hampering market growth.
Some Key Highlights From the Report
Hardware segment accounted for a significant revenue share in 2020. A majority of industries acknowledge the benefits earned by the use of smart light bulbs and fixtures which can switch shades, dim lights with a remote controller such as tablets, Alexa device, and smartphones among others. This has resulted in high preference for hardware among end-use industries.
LED light sources segment accounted for a significantly robust revenue share in 2020 due to higher preference and benefits such as long lifespan and energy efficiency, which helps in improving its environmental impact and most importantly low voltage operation.
Major players in the market report include Acuity Brands, Signify Holding, Honeywell International Inc., Itron Inc., Ideal Industries, Inc., Häfele GmbH & Co KG, Wipro Consumer Lighting, YEELIGHT, Sengled Optoelectronics Co., Ltd., and Verizon.
Emergen Research has segmented the global smart lighting market on the basis of component, light source, type, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
Hardware
Software
Services
Light Source
LED Light Source
HID Light Source
Fluorescent Light Source
Type Outlook (Revenue, USD Billion; 2018–2028)
Smart Bulbs
Fixtures
Lighting Control
Sensors
Microcontroller and Microprocessors
Wireless Receivers and Transmitters
Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
Commercial
Industrial
Residential
Public Lighting
Others
Regional Outlook: (Revenue, USD Billion; 2018-2028)
North America (U.S.) (Canada) (Mexico)
Europe (Germany) (UK) (France) (BENELUX) (Rest of Europe)
Asia Pacific (China) (Japan) (South Korea) (Rest of APAC)
Latin America (Brazil) (Rest of LATAM)
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2028
Chapter 3. Key Insights
Chapter 4. Smart Lighting Market Segmentation & Impact Analysis
4.1. Smart Lighting Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing demand for energy saving at homes
4.2.2.2. Government regulations mandating the use of LEDs
4.2.2.3. Growing demand of street lighting system
4.2.3. Market restraints analysis
4.2.3.1. Lack of awareness regarding selection and installation of products
4.2.3.2. High installation and maintenance cost in smart lightning system
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Smart Lighting Market By Component Insights & Trends, Revenue (USD Million)
Chapter 6. Smart Lighting Market By Light Source Insights & Trends Revenue (USD Million)
Chapter 7. Smart Lighting Market By Product Type Insights & Trends Revenue (USD Million)
Chapter 8. Smart Lighting Market By End-Use Insights & Trends Revenue (USD Million)
Chapter 9. Smart Lighting Market Regional Outlook
Chapter 10. Competitive Landscape
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