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. 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.
The report also describes the key business strategies, demand and supply ratios, leading regions, and the renowned market players, in a nutshell, offering a futuristic outlook of the overall smart lighting market The market intelligence report is a prototype of the 360° overview of the global smart lighting market , shedding light on the estimated market value, share, growth trends, gross revenue, competitive overview, prominent manufacturers and buyers, available product types, and end-use applications.
Smart lighting is a lighting technology based primarily on increasing energy efficiency, and is also designed with features and functionalities to enhance convenience and security, among others. Smart lights can be controlled remotely with smartphone applications. This makes it trendy and gives it a significant novelty in businesses and homes worldwide. It is highly energy efficient, comprises self-operating controls, and comes with exceptionally efficient fixtures which can be modified according to occupancy and external lighting.
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Some Key Highlights from the Report
- In August 2021, Signify launched new range of Philips Smart Wi-Fi lights in India. With this it expanded its Phillips Smart Wi-Fi ecosystem in India under Wiz Smart Light Range. The portfolio also includes a new smart LED downlighter, T-Bulb, T-Beamer, and Batten in addition.
- 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.
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Key companies profiled in the Smart Lighting 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.
The report offers a complete analysis of the global Smart Lighting market on a global and regional scale and offers a forecast for the market for 8 years. The report provides extensive coverage of the market drivers, restraints, limitations, growth prospects, threats, opportunities, and current and emerging trends in the market. The report also offers an in-depth analysis of the market players along with their business overview, product portfolio, technological advancements, expansion plans, financial standing, and global position. It also sheds light on the collaborations in the competitive landscape, such as mergers and acquisitions, joint ventures, collaborations, product launches, brand promotions, corporate and government deals, licensing agreements, and others.
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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 Analysis:
Regional analysis includes an in-depth study of the key geographical regions to gain a better understanding of the market and provide an accurate analysis. The regional analysis covers North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis covers the analysis of key market segments, including revenue, CAGR, import/export, supply and demand ratio, production and consumption ratio, industrial chain analysis, and market dynamics in each region of the geographies.
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The report addresses the following key points:
- The report provides a forecast of market drivers, restraints, and future opportunities for the Embedded SIM market
- The report further analyses the changing market dynamics
- Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
- Extensive competitive landscape mapping with profiles of the key competitors
- In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
- Revenue forecast, country scope, application insights, and product insights
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