Smart Lighting Market: High Demand, Size, Share, Scope, Trends, and Forecast 2021–2028

Global Smart Lighting Market Forecast to 2028

The Smart Lighting Market Research Report covers business strategies, qualitative and quantitative analysis, and emerging industry trends. It is a detailed and significant study. The study conducts a complete examination and analysis of the key elements of the global Smart Lighting market. The research analysts created this report after carefully examining the drivers, restraints, challenges, trends, and opportunities in the global Smart Lighting market.

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 increasing popularity of smart lights, the wide acceptability of standard protocols for lighting control systems, and the increasing use of LED lights and luminaires in outdoor lighting are driving market revenue growth.

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 significant novelty in businesses and homes worldwide. It is highly energy efficient, comprises self-operating controls, and comes with exceptionally efficient fixtures that can be modified according to occupancy and external lighting.

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 the 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 currently boosting the revenue growth of the global smart lighting market.

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Competitive Landscape:

Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.

Key Companies Profiled in the Report:

Acuity Brands, Signify Holding, Honeywell International Inc., Itron Inc., Ideal Industries, Inc., Häfele GmbH & Co KG, Wipro Consumer Lighting, YEELIGHT, Sengled Optoelectronics Co., Ltd., Verizon, Häfele GmbH & Co KG

Market Dynamics:

The report offers insightful information about the market dynamics of the Smart Lighting market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Smart Lighting market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Smart Lighting market.

Radical Highlights of the Smart Lighting Market Report:

Comprehensive overview of the Smart Lighting market along with analysis of the changing dynamics of the market

Growth Assessment of various market segments throughout the forecast period

Regional and global analysis of the market players, including their market share and global position

Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market

Impact of the technological developments and R&D advancements on the Smart Lighting market

Information about profit-making strategies and developmental strategies of major companies and manufacturers

Insightful information for the new entrants willing to enter the market

Details and insights about business expansion strategies, product launches, and other collaborations

The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis

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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.

Wireless receivers and transmitter segment accounted for a moderately robust revenue share in 2020, as these products are gaining gradual popularity due flexibility, versatility, and cost effectiveness.

North America registered highest revenue growth in 2020 due to rising demand for smart lights at different sectors in countries in this region. Emergence of smart city projects is also contributing to market revenue growth.

Smart Lighting Market Segmentation:

Market Overview:

The report bifurcates the Smart Lighting market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.

Segments Covered in this report are:

Component Outlook (Revenue, USD Billion; 2018–2028)

Hardware

Software

Services

Light Source Outlook (Revenue, USD Billion; 2018–2028)

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

Regional Segmentation;

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

In conclusion, the Smart Lighting Market report is an exhaustive database that will help readers formulate lucrative strategies. The Smart Lighting Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.

How will this Report Benefit you?

A 250-page report from Emergen Research includes 194 tables and 189 charts and graphics. Anyone in need of commercial, in-depth assessments for the global Smart Lighting market, as well as comprehensive market segment analysis, can benefit from our new study. You can assess the whole regional and global market for Smart Lighting with the aid of our recent study. To increase market share, obtain financial analysis of the whole market and its various segments. We think there are significant prospects in this industry for rapidly expanding energy storage technology. Look at how you may utilise the current and potential revenue-generating prospects in this sector. The research will also assist you in making better strategic decisions, enabling you to build growth strategies, strengthen competitor analysis, and increase business productivity.

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