|Status : Published||Published On : Jan, 2021||Report Code : VRSME9003||Industry : Semiconductor & Electronics||Available Format :||Page : 147|
The global smart lighting market is estimated to be valued at USD 12.0 billion in 2020 and is expected to reach USD 32.0 billion by 2027, growing at a CAGR of 20.4% during 2021-2027. The global smart lighting market is growing at remarkable rate. The growth of this market is attributed to the extensive adoption of innovative technologies or instance strong intelligent systems, IoT, real-time monitoring of illumination and technological advancement in connected lighting. Moreover, increasing awareness towards the conservation of energy is the major factor driving the growth of the smart lighting market, globally.
Smart lighting has become one of the most popular solutions in the lighting industry that uses control system in order to control lights on the basis of several parameters such as occupancy, temperature, amount of natural light and movement. Energy cost associated with lighting is high as a result to which industries and government organizations are increasingly emphasizing efforts to decrease utilization of energy and thereby altering conventional lighting systems with advanced and efficient control systems in lighting.
Automated lighting enables users to monitor tasks at an efficient manner along with flexible and economical lighting. Due to all these advantages, the smart lighting market is growing at a significant rate. Moreover, it has been observed that smart lighting is excessively being adopted in industries such as government buildings, residential, automobiles and industrial.
Insight by Product
Based on the product, the global smart lighting market is categorized into the lighting control system and luminaries. Luminaries, which is further categorized into smart bulb and fixture, account for the larger share in the market, whereas smart bulb, categorized into driver & ballast, switch & relay, sensor, and gateway, exhibit the faster growth during the forecast period.
Insight by Source
Based on the source of smart light, the market is segmented into the light-emitting diode, fluorescent lamp, a high-intensity discharge lamp, and others. Among these, globally, the LED segment held the largest share in the market in 2019 and is also anticipated to witness the highest growth during the forecast period.
Insight by Communication
The smart lighting market on the basis of communication is segmented into wireless technology and wired technology. Among these two technologies, wireless technology is expected to witness the fastest growth during the forecast period owing to the elimination of wire utilization that is ultimately abolishing the requirement for protection and installation of cables. As a result, it has been observed that the cost associated with wireless lighting is relatively low and is flexible in nature as compared to wired technology.
The wireless communication technology sensors help in developing an autonomous network that makes moving, updating, replacing and adding sensors convenient after the installation. Moreover, rapid developments observed in wireless technology are expected to drive the wireless communication technology smart lighting market during the projected period.
Insight by Application
On the basis of application, the smart lighting market is segmented into the indoor application and outdoor application. Among these two segments, the indoor application held the larger share in 2019 in the global market. The indoor application is further sub-segmented into commercial, residential and others. Among these subcategories, residential applications are excessively being installed in accordance with an entire house or even for a specific room. Moreover, the market for residential indoor applications is expected to witness the fastest growth during the forecast period in the market due to the establishment of a wireless technique.
One of the key trends prevailing in smart lighting market is the commercial usage of smart lighting systems. It encompasses the extensive implementation of these lighting systems in retail stores, hospitality, and shopping malls. Replacement of existing lights with more energy-efficient alternative lighting systems is helping to eradicate explosive consumption of energy.
Some of the key factors driving the growth of the smart lighting market are development of infrastructure into smart cities, modernization, and increasing requirement for energy-efficient lighting systems, decreased cost and extensive adoption of LEDs, excessive demand for intelligent solutions for the street lighting systems and increasing emphasis for energy savings among government organization and consumers across globe are driving the growth of the smart lighting market at a rapid pace.
The high initial cost of installation, security and privacy concerns and limited knowledge related to payback periods are the major factors hampering the growth of the smart lighting market.
The rapid development of smart cities is fueling the growth of the smart lighting industry due to use of embedded devices and sensor technology in various areas such as traffic signals and streets decreases the consumption of energy at the extensive rate. Smart city initiatives specifically focus upon the use of connected devices that enables streamlining the operations and conservation of energy that makes the living of individuals convenient and affordable. These lighting systems are thus helping the government organizations in reducing energy consumption, the cost associated with maintenance of smart cities and a lower rate of accidents at night with the connected street lights.
Geographically, Asia-Pacific is expected to witness the fastest growth during the forecast period in the smart lighting market owing to massive growth perspective provided to the manufacturers by this region and these lighting systems are extensively being adopted by the consumers in developing their household and making it digitalized. Increasing activities pertaining to construction in Asia-Pacific is extensively contributing to the growth of the market in the region.
The enduring construction activities in China and India are going to undertake a rapid development that is expected to generate several growth opportunities for home automation and utilization of energy-efficient lighting systems in this region. Furthermore, swelling implementation of energy-efficient systems of lighting along with increasing expenditure on public infrastructure from the government organizations is expected to further drive the growth of the smart lighting market in Asia-Pacific at a rapid pace.
The smart lighting market are highly fragmented and lead by some of the biggest lighting companies. The key strategy adopted by the companies operating in the smart lighting ecosystem are new product launch and existing portfolio enhancement. Globally, industry players in the smart lighting industry are leveraging market growth through the establishment of growth strategies related to organic and inorganic growth mechanisms along with the incorporation of several strategic partnerships by the key players occurring in this industry.
Some of the key players operating in the global smart lighting market include Cree Inc., Hubbell Lighting Inc., Koninklijke Philips N.V., Osram Licht AG, Schneider Electric SA, Zumbotel Group AG, Acuity Brands Inc, Digital Lumens Inc., Honeywell International Inc., and Legrand SA.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research