WILMINGTON, DE / ACCESSWIRE / November 22, 2022 / Transparency Market Research Inc. - Rising smart city initiatives in developing nations is a major factor driving the global market for smart lighting. Fast-paced urban development, ongoing infrastructure development, industrial growth, and technological developments in goods are expected to propel the growth of the global smart lighting market.
Globally, smart lighting products are also gaining prominence. In the coming years, the market for smart lighting devices may be hampered by their high initial cost. In order to gain competitive advantages, companies in the global smart lighting market are increasing product development and unlocking revenue opportunities. Market participants are expanding their service arms in an effort to achieve a competitive advantage which will ultimately fuel the market progress.
According to the research report by TMR, the smart lighting market is expected to grow at a CAGR of 20.3% between the forecast period of 2021 and 2031. By the end of 2031, the global smart lighting industry is predicted to exceed US$ 83.52 Bn.
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Smart Lighting Market: Growth Drivers
- Smart lighting manufacturers are striving tirelessly to recoup losses caused by the COVID-19 outbreak. They are looking at new ways to overcome problems in the global market. The increasing use of smart lighting products in many end-use sectors is creating value-added opportunities to increase the smart lighting market revenue scope.
- Smart lighting products such as compact fluorescent lamps, LED lamps, discharge lamps, and others are increasingly being used in both business and residential structures, and their popularity is projected to grow in the near future. This aspect has created revenue-generation opportunities for the smart lighting market.
Key Findings of Smart Lighting Market Study
- Escalating use of technology has created a burgeoning need for smart lighting devices all over the world. Smart LED lighting systems for housing end-use applications are gaining immense traction as they can be remotely controlled, and the self-learning mode can be enabled by a single portable device via Wi-Fi transmission.
- Smart lighting solutions in indoor areas are based on LED technology and include progressive drivers with dynamic spectrum light reproduction and progressive sensing capabilities. These bulbs can be controlled from any location using a Wi-Fi network or mobile Internet which has made them popular and eventually has evolved as an ongoing market trend.
- Rapid technological advancement is regarded as one of the primary factors driving the global smart lighting market. Rising urbanization, industrialization, and increased construction activity are some of the factors driving the market expansion. The increase in residential construction has a favorable impact on the smart lighting sector. The growing demand for energy-efficient lighting is expected to play a significant role in propelling the market.
- Furthermore, the increased demand for lights coupled with wireless and sensor technology has aided the global market growth. Apart from these, the market is growing due to strong demand for smart intelligent lamps to prevent accidents and promote the smart city concept.
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Smart Lighting Market: Regional Insights
Europe is projected to maintain its dominance over the global market, owing to the presence of multiple companies in the region and the increasing adoption of smart lighting.
The North American smart lighting market share is expected to account for a sizable portion of the global industry. Increased government measures to encourage smart lighting usage, as well as technological developments in lighting products, are expected to help the market growth in North America.
Smart Lighting Market: Players
The key players operating in the global smart lighting market are:
- Panasonic
- Honeywell International Inc.
- Hubbell Incorporated
- Koninklijke Philips N.V.
- Syska LED
- Signify Holding
- OSRAM
- LG Corporation
- Cree, Inc.
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Smart Lighting Market: Segmentation
By Offering
- Hardware
- Software
- Services
- Connectivity Outlook
- Wired
- Wireless
By Application
- Indoor
- Outdoor
By End-user
- Residential
- Commercial
- Hotels
- Hospitals
- Academic Institutes
- Roadways
- Public Places (Monuments, Garden, Parks, etc.)
- Others (Parking Lot, Swimming Pools, etc.)
- Industrial
By Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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