Covid-19 impact on Smart Lighting Market Global Trends, Size, Segments and Growth by Forecast to 2027
In its research report, Market Research Future (MRFR), emphasizes that the global smart lighting market 2020 is slated to grow exponentially over the review period, securing a substantial market valuation of 25 billion by 2027, and a healthy 27% CAGR over the review period.
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Drivers and Restraints
The new lighting technologies developments allow smart lighting providers to exploit new business opportunities around the globe. Government agencies in various countries are taking several steps to build sustainable cities, and one of the significant projects being pursued is the implementation of sustainable lighting. The key factors driving the smart lighting market’s growth are growing awareness of the environmental benefits of energy efficiency, rising and developing wireless communication technology, and growing investment in, among others, the smart home & cities industry. Energy efficiency has become highly significant and important thanks to advanced technology and a increasing population. As cities shifting across the world towards smart city technology, the market is projected to see rapid growth and hit an estimated USD 25 billion by the end of 2027. However, factors such as high construction costs, and lack of professional experts impede the development of the market for smart lighting.
The Smart Lighting Market is segmented by type, communication technology, light source, software & service, and application. Based on the type segment, the market comprises fixtures smart bulbs, and lighting control. By the light source, the market comprises a LED light source, fluorescent light source, HID light source, and another light source. By the communication technology segment, the market comprises Wired Communication Technologies and Wireless Communication Technologies. By the software & service, the software is segmented into smartphone applications and by service into lighting as-a-service. By the application, the market is segmented into indoor and outdoor lighting.
The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
It is observed that in 2014, the European region dominated the global smart lighting market, and is projected to hold the same position in the coming years, led by the North American market. North America, which shows a similar growth trend, closely follows Europe. All countries have advanced technologies and are making strides in energy conservation. Meanwhile, due to the accelerated growth of smart cities in the region’s developing markets, Asia Pacific is the fastest growing market anywhere in the world. Fueling the global smart lighting market in this area is the increased adoption of smart lighting systems as an energy efficient lighting solution. Asia Pacific area is projected to be the fastest growing market because of increased use of smart lighting, raw material supply and low labor costs. Moreover, foreign players are drawing attention to comparatively inexpensive labor and high operating costs. There is also an abundance of raw materials available to manufacture smart lighting systems in the Area. The growth potential available in the APAC area is expected to encourage considerable market growth over the forecast period.
The major market players operating in the global smart lighting market as identified by MRFR are Osram GmbH (Germany), Lutron Electronics Co. Inc. (U.S.), Daintree Networks (U.S.), Legrand S.A. (France), Bridgelux (U.S.), Echelon Corporation (U.S.), Koninklijke Philips N.V. (Netherland), Streetlight Vision (France), Zumtobel (Austria), and Honeywell (U.S) among others. ABB has collaborated with Signify to introduce a new range of smart light switches to go with Signify’s intelligent lighting systems and provide seamless integration with Philips Hue, a lighting company. Furthermore. Australia’s Sunshine Coast Council has contracted Telensa to install its smart street lighting system, World. The 24 month long project will see the area implementing intelligent lighting for economic, financial and social benefits.
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Smart Lighting Market: By Type (Smart Bulbs, Fixtures and Lighting Control), Light Source (Fluorescent, LED), Communication Technology (Wired and Wireless), Software & Service (Smartphone Applications, Lighting As-A-Service) – Global Forecast till 2027
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