Smart Lighting Market Size, Share, Analysis & Forecast 2021-2026

Press Release:

Global Smart Lighting Market to Reach US$ 23.6 Billion by 2024, Catalyzed by Development of Smart Cities

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Smart Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2021-2026

Market Overview:

The global smart lighting market reached a value of US$ 10.8 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit strong growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Smart-lighting is a technology designed for efficient use of light resources with power saving fixtures and automated controls. This enables the user to adjust ambient lighting depending upon the occupancy or daylight availability. Smart-lighting products have applications in commercial, industrial and residential sectors and usually consists of a wall keypad and touchscreen panel. The lightings are also accessible through a smartphone application, making them easily controllable. Additionally, smart lighting systems enable users to change the colour and brightness of fixtures from anywhere around the globe. Smart lighting are an essential tool in smart-city development, since globally a significant number of public lamps run on high-intensity bulbs that use mercury and other material to operate, having detrimental effects on the environment.

The growth of the global smart-lighting market is primarily driven by the high demand of energy efficient lighting systems that provide better illumination while consuming less power. Additionally, factors such as modernization and development of infrastructure has facilitated the transformation of cities into smart-cities that has supported the growth of the smart lighting market. Individuals living in urban sectors prefer to invest in modular and intelligent lighting solutions instead of buying high-energy consuming lights. Moreover, the growing demand for lighting systems equipped with wireless and sensor technology has further favoured the growth of the market. Global plans for pooling lighting network with low power consuming sensors and lowering costs of previously expensive LEDs has also led to the market growth. Moreover, as a result of declining prices, smart-lights have also become affordable to the general population.

IMARC Group’s latest report provides a deep insight into the global smart lighting market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global smart lighting market in any manner.

Report Coverage:

Historical, Current and Future Market Trends

Breakup by Offering:

Hardware
- Lights and Luminaires
- Lighting Controls
Software
Services
- Design and Engineering
- Installation
- Post-Installation

Breakup by Communication Technology:

Wired Technology
Wireless Technology

Breakup by Installation Type:

New Installation
Retrofit Installation

Breakup by Light Source:

LED Lamps
Fluorescent Lamps
Compact Fluorescent Lamps
High Intensity Discharge Lamps
Others

Breakup by Application:

Commercial
Residential
Public Infrastructure
Others

Breakup by Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Philips Lighting, Acuity Brands, Osram, Cree, General Electric Company, Eaton, Honeywell, Legrand, Hubbell Lighting, Zumtobel Group, Hafele Group, Lutron Electronics, Wipro Consumer Care and Lighting, Streetlight.Vision, Virtual Extension, Syska LED, etc.

Key Questions Answered in This Report:

How has the global smart lighting market performed so far and how will it perform in the coming years?
What are the key regional markets in the global smart lighting industry?
What has been the impact of COVID-19 on the global smart lighting market?
What is the breakup of the global smart lighting market on the basis of offering?
What is the breakup of the global smart lighting market on the basis of communication technology?
What is the breakup of the global smart lighting market on the basis of installation type?
What is the breakup of the global smart lighting market on the basis of light source?
What is the breakup of the global smart lighting market on the basis of application?
What are the various stages in the value chain of the global smart lighting market?
What are the key driving factors and challenges in the global smart lighting market?
What is the structure of the global smart lighting market and who are the key players?
What is the degree of competition in the global smart lighting market?