According to the latest report by IMARC Group, titled " North America Smart Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the North America smart lighting market reached a value of US$ 4.3 Billion in 2021. Smart lighting involves the utilization of software, mobile applications and smart home assistant devices for controlling lighting systems. Along with this, it also includes the adoption of light-emitting diodes (LED) for energy-efficient lighting solutions. It is widely preferred as an alternative to conventional lighting systems, including halogens, incandescent bulbs and compact fluorescent lamps (CFLs). These solutions offer personalized lights for occasions, enhanced security and convenience, and a longer lifespan. Also, they help in enhancing the aesthetic appearance of a space in a cost-efficient manner.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
North America Smart Lighting Market Trends:
The market in North America is primarily driven by an enhanced focus on sustainable development. In line with this, numerous government initiatives undertaken for the installation of energy-efficient street lighting solutions across the region are creating a positive outlook for the market growth. Apart from this, the shifting lifestyle preferences and inflating disposable income levels of individuals are providing a boost to the market growth. Moreover, various technological advancements, including the increasing integration of artificial intelligence (AI) and the Internet of Things (IoT) technologies with lighting systems, are acting as a major growth-inducing factor. Furthermore, rising investments by private and public agencies in infrastructural development projects are positively influencing the market growth. Other factors, including the rapid expansion of smart building projects and extensive research and development (R&D) activities conducted by key players for introducing improved product variants, are further expected to drive the market growth across North America. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 12.08 Billion by 2027, expanding at a CAGR of 19.10% during 2022-2027.
- On the basis of the offering, the market has been segmented into hardware (lights and luminaires, and lighting controls), software, and services (design and engineering, installation, and post-installation).
- Based on communication technology, the market has been bifurcated into wired and wireless technologies.
- On the basis of the installation type, the market has been segregated into new and retrofit installations.
- Based on the light source, the market has been categorized into LED lamps, fluorescent lamps, compact fluorescent lamps, high intensity discharge lamps and others.
- On the basis of the application, the market has been classified into commercial, residential, public infrastructure and others.
- Based on the country, the market has been divided into the United States, Canada and Mexico.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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