The smart lighting market is projected to reach USD 27.7 billion by 2026 from USD 10.9 billion in 2021; it is expected to grow at a CAGR of 20.5% from 2021 to 2026.
Major drivers for the growth of the market are ongoing and upcoming smart city projects in developing cities, improved smart standards for higher power, introduction of new features such as data analytics and API event generation, rising demand of IoT enabled lighting fixtures, increasing use of LED lights and luminaires in outdoor lighting, etc. The increased digital transformation throughout the globe and adoption of ever changing technology is also a reason for the increased demand of smart lighting in commercial and industrial sectors. Moreover, the lower manufacturing cost and rapid infrastructure building and increasing government initiatives for energy efficient buildings as well as huge untapped market in countries of APAC act as growth opportunities for developers of smart lighting.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=985
This requirement is attributed to the increased awareness toward reducing energy consumption. The advent of integrated lighting control systems, upcoming smart city projects in developing economies, increasing adoption and decreasing cost of LEDs, integration of lighting solutions with smart devices, and growing awareness about energy savings among consumers and governments worldwide are the major factors contributing to the growth of the smart lighting market. On the other hand, factors such as the high initial cost of deployment, and security and reliability issues of smart with IoT-based lighting systems are restraining the growth of the smart lighting market. Growing smart office and smart retail trends, geographical opportunities in APAC and RoW regions, development of human-centric lighting solutions, growing demand for PoE-based lighting solutions in commercial and healthcare applications, the rapid transition from traditional lighting to connected lighting, and the growing inclination toward energy-efficient lighting solutions are the major opportunities for the smart lighting market. However, disruption in the smart lighting supply chain due to COVID-19 and interoperability issues between different network components are proving to be a challenge for the market.
The smart lighting market is segmented based on offering into hardware, software, and services. Based on communication technology, the market has been classified into wired and wireless. Based on installation type, the market is segmented into new installations and retrofit installations. The market has been segmented based on end-use application into indoor and outdoor. Based on region, the smart lighting market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). The smart lighting market in these regions is further segmented into different countries.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
