Smart Lighting Market - Size
Base Year For Estimation
2023
Forecast Data Period
2024-2030
Historical Data Period
2018-2021
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
Smart Lighting is a process of controlling the behaviour of light from longer distances. Enhancing technology has made use of smart lighting in various end-user applications. Wireless communication technology is used to operate the lighting devices from any place using sensors, transmitters, and detectors. Usage of smart devices in various sectors is to ensure energy efficiency compared to the ordinary lighting system. It can detect surroundings in an intelligent manner and acts according to it.
Smart Lighting Market Size:
Smart Lighting market value is projected to reach $XX billion by 2024 from $XX billion in the year 2017, with a CAGR of XX% in the interim of outlook period. Government initiatives to transform normal cities into smart cities, increasing demand for smart lighting systems in streets, emergence for energy efficient lighting systems, reduction in the cost of LED’s, growing usage in industrial applications are the major factors influencing the market growth. Rise in the cost of installation, lack of awareness, incompatible wireless communication system, increasing security issues are the key facts hindering the market growth. Lack of reliable standards for efficient communication b/w IoT devices is the primary challenge faced by the market. Increasing development of IoT technology, advancements in wireless technology, expansion of smart cities are the greater opportunities available for the investors in the market.
Smart Lighting Market Share:
Smart Lighting market is classified based on product type, applications, technology, end-user, and geography. By product type, the market is prorated as LED, Fluorescent lamps, and High-Intensity discharge lamps. Among these, High-intensity discharge lamps are accounted for the major share in the market owing to the increasing demand in stadiums, high-intensity bicycle lamps and also due to its advantages like better energy efficiency even after emitting light
Smart Lighting Market - Growth
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
with high efficiency.
LED smart lighting market is anticipated to dominate the total market regarding revenue during the
smart lighting market forecast period as of its reduction in costs, increased efficiency, and growing adoption of LED’s across the globe. Based on application, the market is classified as Indoor and Outdoor applications. Out of these, the Indoor segment is poised to hold the largest share in the market owing to the increasing adoption of smart lighting systems in residential, industrial and commercial sectors. Based on technology, the market is segmented as wireless and wired technology. Among these, wireless technology segment is leading shareholder in the market owing to the increasing awareness of using intelligent lighting systems in different end-user applications. As wireless communication technology is the foundation for a smart lighting system, its market is expected to record inclined growth rate in the course of the forecast period. Vigorous usage of Bluetooth, WiFi, ZigBee and another wireless communication medium in smartphones, tablets are also poised to drive the market growth.
By end-user, the market is prorated into government, commercial, residential and industrial sectors. Out of these, the Commercial sector is the premium shareholder in the market owing to the growing installations in the shopping malls and other economic places. On the other hand, the Retail sector is also anticipated to hold 42% of the total share in the market during the forecast period. Increase in urban population, and rapid adoption of smart lighting systems to save energy in various cities are propelling the market growth. Based on geography, Asia-Pacific holds a major share in the market. Increasing acceptance by the consumers in the region and increasing demand for smart lighting systems in newly constructed
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Smart Lighting Market - Porter's Five Force Analysis
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
houses in the developing countries like India and China is pushing the growth of the market. North America is expected to dominate the market due to the increased funds by the government to develop and install smart lighting systems. Growing deployments of the intelligent lighting systems in the commercial and industrial sector will drive the market growth in Europe
Smart Lighting Market Trends:
- Acuity Brands introduced VCP app to configure settings using camera flash or Bluetooth technology
- Solium and Street Vision collaborated to develop control systems for self-operated solar smart street lights
Smart Lighting Market Report:
An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
To have complete market analysis through industry value chain analysis, Porter’s five, PESTLE, SWOT analysis, and Y-o-Y analysis.
Regional and global is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year–On–Year
Identifying DROC in the current market and their impact in altering the market dynamics
Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial analysis with major competitors
Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market
Identify the latest developments, market shares and strategies that are employed by the major market players, such as
- Acuity Brands, Inc
- Honeywell Technologies
- Vision
- Osram Light
- Philips Electronics
Along with these companies, there were many other companies are considered in the report while analysing the Smart Lighting market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.
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