Global Smart Lighting Market Projected To Grow Reach USD 36.84 Billion by 2026

11-Mar-2021 | Facts and Factors

As per the report published by Facts & Factors, the Global Smart Lighting market was estimated at around USD 11.23 billion in 2019 and is projected to produce revenues of around USD 36.84 billion by the end of 2026, rising to CAGR by around 18.5% between 2020 and 2026.

In the lighting industry, smart lighting has made use of a light control system dependent on parameters such as temperature, movement, occupancy, and natural light, etc. The control system intelligently controls the lighting. Lighting thus consumes a high amount of energy. Government offices, by substituting reliable and advanced lighting control systems, rely on reducing energy use. Not only an automated lighting control provides cost-effective and versatile lighting, but it also controls user functions. Therefore there is an increasing need for smart lighting systems. A new concept is evolving and aggressively embraced, such as wireless networking. In the public houses, retail and automotive industries the technology for smart lighting will be used more in near future.

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Smart Lighting Market Size

Growing number of smart city development initiatives across the globe is driving the market

The need for smart lighting globally is projected to increase advances in wireless technologies and IoT technology to provide hyper-connectivity between smart infrastructure devices. The integration of Artificial Intelligence and IoT into lighting systems provides the operational efficiency needed in different applications, such as vertical farms, automobile interiors, and smart homes such as self-dimming and smart lighting. Technological innovations and advances in many countries have revolutionized outdoor lighting from on and off to intelligent lighting. In the lighting industry, adopting IoT and AI technologies has raised the demand for city street intelligent lighting. This adds to the increased need for the automatic operation of luminescence systems. In today's economy, the development of less powerful technology has a strong demand. Electronic or electrical devices most of these consume and work on electricity. The reduction of these energy sources has enhanced energy-efficient systems growth. Compared with conventional lighting, intelligent lighting requires far less electricity and offers a profitable smart lighting potential.

Europe Region Projected To Dominate Global Smart Lighting Market Growth

The smart lighting industry is dominated by Europe. Inefficient lighting technology is restricted by stringent government regulations in the country. Multiple phase-out programs for obsolete lamps are declared by the regional government. In addition, the governments in the area encouraged the use of LED lamps through the free distribution of LED lamps, along with tax discounts and subsidies. Business adoption in the area is encouraged. In addition to the stable macroeconomic situation in the area, smart city planning policies in the region would encourage business growth.

In the predicted time, Asia Pacific is going to rise most rapidly. The strong adoption of LED lamps in the area is responsible for the growth of the industry. The decrease in the cost of LED lamps and the supporting measures by the government is the key driver in the region's overall demand for LED lamps. The increasing use of intelligent & wired lamps in the area creates multiple market growth opportunities.

Browse the full“Smart Lighting Market By Installation Type (New Installation, and Retrofit), By Offering (Hardware, Software, and Services), By End-use Application (Indoor and Outdoor), and By Communication Technology (Wired, and Wireless): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/smart-lighting-market

Report Scope

Report Attribute

Details

Market Size in 2019

USD 11.23 Billion

Projected Market Size in 2026

USD 36.84 Billion

CAGR Growth Rate

18.5%

Base Year

2019

Forecast Years

2020-2026

Key Market Players

Awox SA, Control4 Corp, Cooper Lighting Solutions, Crestron Electronics Inc, Eve Systems GmbH, General Electric Company, Insteon (Smartlabs), KEA Systems BV, LG Electronics, Lutron Electronics, Sengled USA Inc, Signify Holdings, Wiz Connected Lighting, Wyze Labs Inc., and Others.

Key Segment

By Installation Type, By Offering, By End-use Application, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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Some of the key players in the Smart Lighting market are Awox SA, Control4 Corp, Cooper Lighting Solutions, Crestron Electronics Inc, Eve Systems GmbH, General Electric Company, Insteon (Smartlabs), KEA Systems BV, LG Electronics, Lutron Electronics, Sengled USA Inc, Signify Holdings, Wiz Connected Lighting, Wyze Labs Inc., and Others.

The global Smart Lighting market is segmented as follows:

By Installation Type:

  • New Installation
  • Retrofit

By Offering:

  • Hardware
  • Lights & Luminaires
  • Smart bulbs
  • Fixtures
  • Lighting Controls
  • LED drivers & ballasts
  • Sensors
  • Switches
  • Manual on/off switches
  • Electronic switches
  • Dimmers
  • Wired dimmers
  • Wireless dimmers
  • Relay units
  • Gateways
  • Software
  • Local/Web Based
  • Cloud Based
  •  Services
  • Pre-installation Services
  • Post-installation Services

By End-use Application:

  • Indoor
  • Residential
  • Commercial
  • Industrial
  • Others
  • Outdoor
  • Highways & Roadways Lighting
  • Architectural Lighting
  • Lighting for Public Places

By Communication Technology:

  • Wired
  • DALI
  • PLC
  • POE
  • Wired Hybrid Protocols
  • Wireless
  • ZigBee
  • Bluetooth/BLE
  • EnOcean
  • Wi-Fi
  • 6LoWPAN
  • Wireless Hybrid Protocols

By Region:

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

About Us:

Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.

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