The
report "Smart Lighting Market by Offering
(Hardware: Lights & Luminaires, Lighting Controls; Software, and Services),
Communication Technology (Wired and Wireless), Installation Type, End-use
Application, and Geography - Global Forecast to 2025", is estimated to grow from USD 13.4
billion in 2020 and projected to reach USD 30.6 billion by 2025, at a CAGR of
18.0%. The major factors driving the growth of the smart lighting market
include 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.
“Smart lighting market for services to
grow at highest CAGR between 2020 and 2025”
Services
play a major role before and after the installation of smart lighting systems.
The services segment comprises pre-installation and post-installation services.
The market for services is expected to grow at the highest CAGR during the
forecast period, mainly driven by the rising adoption of smart lighting
solutions and the use of lighting services to reduce energy cost and achieve
energy conservation and ecological safety. The growth of the market for
services is also ascribed to a high demand for engineering, consulting, and
analytical services pertaining to smart lighting among end users.
Europe to hold major larger share of
smart lighting market for indoor-end use application during forecast period
Europe
held the largest share of the smart lighting market for indoor end-use
application in 2019. This large share is attributed to the growing consumer
awareness about smart lighting and adoption of energy-efficient products being
offered in the smart lighting market. However, the high implementation cost of
these solutions is one of the major factors inhibiting the growth of the market
in the residential segment.
“APAC to hold largest share of smart
lighting market by 2025”
The
smart lighting market in APAC is expected to grow at the highest CAGR during
the forecast period. This growth is attributed to rapid infrastructure building
activities being undertaken in APAC, mainly in China and India, where smart
lighting paves the way for the modernization of infrastructure. The
modernization and development of infrastructure such as smart cities across the
region, coupled with government policies to support energy-efficient lighting,
would also drive the demand for smart street lights, thereby driving the market
for smart lighting in this region.
Some
of the major players in the smart lighting market are Signify (Philips
Lighting) (Netherlands), Legrand S.A. (France), Acuity Brands, Inc. (US), Eaton
Corporation (Ireland), General Electric Company (US), and OSRAM Licht
(Germany), Lutron Electronics (US), Zumtobel Group (Austria), Honeywell
International Inc. (US), Hubbell Incorporated (US), and Leviton Manufacturing
Company, Inc. (US). Other players operating in the smart lighting market
include Dialight PLC (UK), Helvar (Finland), Ideal Industries, Inc. (Cree
Lighting) (US), Adesto Technologies (Echelon Corporation) (US), Panasonic
(Japan), LightwaveRF PLC (UK), RAB Lighting (US), Synapse Wireless (US), Syska
LED (India), Wipro Enterprise Ltd (India), LG Electronics (South Korea), ABB
(Switzerland), and Enlighted Inc (a Siemens company) (US).
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