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companies take rapid-decisions by finding
- Covid Impact on Smart Lighting Market, growth/decline in product
type/use cases of Smart Lighting Market due to cascaded impact of Covid on
Extended Ecosystem..
- How top 50 companies in Smart Lighting Market are making rapid
shifts in their strategies as we speak here...
- Outside-in view of top 50 companies client and client's clients
shifting short-term priorities
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The smart lighting market 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 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.
“Lights
& luminaires to account for larger share of smart lighting hardware market
during forecast period”
The smart lighting hardware market for lights
& luminaires is expected to hold the major share during the forecast
period, mainly due to the advent of integrated lighting controls with lamps and
luminaires. The integration of lighting control products with luminaires
enables the embedding of software on microcontrollers, thereby adding
intelligence to the entire lighting control system. Such lighting systems
offer sensing and control at a spatial resolution, which would drive the demand
for smart lights and luminaires during the forecast period.
“PoE
protocol to exhibit highest growth in smart lighting market for wired
communication technology during forecast period”
The Power over Ethernet (PoE) wired communication
technology market is expected to grow at the highest CAGR during the forecast
period. The growth of the PoE protocol segment is driven by factors such as
increasing penetration and decreasing cost of LEDs, growing adoption of PoE
lighting solutions in commercial and healthcare applications, and rising need
for cost-effective lighting solutions.
“Outdoor
application expected to grow at a higher CAGR in smart lighting market during
forecast period”
The smart lighting market for outdoor end-use
application is expected to grow at a higher CAGR during the forecast period.
This growth is mainly due to the increasing focus on enhancing connectivity by
constructing roads and installing smart lights for these roads, especially in
the developing countries in the APAC region. This, in turn, would spur the
growth of the outdoor market.
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Key
Market Players
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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