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 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.
The rapid transition
from traditional lighting to connected lighting, development of the Internet of
Things (IoT) technology in the field of lighting control systems, and growing
demand for PoE-based lighting solutions in commercial and healthcare
applications are expected to provide major opportunities to the smart lighting
market players in the coming years.
Smart lighting
system manufacturers have adopted strategies such as product launches and
developments, agreements, partnerships, collaborations, contracts, and joint
ventures to grow in the smart lighting market. For instance, in October 2019,
Signify acquired Cooper Lighting Solutions from Eaton. This acquisition would
strengthen its position in the North American lighting market.
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).
Signify (Philips Lighting N.V.) (Netherlands) was ranked
first in the smart lighting market in 2019. It is an industry leader in the
lighting market. The company’s market experience and brand name allow it to
capitalize on the fundamental market dynamics in the lighting industry and
deliver innovative solutions that create value and ensure its growth. The
company has a huge advantage over its competitors in the smart lighting market
due to is its extensive product portfolio, with lighting systems compatible
with various connecting technologies ranging from DALI, KNX, and BACnet to
ZigBee and EnOcean.
The company aims to
further invest in connected lighting systems to win contracts related to the
supply of connected lighting systems and other lighting control equipment. It
also adopts the strategy of acquisitions. For instance, in October 2019,
Signify acquired Cooper Lighting Solutions from Eaton. This acquisition would
strengthen its position in the North American lighting market. Also, in April
2019, it acquired WiZ Connected—a developer of the WiZ Wi-Fi-based connected
lighting ecosystem. This acquisition will allow Signify to extend its
leadership position in the Wi-Fi-based smart lighting market.
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Legrand S.A. (France) was ranked
second in the smart lighting market in 2019. Legrand S.A. is a global
specialist in electrical and digital building infrastructures. The company has
a strong product portfolio pertaining to the smart lighting market. This
enables the company to maintain its leading position in this market. Legrand
focuses on growth strategies such as acquisitions, partnerships, and product
launches.
For instance, in May
2019, the company launched wireless DLM systems, which are designed for easy
installation, which, in turn, saves cost and time and thereby benefits
engineers, electrical contractors, and facility managers needing reliable,
code-compliant lighting controls. Moreover, in December 2018, the company
acquired Kenall, a leading manufacturer of innovative, energy-efficient, and
sustainable specification-grade lighting and control solutions. The company
also focuses on geographic expansion to increase its footprint. For instance,
in December 2018, the company acquired Trical (New Zealand), which provides
switchboards for residential and commercial buildings. This acquisition would
strengthen its position in New Zealand.
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