Smart Lighting Market by Communication Technology, and Geography | COVID-19 Impact Analysis | MarketsandMarkets

 

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.

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“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.

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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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Industry 4.0 Market by Technology - Global Forecast to 2024

 

The Industry 4.0 market is estimated to be valued USD 71.7 billion in 2019 and is expected to reach USD 156.6 billion by 2024, at a CAGR of 16.9% from 2019 to 2024. Increasing adoption of the industrial internet worldwide in manufacturing units, growing focus on enhanced efficiency of machinery and systems, and reduced production costs play a significant role in the growth of the market worldwide. Also, the growing demand for industrial robotics is expected to fuel the growth of the Industry 4.0 market.

On the basis of technology, IoT segment is largest contributor in Industry 4.0 market during forecasted period

The potential benefits of IoT have encouraged several industrial equipment manufacturers to implement IoT. By connecting industrial equipment together using wireless connectivity and gathering sensor data from the equipment, manufacturers can accurately determine the current state of machines, optimize their performance, identify potential failures, and plan maintenance schedules accordingly. Its ability to remotely monitor enterprise assets and perform predictive maintenance is the prime reason for its increasing adoption. Remote monitoring is a necessity in industries, especially for equipment deployed under extreme conditions, such as in subsea oil wells or mines. The failure of equipment operating under such conditions can be potentially disastrous, as it may result in heavy financial losses and can also threaten the lives of people in the neighborhood.

Industrial robotics is expected to be second-largest market for Industry 4.0 market during forecasted period

The price of industrial robots has decreased in recent years and has become much easier to program. As a result, the integration of peripherals, such as end effectors and vision systems, has also become easier. Manufacturers are turning to automation in response to the increasing shortage of skilled workers in the manufacturing sector. Robot density is expected to increase, especially in developed countries, in response to this skill gap.

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APAC to hold major share of Industry 4.0 market during forecasted period

Increasing the adoption of robotics in countries such as China, Japan, and South Korea is the major factor for the growth of the Industry 4.0 market. The low cost of production, enabling various manufacturers to set up manufacturing facilities, is the key driver for the robotics market in APAC. The market in APAC is also expected to grow at the fastest rate, considering the continuous technological advancements and financial support from the governments. Government initiatives, funding in R&D, and extensive industrial base are the major factors that make APAC a dynamic region for Industry 4.0, with Japan and China being the major contributors.

Key Market Players in Industry 4.0 Market

The major players in the Industry 4.0 market are ABB (Switzerland), Mitsubishi (Japan), Yaskawa (Japan), KUKA (Germany), FANUC (Japan), General Electric (US), IBM (US), Cisco (US), Microsoft (US), Stratasys (US), Google (US), Intel (US), HP (US), Siemens (Germany), Ansys (US), AIBrain (US), SAP (US), Amazon Web Services (US), and General Vision (US).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Sports Technology Market Size, Growth, Trend and Forecast to 2024

 

The overall sports technology market is estimated to be worth USD 31.1 billion by 2024, growing at a CAGR of 20.63% during that period. Major growth drivers include significant improvement in audience engagement, growing demand for data-driven decisions and operations, and increasing sports events, online and offline.

Basketball is the fastest growing segment for sports technology market

Many wearables technology companies are working toward automating data analysis and providing new and insightful data points. Athlete-worn devices in a number of professional sports including basketball are offering more granular, quantitative data. Companies like Whoop, STATSports, Hyksos, and Motus are working on developing new ways to integrate wearable technology in basketball and other sports.

Soccer was the largest segment in sports technology market.

In soccer, sports technology is used for gaining insights and actionable decisions. Predictive analytics uses big data to determine the probability or the likelihood of a certain outcome; intelligent descriptive analytics looks at big data and analyzes it using machine learning and artificial intelligence to come up with suggestions that improve the likelihood of the desired outcome. Both on and off the ground, sports technology is playing a bigger role than ever. A new approach to tactical analysis and the use of video technology are just some of the changes that are happening. The 2018 World Cup witnessed the debut of video assistant referees. This is perhaps the biggest change and one that has the potential to make the biggest impact.

“APAC to register highest growth during forecast period”

Internet and cloud technology penetration, the emergence of professional leagues, and digitalization of sports are driving the adoption of sports technology in APAC. India, China, Australia, Pakistan, Sri Lanka, and Bangladesh are home to major sports leagues and active participants in sports such as cricket, hockey, badminton, athletics, and esports. China is the biggest market for esports in the region. The continuous growth in internet adoption, social media analytics, cloud computing, IoT, and smart devices is the major technological growth prospect in the region. This growth is positively impacting the adoption of sports technologies to enhance spectator experience and stadium operations.

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Key Market Players

Leading players in the sports technology market includes IBM (US), Ericsson (Sweden), Cisco (US),  Fujitsu (Japan), SAP (Germany), Oracle (US), NEC (Japan), LG (South Korea), Sharp (Japan), Samsung (South Korea), Fitbit (US), Apple (US), Garmin (US), Sony (Japan), Panasonic (Japan), Modern Times Group (Sweden), Activision Blizzard (US), Tencent (China), and CJ Corporation (South Korea).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Power Bank Market by Capacity, Battery Type, Price Range, Application | COVID-19 Impact Analysis

The power bank market is projected to grow from USD 9.0 billion in 2020 to USD 13.4 billion by 2025; it is expected to grow at a CAGR of 8.1% from 2020 to 2025. Increasing internet-related services through smartphones and tablets, the decline in the price of power banks, frequent electric outages in certain countries, increase in power consumption of smartphones, and sudden shift to work-from-home and remote learning due to COVID-19 resulting in spike in demand for laptops are among the factors driving the market for power banks. The report covers the power bank industry segmented into battery type, price range, capacity, unit of USB port, indicator, application, and geography.

COVID-19 impact on the power bank market

The power bank market has historically been subjected to moderate growth due to the rise in demand for consumer electronics with heavy features and usage. This is expected to drive the growth of the market during the forecast period. The recent COVID-19 pandemic has resulted in a decline in the growth rate.As a result of COVID-19, the expected growth of power bank across applications is expected to decline as the pandemic is restricting the supply chain and adoption due to the severe disruptions to businesses and the global economy. The pandemic has resulted in limited production leading to a serious decline in business inputs. The recovery depends on government assistance as well as the level of corporate debt and how the companies and markets cope with the lower demand. The market for 2020 is witnessing a sudden decrease due to COVID-19, which has majorly affected the R&D and supply chain of power banks. It may also affect the planned investments in this market. In addition, the per capita income of individuals has also been affected due to this pandemic. Thus, the demand for consumer electronics accessories such as power banks has decreased. With the trend of work-from-home, consumers are spending most of the time at their homes with constant access to electricity to power their devices. However, in countries such as India, where power cut is a major issue, power banks have been used to power their device during power shortage.

Power banks with capacity ranging 10,001–15,000 mAh to witness highest CAGR during the forecast period

Based on capacity, the 10,001–15,000 mAh segment of the power bank market is expected to grow at the highest rate during the forecast period. These power banks have high output efficiency and longer battery life, as well as have LEDs or LCDs to indicate battery level. These power banks are in high demand by consumers as they are priced reasonably than power banks with capacities of more than 15,000 mAh. These power banks are large-sized, come with a lot of additional features such as DC output ports used to recharge laptops, USB Type C ports, and Quick charge functionality. The COVID-19 outbreak has resulted in a substantial slowdown in terms of global economic growth and decreasing per capita income of the population owing to pay cuts. These factors have affected the production of power banks with 10,001–15,000 mAh capacity, as these batteries are high cost and are not affordable for all customers in the current situation. However, the market for this capacity range will grow at a significant rate when the situation becomes stable.

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Smartphones application to account for the largest market share during the forecast period

Smartphones are a major application market for power banks. The extensive use of data and internet services over smartphones is among the main factors that attribute to drain the battery power rapidly. This creates a huge demand for power banks to keep smartphones running for a longer duration. Smartphones are equipped with batteries having a short life, which increases the need for power banks. Thus, this creates a vast potential for power banks in the smartphone application. The smartphone industry, which is one of the largest consumers of power banks, is disturbed due to the COVID-19 pandemic. The shutdown of manufacturing facilities is leading to a halt in smartphone production, and decreasing consumer expenditure has affected the demand for power banks. However, the power bank market will gain momentum once the situation becomes stable.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Building Automation System Market with COVID-19 Impact - Global Forecast to 2026

 

The global building automation system market size is projected to grow from USD 73.5 billion in 2021 to USD 112.1 billion by 2026; it is estimated to grow at a CAGR of 8.8% during the forecast period. The growth of the building automation system market is fueled by the increasing requirement of energy-efficient facilities with enhanced security systems. Besides this, advancements in wireless communication technologies have lessened the complexity and the cost of installing building automation systems in the existing buildings.

COVID-19 Impact on the Building Automation System Market

Before COVID-19, real estate investments generated stable cash flow and returns for players operating in this sector globally. However, the outbreak and the spread of the COVID-19 led to quick changes in this scenario, with the real estate sector witnessing significant impact of the virus. The real sector in the US, Europe, and APAC has been impacted significantly by the pandemic. This has affected the growth of the building automation system market as these geographies are the largest consumers of building automation systems.

Driver: Rise in adoption of automated security systems in buildings

Building automation systems help in automating the security of a building using video surveillance and biometric systems. A video surveillance system monitors and records the behavior and activities of people. Surveillance systems are deployed at airports, schools, office buildings, and so on. Several governments have made it mandatory to install these systems for the protection of public places and critical infrastructure owing to the growing focus on security issues due to increasing terrorist attacks and criminal activities.

Restraints: False notion about high installation costs of building automation systems

Building automation systems help in saving energy and reducing operating and maintenance costs. However, end users and building owners hesitate to implement building automation systems due to their false perception that the installation costs of these systems are high. Similarly, they are unaware of the fact that the cost is primarily dependent on the complexity of integration pertaining to a specific application. End users demand affordable building automation systems but fail to realize the extent of the energy savings and the associated benefits of long-term cost savings.

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Opportunities: Favorable government initiatives and incentives

Several governments play a crucial role in energy savings and supporting initiatives toward reducing carbon emissions. Several governments have formulated regulations and policies to improve energy efficiency and reduce a building’s footprint. This is a significant factor encouraging the installation of BAS.

Challenges: Presence of different communication protocols

The power of building automation systems lies in synchronization and communication among various equipment used in the overall system. Communication protocols play a vital role in ensuring the proper integration of various devices and equipment for the smooth functioning of BAS. However, the lack of common open communication protocols may lead to the use of different protocols by these devices.

In 2020, Johnson Controls (Ireland, www.johnsoncontrols.com), Schneider Electric (France, www.se.com), Carrier (US, www.carrier.com), Siemens AG (Germany, www.siemens.com), and Honeywell International (US, www.honeywell.com), dominated the global building automation system market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

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USA: 1-888-600-6441