According to
a research report "Smart
Lighting Market with COVID-19 Impact Analysis by Offering (Hardware,
Software and Services), Installation Type (New Installations and Retrofit
Installations), End Use Application, Communication Technology, and Geography -
Global Forecast to 2026" published by MarketsandMarkets, the smart lighting market is
projected to reach USD 27.7 billion by 2026 from USD 10.9 billion in 2021; it
is expected to grow at a CAGR of 20.5% from 2021 to 2026. Europe has the
largest market share for smart lighting. Whereas, APAC has the highest growth
rate and is expected to grow at the highest CAGR during the forecast period
owing to the rapidly changing face of technology and customer needs in
high-potential markets such as China, Japan, South Korea, and Australia. Due to
advancements in technology and the emergence of new business models as well as
new constructions in the developing cities of the region, the smart lighting
market is exhibiting an upbeat outlook. The booming commercial and industrial
sectors would further fuel the adoption of smart lightings in APAC.
Furthermore, growth in end-use sectors and mounting investments from government
bodies are also favouring the growth of the smart lighting market in the
region.
The lights
and luminaires segment, in market by hardware, of the smart lighting market is
projected to account for a larger share during the forecast period.
The market for
lights and luminaires accounted for a larger share in 2020. Improved smart
standards coupled with the growing demand for high input-powered devices for
lighting are driving the said market. OEMs are coming up with integrated
solutions in luminaires, which require more input power. Lights and luminaires
broadly include smart bulbs, lamps, and luminaires such as fluorescent lights,
light-emitting diodes (LEDs), and high-intensity discharge lamps (HIDs). The
performance and characteristics of the light source used in lamps depend on the
lighting task being performed. Choosing the right lamp type helps save energy
to a great extent. Smart LED luminaires are cost-effective and offer a high
return on investment. They reduce installation costs and are safer since
conduits and metal cladding are not required. The benefits provided by smart
technology make LED lighting systems a very attractive option for property
owners. LED lighting is one of the mainstream technologies offering competitive
cost and energy efficiency benefits.
In
applications, the indoor segment is projected to hold the largest share of the
smart lighting market during the forecast period
The indoor segment
accounted for the largest share of the smart lighting market in 2020. Growing
affordability and higher efficiencies are driving the use of smart lighting in
commercial, industrial, and residential buildings. The dominance is attributed
to the growing consumer awareness about smart lighting and the adoption of
energy-efficient products 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 accounts for a large
share of global construction investments, in which a significant portion is
invested in the lighting industry, especially for the indoor segment. This
factor is expected to drive the smart lighting market for indoor end-use
application in APAC at the highest CAGR during the forecast period.
The smart
lighting market in APAC is projected to have the highest CARG during the
forecast period (2021-2026)
The smart lighting
market in APAC comprises China, Japan, Australia, India and the Rest of APAC,
which primarily includes South Korea, Indonesia, Singapore, Taiwan, Malaysia,
Thailand, Vietnam, Bangladeshand the Philippines. This region is expected to
have the highest CAGR during the forecast period. It is expected to be the
fastest-growing market for smart lighting during the forecast period. The smart
lighting market has enormous growth potential in this region, as connected
lighting systems are rapidly being adopted in various applications, especially
in smart offices/workspaces. Increasing construction activities in Asia Pacific
are contributing significantly to the growth of the smart lighting market in
the region. There are several new opportunities for energy-efficient lighting
and advanced lighting systems in the next few years as ~200 million homes, and
18 million homes are expected to be constructed in China and India,
respectively. The increasing number of smart city and smart infrastructure
projects undertaken by the governments will create several opportunities for
energy-efficient lighting and advanced lighting systems in the next few years.
In addition, government initiatives for offering low-cost LED lights at
subsidized prices are expected to contribute majorly to the accelerated growth
of the Asia Pacific smart lighting market.
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China is expected to
lead the smart lighting market in APAC owing to the availability of
cost-effective land for setting up manufacturing plants as well as for new
constructions of commercial spaces, presence of multiple lighting
manufacturers, and continuing growth in commercial and industrial buildings as well
as smart offices. The country has expertise in manufacturing lighting equipment
and adopts technologies at a faster rate than other nations in the region.
Rapid economic growth in China, India, Japan, and the Rest of APAC is expected
to propel the APAC smart lighting market in the coming years.
Key Players
of Smart lighting Market:
Signify (Philips
Lighting) (Netherlands), Legrand S.A. (France), Acuity Brands, Inc. (US),
Lutron Electronics (US), Leviton Manufacturing Company, Inc. (US), Zumtobel
Group (Austria), Honeywell International Inc. (US), Hubbell Incorporated (US),
and GE Current (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), Savant Systems Inc. (GE Lighting) (US), and Enlighted Inc (a
Siemens company).
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