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", 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 new installations segment, in market by
installation type, of the smart lighting market is projected to account for
a larger share during the forecast period.
As there are no tax benefits for retrofit
installations (except the US–EPact 179D), it is anticipated that there will be
a sudden decrease in retrofit installations across commercial and industrial
verticals. Also, the high initial investment would be a major bottleneck for
the retrofitting segment of the smart lighting market, given the cost pressure
faced by several companies worldwide due to the COVID-19 impact. Additionally,
the surge in the prices from lighting vendors (e.g., Signify, which announced
to increase the price of LED & luminaires by 3% to overcome losses) would
ultimately lead to high costs in the partial upgrading (retrofitting) of
lighting fixtures, leading to a change in the attitude of customers against
retrofitting installations. Therefore, the market for new installations is
expected to hold larger market share and have higher CAGR during the forecast
period. Europe accounted for the largest size of the smart lighting market for
new installations. The region is one of the early adopters of the technology
and has the presence of major smart lighting vendors, including Signify
(Netherlands), Osram Licht AG (Germany), and Legrand (France).
In communication technology, the wireless segment in
the smart lighting market is expected to have higher CAGR during the forecast
period
Wireless technology is expected to become the
mainstream control technology in the near future, owing to the ongoing
developments in wireless technologies and increasing adoption of the technology
in indoor professional lighting and commercial spaces. The market for wireless
communication technology is expected to grow at a higher CAGR during the
forecast period. In 2020, wired communication technology held a ~70% share of
the smart lighting market. Wired protocols offer reliable performance and
greater control; thus, the technology held the largest share of the market.
However, the cost of wiring and installation is high, especially in commercial
settings, which is a restraining factor inhibiting the growth of the said
market. The wireless communication technology market in APAC is expected to
grow at the highest CAGR. The high growth is attributed to the rising income
and improved standard of living, leading to the increasing adoption of
expensive lighting technologies coupled with the growing demand for
energy-efficient lighting systems.
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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 is expected to
grow at the highest CAGR during the forecast period. This growth can be
attributed to the rapid infrastructure building activities being undertaken in
APAC, mainly in China, where smart lighting paves the way for the modernization
of infrastructure. The modernization and development of infrastructure such as
smart cities across the region would also drive the demand for smart streetlights,
thereby driving the market for smart lighting in this region. 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. 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. The commercial smart lighting market for hardware in China
is expected to be driven by the increasing demand for energy-efficient lighting
solutions for outdoor applications such as roadways and highways and public
places. This rise in demand can be attributed to the increasing network of
streets and roads in the country, which will lead to a rise in the installation
of new streetlights, indirectly creating a demand for commercial smart lighting
control devices. Increasing construction activities in Asia Pacific are
contributing significantly to the growth of the smart lighting market in the
region. 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. According to a report published by
Eaton in 2021, power management investments in Singapore are set to increase,
with a focus on intelligent power management software solutions. Four of five
Singaporean companies say they will adopt new solutions to improve power
management in the next one to three years. According to the report, one in
three (33%) companies in Singapore increased their investments in power
management due to the COVID-19 pandemic compared to 60% in Australia and 40% in
Indonesia.
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