Automotive Artificial Intelligence Market worth $7.0 Billion by 2027

 The report "Automotive Artificial Intelligence Market by Offering, Technology (Deep Learning, Machine Learning, Computer Vision, Context-aware Computing and Natural Language Processing), Process, Application, Component and Region - Global Forecast to 2027" The global Automotive Artificial Intelligence market size is projected to grow from USD 2.3 Billion in 2022  to USD 7.0 Billion by 2027;  it is expected to grow at a CAGR of 24.1% from 2022 to 2027.The key factors contributing to the growth of the Automotive Artificial Intelligence market include the growing adoption of ADAS technology by OEMs, and the rising demand for enhanced user experience and convenience features are among the factors driving the growth of the Automotive Artificial Intelligence market.

Software segment is expected to hold a larger share of automotive artificial intelligence market market.

The software holds a major share of the overall AI market in the automotive industry because of the various developments of AI software and related software development kits. AI systems require different types of software including application program interfaces such as language, speech, vision, and sensor data along with machine learning algorithms to realize automotive applications. Software platforms and solutions are expensive because of the limited number of skilled machine learning algorithm developers:  which is the major reason for the larger share of software in the automotive AI market. Alphabet Inc. (US), Microsoft Corporation (US), IBM Corporation (US), and Intel Corporation (US) are among the frontrunners in the development of AI software for the automotive industry.

APAC exhibit the highest CAGR during the forecast period.

The market in the APAC is expected to grow at the highest CAGR from 2022 to 2027. This region houses established automakers such as Toyota (Japan), Hyundai Motor Company (South Korea), and Honda Motor Company (Japan). The growth in the market is due to the increasing population, improving lifestyles, and growing economies that have accelerated the pace of passenger car demand in the Asia Pacific.

Deep learning expected to hold largest share of the automotive artificial intelligence market in 2022.

Deep learning algorithms help in identifying patterns from the set of unstructured data. Presently, deep learning technology is used in voice recognition, fraud detection, voice search, recommendation engines, sentiment analysis, image recognition, and motion detection. It is also used in object detection, advanced driver assistance systems (ADAS), crash avoidance, and vehicle telematics control using speech recognition. The growing application of deep learning algorithms is the major driving force of the automotive AI market.

Signal recognition segment is expected to hold the largest share of the automotive artificial intelligence market.

Signal recognition is a method of generating results with the help of speech, visible patterns, and sound. The signals generally refer to the voice or the sound produced by a machine or human being, which can be detected by natural language processing (NLP) machines to generate a result. Signals are the raw data that AI systems should be able to interpret for creating, understanding, and making informed decisions. Signal recognition is the largest market, by process, in the automotive AI market; it plays an important part in autonomous and semi-autonomous driving applications where it is used for traffic sign detection, driver assistance systems, etc.

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The key players in this market are NVIDIA Corporation (US), Alphabet Inc. (US), Intel Corporation (US), IBM Corporation (US), Microsoft Corporation (US), Xilinx Inc. (US), Qualcomm Inc. (US), Tesla Inc. (US), BMW AG (Germany), and Micron technology (US). The players in this market have adopted various strategies to expand their global presence and increase their market shares.

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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Mr. Aashish Mehra

MarketsandMarkets™ INC.

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Anti-Drone Market worth $3.8 billion by 2027

The report "Anti-Drone Market by Technology (Electronic, Laser, and Kinetic Systems), Application (Detection, Detection and Disruption), Vertical (Military & Defense, Homeland Security, Commercial), Platform Type and Geography - Global Forecast to 2027", The anti-drone market is projected to grow from USD 0.9 billion in 2022 to USD 3.8 billion by 2027; it is expected to grow at a CAGR of 27.7% from 2022 to 2027. The key factors fueling the growth of this market include rising incidence of security breaches, growing use of drones to counter terrorism and prevent illicit activities, and increased adoption of counter drones for remote sensing.

Homeland security vertical is projected to grow at the fastest rate for anti-drone market during the forecast period

Homeland security comprises local police bodies using anti-drone systems to protect government offices, prisons, airports, railway stations, and courts. There are no defined laws for private property invasion by drones, which has made it unclear about flying a drone over private property. These undefined laws give space for complaints such as drones causing nuisance and being flown recklessly. Lawmakers, advocates, and citizens grapple with the issue of privacy and safety while balancing the potential benefits of UAVs’ commercial or private uses. A few basic drone detection products can help to resolve such concerns, thereby providing the scope for anti-drone systems for private use. Electronic systems such as radars, RF detectors, EO/IR cameras, RF jammers, and GNSS jammers are expected to drive the anti-drone market for homeland security.

Laser system is projected to grow at the fastest rate for anti-drone market during the forecast period

Laser weapons are increasingly being used to destroy or burn UAVs. The effectiveness of the laser system depends on the target construction, material, and range. According to military experts, lasers need massive power, and the laser beam is deteriorated by dust, water vapor, etc. Companies are trying to develop technologically advanced laser-based anti-drones to increase the targeting capability of anti-drone systems. Lockheed Martin Corporation (US), Rheinmetall AG (Germany), and Raytheon Technologies Corporation (US) have been developing laser-based anti-drone systems. Laser systems mostly find applications in the military & defense vertical owing to their high speed, flexibility, precision, and low cost per shot features.

Anti-drone market to have large market share in the Americas in 2021.

The Americas is the largest shareholder in terms of the number of anti-drone systems deployed in the military & defense, commercial infrastructure, and homeland security verticals. In the Americas, military & defense is the major vertical in which anti-drone systems are used, which drives the growth of the anti-drone market in the region. The growing use of drones in this region also contributes to the growth of the anti-drone market. A few well-established players in this region are leading to extensive R&D related to anti-drone systems. Moreover, Favorable economic conditions and a rise in safety concerns are encouraging the commercial and industrial sectors to deploy anti-drone systems in the region.

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SRC, Inc. (US), Raytheon Technologies Corporation (US), Lockheed Martin Corporation (US), Thales (France), Blighter Surveillance Systems Ltd. (UK), Israel Aerospace Industries Ltd. (Israel), Leonardo S.p.A. (Italy), Rafael Advanced Defense Systems Ltd. (Israel), DroneShield Ltd. (Australia), Liteye Systems Inc. (US), Dedrone (US), Northrop Grumman (US), DeTect, Inc. (US), MBDA (Germany), Battelle Memorial Institute (US), Saab (Sweden), CACI International (US), Boeing (US), and DroneDefence (UK) are the key players in the anti-drone market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, contracts, and acquisitions to increase their market share.

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

Northbrook, IL 60062

USA: 1-888-600-6441                                   

                                                      

 

 

Laser Technology Market worth $25.6 billion by 2027

 The report "Laser Technology Market by Type (Solid, Liquid, Gas), Product (Laser, System), Application (Laser Processing, Optical Communication, Optoelectronic Devices), Vertical (Telecommunications, Industrial) and Region - Global Forecast to 2027" The global laser technology market size is estimated to be USD 16.7 billion in 2022 and is projected to reach USD 25.6 billion by 2027, at a CAGR of 8.9%. Increasing investments in R&D for developing laser-based weapons, increasing adoption of laser technology in optical communication, and growing preference of laser-based techniques for material processing across verticals such as automotive, semiconductor & electronics, and industrial are major factors driving the growth of the laser technology market. Additionally, growing adoption of smart manufacturing techniques is another key driver for the market.

Solid laser to grow at the highest growth rate during the forecast period

Solid lasers and solid laser-based systems find applications across various verticals such as medical where they are used for spectroscopy and microscopy applications and automotive where they are used for metal processing applications. They are also used in optical transmission systems in the telecommunications industry and find applications in the defense industry owing to their ability to meet extreme power requirements.

System segment held the largest share and laser segment to register the highest growth during the forecast period

Laser engraving systems are extensively used for the marking of aircraft parts in the aerospace vertical. Additionally, laser engraving and marking systems are also used for development of smart cards and unique identification cards. The applications of lasers in the combat vehicles industry are increasing; lasers are mounted atop combat vehicles to track and detect enemy drones and support anti-drone capabilities. In the coming years, laser and laser systems are expected to provide support troops with additional security against artillery, rockets, drones, mortars, and cruise missiles.

Optical communication to demonstrate highest growth during the forecast period

Laser technology’s low-payload weight feature makes it suitable for space telescopes, onboard satellites, and scientific space probe applications. In the coming years, laser technology is expected to gain importance in space applications, especially for transmitting large quantities of data between satellites. With increasing bandwidth requirements and a shift to 100G transceivers, the demand for lasers in optical communication is also growing. Laser technology devices play a vital role in broadband communications systems, which are used as high-speed transmitters in analog and digital fiber networks.

Medical vertical to register the highest growth during the forecast period

Laser technology are being extensively used in the medical vertical. The applications of laser technology in the medical sector include flow cytometry, cell sorting, microscopy, DNA sequencing, retinal scanning, plastic joining, metal welding, liquid processing, precision cleaning, stent cutting, cardiac pacemaker, and catheter laser welding systems. Optically pumped semiconductor lasers (OPSL) and diode lasers, resulting in a continuous solid UV laser enable the use of UV in clinical and research environments. Similarly, during the process of joining plastics in medical applications, a sealing system is required. Lasers offer reliable sealing in a single step, thereby increasing the adoption of laser technology in the medical domain. Lasers are also used extensively in therapeutics.

The laser technology market in Asia Pacific held the largest share and the market in RoW is expected to grow significantly from 2022 to 2027

Asia Pacific is home to major automobile companies, such as Chery (China), Honda (Japan), Toyota Motor (Japan), Nissan (Japan), Kia Motors (South Korea), and Tata Motors (India). These companies have increased the adoption of laser technology for multiple operations such as welding, drilling, and cutting to improve quality and precision and reduce turn-around time. Increasing accessibility to low-cost laser-based satellite broadband services and the development of laser-based innovative technologies are key factors driving the market growth in RoW. Additionally, increasing patients suffering from ophthalmic diseases in the region resulting in increasing demand for laser-based treatments is another factor driving the laser technology market. The growing use of electric vehicles in the Middle East is expected to boost the automotive industry, which, in turn, is expected to fuel the demand for laser processing systems in the region.

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Major companies operating in the laser technology market include Coherent (US), IPG Photonics (US), Han’s Laser (China), Jenoptik (Germany), TRUMPF (Germany), Gravotech (France), Lumentum (US), Novanta (US), Bystronic Lasers (Switzerland), and Lumibrid (France).

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

Northbrook, IL 60062

USA: 1-888-600-6441

Printed Electronics Market | Size, Share, Growth, Trends Industry Analysis and Market Forecast to 2026

 The global printed electronics market is projected to grow from USD 9.9 billion in 2021 to USD 23.0billion by 2026; it is expected to grow at a CAGR of 18.3% from 2021 to 2026. The key factors fueling the growth of this market include increased demand for printed electronic products in automotive & transportation, growth of the consumer electronics industry, increased adoption of IoT by end-use industries, and significant cost advantages offered by printed electronics.

Driver: Significant cost advantages offered by printed electronics

The manufacturing costs of printed electronics are lower than traditional electronics due to improved and cost-efficient manufacturing technologies used for the mass production of displays, photovoltaic cells, and sensors. Thin, lightweight, and environment-friendly printed electronics can be produced using low-cost printing processes. They can be fabricated at a very low cost by layering thin stacks of electronic components, semiconductors, and barriers on substrates. The use of polymeric (carbon-based) materials and the employment of high-volume, low-cost printing techniques enable the production of lightweight, robust, and cost-effective electronic components. The use of flexible materials and thin layers results in the development of flexible devices and opens the possibility of roll-to-roll (R2R) manufacturing of printed electronic devices. According to a report published on the scalable printing of nanoscale electronics and sensors by the Carnegie Mellon University (US) in February 2018, the cost of manufacturing printed electronics is 10 to 100 times less than the manufacturing cost of silicon-based sensors.

The use of R2R printing also increases the cost benefits associated with printed electronics. Gravure printing, offset printing, and flexographic printing come under R2R printing, usually used for high-volume production of photovoltaic cells, flat-panel displays, and solid-state lighting devices. The R2R process offers a significant reduction in fabrication costs than traditional fabrication methods. It is used for the production of solar panels, batteries, and displays. The R2R process is also used for manufacturing nanoscale solar cells and photonic crystals.

Restraint: High investment cost

When it comes to new technologies, cost reduction is often a strong driver of R&D efforts. However, the cost of new materials and equipment for printed electronicsresearch is very high. Manufacturers thus need a huge focus on R&D to create value beyond cost reduction, such as thinner, lightweight, robust, and flexible products. Decisions regarding investments in certain technologies will be ruled by their material properties. The development of new technologies also needs precision machinery and trained personnel, adding to the overall costs. The high investment involved is thus a restraint for the printed electronics market.

Opportunity: Smart packaging to create lucrative growth opportunities for printed electronics

Smart packaging is gaining prominence worldwide. It is expected to quickly replace the traditional packaging, as it enables shipment tracking and quality control of the packaged products. Smart packaging generally uses near-field communication (NFC) and radiofrequency identification (RFID) technologies to connect manufacturers with their customers and confirm the authenticity of different products such as wines and perfumes. Rewritable chips can be used as labels for smart packaging and are expected to replace the traditional bar code labeling system. For instance, YUNI Beauty (US), a shower sheet manufacturer, uses smart packaging with NFC tags to provide product details to customers.

Smart packaging uses printed electronics as they are thin, lightweight, efficient, and robust. Packaging with integrated electronics opens new communication channels between the real and the digital worlds. This is expected to help companies focus on individual customers and personalize their customer service delivery. In the smart packaging application, printed sensors are used to assess, secure, and measure the temperature of packaged products and provide real-time updates about the origin, transportation, and condition of products.

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Conductive inks on cartons and NFC chips are also used in pharmacy packages and compliance cards to connect to smartphone apps using IoT. In the healthcare sector, smart packaging equipped with NFC and smart labels is witnessing increased demand as it informs patients about their medicine dosages. It also provides a call to action information on packages so that patients can contact their chemists and doctors if required. Thus, the growth opportunities for printed electronics with respect to smart packaging are high.

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

Northbrook, IL 60062

USA: 1-888-600-6441

Wearable Technology Market | Size, Share, Growth, Trends Industry Analysis and Market Forecast to 2026

 The global wearable technology market size is valued at USD 116.2 billion in 2021 and is anticipated to USD 265.4 billion by 2026; growing at a CAGR of 18.0% from 2021 to 2026. Increasing growth prospects of next-generation displays in wearable devices, surge in demand for IoT devices and growing demand for smart devices in the healthcare applications are the factors driving the growth of the market during the forecast period.

Driver:  Growing consumer preference for sleek and compact devices in fitness and healthcare applications

With wearable electronic devices all set to join the mainstream of personal computing, it is expected that the consumer preference for sleek and compact wearable devices would be the key driver for the wearable technology market. Wearable devices, specifically smartwatches and wristbands, are gaining traction among consumers worldwide. Also, there is an increase in demand for wearables in fitness and healthcare applications.

Wearable medical devices are handheld monitoring tools used for the identification and monitoring of potential diseases. Currently, several patients are opting for home healthcare, which is a cost-effective and efficient way of treatment, over hospital services. Wearable technologies could help in lowering costs by facilitating easy health and fitness monitoring and connecting people to their healthcare providers.

Restraint: Limited battery life

The absence of efficient and reliable battery system without compromising the ease of use of wearable device and its compactnessis a limiting factor in the wearable technology market. A major challenge to be addressed is to manage power consumption, power requirement and recharging of batteries. Managing power consumption in a cost efficient manner to meet the power efficiency of wearable devices is the factor that is expected to have restraining impact on the market.

Opportunity: Multiple application adoption of wearables

The wearable technology market is expected to witness an increasing number of new product launches. The application area for these devices is increasing rapidly-from wellness and fitness to more sophisticated and complex sectors such as medical and military-owing to the technical maturity of wearable devices. All these factors, coupled with high growth potential, would enable the rapid growth of the wearable technology market.

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Challenge: Unaddressed regulatory issues and vulnerability of healthcare information

Regulatory requirements, especially for medical devices, are well established worldwide; however, other devices which can also be used in the medical application owing to advancements in technology are not yet required to follow the same rules. Wearables are designed to capture various data including personal, fitness, and financial data, and transmit this data for analysis or sharing; thus, challenges with regard to information security need to be handled. With further market growth and emergence of such issues, governments are expected to implement certain rules and regulations regarding privacy, security, data ownership, and consent. The GDPR has established a set of principles and tools for developers of smart glasses to assess privacy impacts. It includes recommendations to establish a new framework for privacy and electronic communication, as proposed with the ePrivacy regulation

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

Northbrook, IL 60062

USA: 1-888-600-6441

Smart Lighting Market | Size, Share, Growth, Trends Industry Analysis and Market Forecast to 2026

 The global smart lighting market size is estimated to be USD 10.9 billion in 2021 and projected to reach USD 27.7 billion by 2026, at a CAGR of 20.5% during the forecast period. In recent years, the market for smart lighting has experienced significant growth, primarily due to the ongoing and upcoming smart city projects in developing economies, improved acceptance of standard protocols for lighting control systems, and the introduction of new features such as data analytics and API event generation. These factors will drive market growth through the end of the forecast period. Moreover, the surge in the demand for IoT-enabled lighting fixtures and smart lighting solutions, and increasing use of LED lights and luminaires in outdoor lighting will drive the demand of smart lighting in the near future.

Market Dynamics:

Driver:  Increasing use of LED lights and luminaires in outdoor lighting

The key reasons for installing LEDs over conventional lights include energy and cost savings. LEDs are replacing conventional light sources such as fluorescent, high-intensity discharge (HID), incandescent, and high-pressure sodium lamps in outdoor lighting applications. Outdoor lighting applications primarily include highways, roadways, public places, and stadiums. According to the US DOE, LED lighting would represent 86% of all lighting sales by 2035 due to the benefits offered by LED lights over their conventional counterparts.

Although LED light sources are energy efficient, over 30% of lighting energy consumption would be wasted if appropriate controls are not used. Lighting control systems combined with LEDs could increase the life of an LED light source, which would minimize maintenance costs, further reducing the duration of the payback period. Hence, LED lighting solutions equipped with a dynamic lighting control system would reduce the amount of lighting energy consumed. These advantages have encouraged construction enterprises associated with building highways and stadiums to deploy LED lighting systems.

Restraint:  High initial costs of smart lighting equipment and accessories

Though smart lighting systems are energy-efficient lighting solutions that can save costs in the long run, the initial cost is high due to the cost of the equipment and the cost of integration and installation services. Smart lighting systems comprise various hardware components such as dimmers, switches, sensors, control systems, and software. Hence, the installation cost of smart lighting is higher than that of conventional lighting systems. This is primarily due to the requirement for highly expensive software, control systems, and LED light sources for smart lighting solutions. This factor hampers the adoption of smart lighting control systems. However, factors such as the falling prices of LEDs and energy savings by installing energy-efficient lighting control systems are expected to minimize the impact of this restraint in the near future.

Opportunity:  Development of human-centric lighting solutions

Lighting solutions have a biological and emotional impact on human beings. Human-centric lighting solutions can boost the well-being, mood, and health of individuals as they can be adjusted in terms of directions, correlated color temperatures (CCTs), and illuminance. These lighting solutions can improve concentration, safety, and efficiency in workplaces and educational environments. In healthcare applications, human-centric lighting solutions can support healing processes, prevent chronic diseases in individuals with irregular daily routines, and improve the overall sense of well-being among patients. The increasing demand for human-centric lighting solutions has created new growth prospects for the manufacturers of smart lighting solutions. Leading smart lighting manufacturers such as Signify (Netherlands), and Hubbell (US) are developing luminaires that support the tuning of light according to circadian rhythms and the emotional requirements of humans.

Challenge: Interoperability issues between different network components

Currently, lighting control systems are facing the biggest challenge of integrating multiple interoperable technologies under one roof. Users have a wide range of options to choose from when it comes to lighting control; however, there are no uniform standards, so it is difficult to integrate the solutions they have. A lack of interoperability and incompatibility among components causes problems for end users. Hardware and software for traditional lighting control systems are typically manufactured by the same company, while controls for connected lighting solutions are developed by different businesses. Lighting systems suffer from interoperability problems, resulting in communication problems between different network components. To develop compatible products, standard protocols must be established. It is being attempted by a number of organizations, including the ZigBee Alliance and the Connected Lighting Alliance, to standardize the protocols used in connected lighting technology. This would enhance the ability for luminaires to collect and share data for analytics purposes through the use of connected technology.

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In smart lighting systems, ZigBee, EnOcean, Z-Wave, and Wi-Fi are the most common wireless technologies. ZigBee is one of the most widely used wireless communication protocols among system manufacturers. In order to gain a competitive advantage in the market, all manufacturers follow their own proprietary protocols and standards. Due to the intense competition in the market, common standards and communication protocols cannot be developed, thus preventing the growth of the 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

Northbrook, IL 60062

USA: 1-888-600-6441

Smart Lighting Market | Size, Share, Growth, Trends Industry Analysis and Market Forecast to 2026

 The global smart lighting market size is estimated to be USD 10.9 billion in 2021 and projected to reach USD 27.7 billion by 2026, at a CAGR of 20.5% during the forecast period. In recent years, the market for smart lighting has experienced significant growth, primarily due to the ongoing and upcoming smart city projects in developing economies, improved acceptance of standard protocols for lighting control systems, and the introduction of new features such as data analytics and API event generation. These factors will drive market growth through the end of the forecast period. Moreover, the surge in the demand for IoT-enabled lighting fixtures and smart lighting solutions, and increasing use of LED lights and luminaires in outdoor lighting will drive the demand of smart lighting in the near future.

Market Dynamics:

Driver:  Increasing use of LED lights and luminaires in outdoor lighting

The key reasons for installing LEDs over conventional lights include energy and cost savings. LEDs are replacing conventional light sources such as fluorescent, high-intensity discharge (HID), incandescent, and high-pressure sodium lamps in outdoor lighting applications. Outdoor lighting applications primarily include highways, roadways, public places, and stadiums. According to the US DOE, LED lighting would represent 86% of all lighting sales by 2035 due to the benefits offered by LED lights over their conventional counterparts.

Although LED light sources are energy efficient, over 30% of lighting energy consumption would be wasted if appropriate controls are not used. Lighting control systems combined with LEDs could increase the life of an LED light source, which would minimize maintenance costs, further reducing the duration of the payback period. Hence, LED lighting solutions equipped with a dynamic lighting control system would reduce the amount of lighting energy consumed. These advantages have encouraged construction enterprises associated with building highways and stadiums to deploy LED lighting systems.

Restraint:  High initial costs of smart lighting equipment and accessories

Though smart lighting systems are energy-efficient lighting solutions that can save costs in the long run, the initial cost is high due to the cost of the equipment and the cost of integration and installation services. Smart lighting systems comprise various hardware components such as dimmers, switches, sensors, control systems, and software. Hence, the installation cost of smart lighting is higher than that of conventional lighting systems. This is primarily due to the requirement for highly expensive software, control systems, and LED light sources for smart lighting solutions. This factor hampers the adoption of smart lighting control systems. However, factors such as the falling prices of LEDs and energy savings by installing energy-efficient lighting control systems are expected to minimize the impact of this restraint in the near future.

Opportunity:  Development of human-centric lighting solutions

Lighting solutions have a biological and emotional impact on human beings. Human-centric lighting solutions can boost the well-being, mood, and health of individuals as they can be adjusted in terms of directions, correlated color temperatures (CCTs), and illuminance. These lighting solutions can improve concentration, safety, and efficiency in workplaces and educational environments. In healthcare applications, human-centric lighting solutions can support healing processes, prevent chronic diseases in individuals with irregular daily routines, and improve the overall sense of well-being among patients. The increasing demand for human-centric lighting solutions has created new growth prospects for the manufacturers of smart lighting solutions. Leading smart lighting manufacturers such as Signify (Netherlands), and Hubbell (US) are developing luminaires that support the tuning of light according to circadian rhythms and the emotional requirements of humans.

Challenge: Interoperability issues between different network components

Currently, lighting control systems are facing the biggest challenge of integrating multiple interoperable technologies under one roof. Users have a wide range of options to choose from when it comes to lighting control; however, there are no uniform standards, so it is difficult to integrate the solutions they have. A lack of interoperability and incompatibility among components causes problems for end users. Hardware and software for traditional lighting control systems are typically manufactured by the same company, while controls for connected lighting solutions are developed by different businesses. Lighting systems suffer from interoperability problems, resulting in communication problems between different network components. To develop compatible products, standard protocols must be established. It is being attempted by a number of organizations, including the ZigBee Alliance and the Connected Lighting Alliance, to standardize the protocols used in connected lighting technology. This would enhance the ability for luminaires to collect and share data for analytics purposes through the use of connected technology.

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In smart lighting systems, ZigBee, EnOcean, Z-Wave, and Wi-Fi are the most common wireless technologies. ZigBee is one of the most widely used wireless communication protocols among system manufacturers. In order to gain a competitive advantage in the market, all manufacturers follow their own proprietary protocols and standards. Due to the intense competition in the market, common standards and communication protocols cannot be developed, thus preventing the growth of the market.

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