Research Nester has released a report titled “Smart Lighting Market - Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the smart lighting market in terms of market segmentation by offering, by communication technology, by application type, by installation type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global smart lighting market is segmented by offering into hardware, software and services, out of which, the hardware segment is further sub-segmented into lights & luminaries and lighting controls. Smart bulbs are known to provide greater energy efficiency than traditional bulbs and are also known to last longer, owing to which, the smart bulb segment, which is a sub-segment of lights & luminaries sub-segment, is anticipated to hold the largest market share. Additionally, greater adoption of smart bulbs and connected luminaire by residential and commercial sectors is also anticipated to contribute significantly towards the growth of the segment. In the statistics by the U.S. Department of Energy, LEDs are known to use only 20-25% of the energy than the traditional incandescent bulbs and last 15 to 25 times longer. Furthermore, these LEDs are also known to use 25-30% of the energy, in comparison to halogen incandescent, and lasts 8 to 25 times longer.
The global smart lighting market is anticipated to record a CAGR of around 19.81% throughout the forecast period, 2019-2027. Significant development of infrastructure and demand for modernization, coupled with growing awareness for energy savings worldwide so as to minimize energy wastage, all of these factors are raising the demand for smart lighting systems. In the statistics by the International Energy Agency (IEA), global electricity consumption peaked to 19721 TWh from 16870 TWh in-between 2010-2017.
Regionally, the global smart lighting market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific is expected to have largest market share on account of rise in the investments of smart infrastructure and the growing participation of nations in the region in the transformation to smart cities. All of these factors are anticipated to foresee increasing investments for energy efficient lighting systems, which is anticipated to contribute significantly towards the global smart lighting systems market in the region. In the statistics by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), 99 out of 100 Indian cities were selected under the Smart City proposal challenge program. Additionally, the nation has invested USD 31 billion into these projects.
Growing Demand for Energy Efficient Lighting
Governments around the globe is investing rapidly to adopt energy efficient systems so as to comply with the growing concerns for CO2 emissions from the power sector. Rising demand for electricity around the globe coupled with targets assigned to meet the Sustainable Development Scenario (SDS) of the IEA, all of these factors are contributing to the need for the adoption of energy efficient systems. Such a factor is anticipated to drive the growth of the global smart lighting market.
However, concerns regarding high cost of deployment of smart lighting products, as well as the fear of burn out of LED modules on exposure to high temperature surroundings is considered to operate as key restraint to the growth of the global smart lighting market.
This report also provides the existing competitive scenario of some of the key players of the global smart lighting market, which includes company profiling of Signify Holding AMS: PHIA, General Electric Company (NYSE: GE), Eaton (NYSE: ETN), Acuity Brands Lighting, Inc., OSRAM GmbH (ETR: OSR), Ideal Industries, Inc., Hubbell (NYSE: HUBB), Zumtobel Lighting GmbH, Honeywell International Inc. (NYSE: HON), and Hafele America Co. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart lighting market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.