Pune, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Global Smart Lighting Market Overview
Smart light technology is trending profusely, garnering significant popularity in businesses and homes worldwide. With its enhanced versatility and minimal energy conservation, smart lighting systems allow users to customize illumination based on their personal needs.
Smart lighting technology offers easy, convenient operation, efficiency, and security working with effective automated controls that change depending on different conditions. Owing to its advantages such as reduced energy usage, enhanced security, long life span, easy customization, smart lighting systems are garnering significant market prominence. Subsequently, the smart lighting market is garnering significant traction worldwide.
According to Market Research Future, the global smart lighting market size is expected to touch approximately USD 25 billion by 2027, growing at a 27% CAGR during the forecast period (2017-2027).
On the other hand, high installation costs and lack of skilled experts are major factors hindering the growth of the smart lighting market. Smart lighting fixtures are more expensive than regular fluorescent / LED bulbs. However, considering their benefits that surpass the initial investment, smart lighting turns out to be a cost-saving option over time.
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COVID-19 Impact:
The COVID-19 outbreak severely hit the smart lighting industry, bringing down installations significantly, mainly in the governmental and industrial sectors. Due to strict lockdown mandates, smart lighting manufacturers faced various problems ranging from obtaining raw materials and components required to develop smart lighting systems and delivering end products to attracting workers from quarantines.
With lockdown mandates having the biggest impact on installations being postponed and bringing the production facilities to a halt, manufacturers had to cut down on their production output. The coronavirus-driven lockdown put a brake on the component and device production, which spiked product prices, lowering the market demand.
However, the smart lighting market is rapidly returning to normal, witnessing the steadily increasing demand, especially from the industrial sectors. The market demand is projected to pick up following the uplift of the lockdown in many countries.
Industry Trends:
Increasing consumer preference led by the convenience and advantages creates a favorable environment for the smart lighting market. Increasing numbers of smart home and smart city projects drive the market growth. Besides, rising demand for smart lighting from government organizations, commercial sectors, automotive & transportation, and construction bolster the market sales.
Governments in various countries across the globe are taking several steps to develop smart cities, and the installation of smart lighting is one of the core programs that are being undertaken. Moreover, the growing awareness about energy efficiency benefits the environment, technology upgrades, and rising and improving wireless communication technology boosts smart lighting.
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Segmentation:
The smart lighting market is segmented into type, light source, communication technology, software & service, application, and region. The type segment is sub-segmented into smart bulbs, fixtures, and lighting control. The light source segment is sub-segmented into fluorescent light sources, LED light sources, HID light sources, and other light sources.
The communication technology segment is sub-segmented into wired communication technologies and wireless communication technologies. The software & service segment is sub-segmented into smartphone applications and lighting as-a-service. The application segment is sub-segmented into indoor and outdoor lighting.
Regional Segmentation:
By region, the market is bifurcated into the Americas (US, Canada, Mexico, Rest-of-North America) and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World.
It is observed that the European region has been consistently dominating the global smart lighting market and is anticipated to maintain its market position in the coming years as well. The increased adoption of smart lighting systems as an energy-efficient lighting solution bolsters market growth in this region. The resurging economy has been influential for the current market growth in the region, increasing consumer purchasing power.
Besides, vast advancements in sensing technology, improvements in healthcare standards, and improved technical infrastructure drive the regional market growth. Moreover, the extensive uptake of smart lighting for connected street lights in residential and industrial sectors positively impacts market growth. Countries such as the U.K, Germany, France, and Norway are the leading country-level markets in the region.
North America acquires the second position in the global smart lighting market in terms of revenue. Factors such as the increased adoption of smart lighting systems and favorable government policies augment the growth of the regional market. Additionally, the rising demand for smart lighting systems from the automotive and transport sectors fosters market growth.
Vats technological advances and increased investments to boost wireless technology substantiate the region's market share. Furthermore, growing application areas of smart lighting in connected street lights, large commercial buildings, and automation in the manufacturing sector propel the growth of the market. With its augmenting demand for safety and comfort features in household applications, the US dominates the smart lighting market in North America.
The Asia Pacific smart lighting market has emerged as a profitable market globally. Raw material advantage and the availability of cost-competitive workforces are the major factors impacting the smart lighting market in the region. Furthermore, the increasing uptake of smart led street lights and government initiatives to improve infrastructure boost the regional market growth.
Considerable advances in artificial intelligence (AI) and other similar technologies push the growth of the market. Besides, increasing applications of smart connected street lighting systems in commercial and industrial sectors influence the regional market growth. Moreover, the rapidly growing economy in the region increases the smart lighting market size, increasing consumer purchasing power. Japan, China, South Korea, and India are key markets for smart lighting systems in this region.
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Competitive Analysis:
The smart lighting market is experiencing implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players are making strategic investments in Research and development activities and fostering their expansion plans.
Notable Players in The Global Smart Lighting Market Are:
- Osram GmbH (Germany)
- Koninklijke Philips N.V. (Netherland)
- Lutron Electronics Co. Inc. (US)
- Daintree Networks (US)
- Legrand S.A. (France)
- Bridgelux (US)
- Streetlight Vision (France)
- Echelon Corporation (US)
- Honeywell (US)
- Zumtobel (Austria)
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Industry News
For instance; recently, on Jan. 12, 2021, Silicon Labs (the US), a leading provider of silicon, software, and solutions for a more smarter and connected world, and Yeelight, a leading global smart lighting provider, announced a collaboration on a new smart LED light bulb to support Seamless Setup in the Google Home app.
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