Chicago, June 15, 2022 (GLOBE NEWSWIRE) -- According to a research report by MarketsandMarkets™, the "Smart Lighting Market 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. Major drivers for the growth of the market are ongoing and upcoming smart city projects in developing cities, improved smart standards for higher power, introduction of new features such as data analytics and API event generation, rising demand of IoT enabled lighting fixtures, increasing use of LED lights and luminaires in outdoor lighting, etc. The increased digital transformation throughout the globe and adoption of ever changing technology is also a reason for the increased demand of smart lighting in commercial and industrial sectors. Moreover, the lower manufacturing cost and rapid infrastructure building and increasing government initiatives for energy efficient buildings as well as huge untapped market in countries of APAC act as growth opportunities for developers of smart lighting.
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Growing smart office and smart retail trends, geographical opportunities in APAC and RoW regions, development of human-centric lighting solutions, growing demand for PoE-based lighting solutions in commercial and healthcare applications, the rapid transition from traditional lighting to connected lighting, and the growing inclination toward energy-efficient lighting solutions are the major opportunities for the smart lighting market. However, disruption in the smart lighting supply chain due to COVID-19 and interoperability issues between different network components are proving to be a challenge for the market.
The smart lighting market is segmented based on offering into hardware, software, and services. Based on communication technology, the market has been classified into wired and wireless. Based on installation type, the market is segmented into new installations and retrofit installations. The market has been segmented based on end-use application into indoor and outdoor. Based on region, the smart lighting market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). The smart lighting market in these regions is further segmented into different countries.
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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),
- GE Current (US)
Top 2 Players in smart lighting Market:
SIGNIFY HOLDING (PHILIPS LIGHTING)
Philips Lighting changed its name to Signify. Signify is an industry leader in connected lighting systems and services and is leveraging the Internet of Things (IoT) to help transform homes, buildings, and urban spaces. The company has its lighting business in over 60 countries and its manufacturing facilities in Europe, South America, and Asia Pacific. Signify is a global market leader with recognized expertise in the development, manufacturing, and application of innovative green lighting products, energy-efficient lighting products, systems, and services. It offers its products under lighting brands, such as Philips, interact, Wiz, Philips Hue, and Color Kinetics. Signify installed the first commercial Power over Ethernet (PoE) connected lighting system for smart offices in the Nordics using Cisco network technology in February 2018. The technology was integrated into a newly built smart office in Albertslund Municipality in Copenhagen, Denmark, allowing office workers to personalize their office lighting using a smartphone app. It included occupancy sensors integrated with the company’s SmartBalance and PowerBalance luminaires with the deployed system.
ACUITY BRANDS INC.
Acuity has one operating segment serving the North American lighting market and select international markets. The company sells its products under several brands, such as Lithonia Lighting, Holophane, Peerless, Gotham, Mark Architectural Lighting, Winona Lighting, Juno, Indy Aculux, Healthcare Lighting, Hydrel, American Electric Lighting, Antique Street Lamps, Sunoptics, eldoLED, Distech Controls, nLight, ROAM, Sensor Switch, Power Sentry, IOTA, and Atrius. The company offers conventional lighting solutions and connected lighting control technology for consumer, industrial, and decorative lighting applications. Key offerings of the company include luminaires and lighting control components and systems, which include sensor-based light switches, smart dimmers, and integrated lighting systems for indoor and outdoor applications.
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Power Over Ethernet Lighting Market by Offering (Hardware, Software and Services), Wattage (Up to 25 Watts, Above 25 Watts), Application (Commercial, Industrial), and Geography (2021-2026)
