Dublin, Dec. 22, 2021 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The smart lighting market 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%
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 favoring the growth of the smart lighting market in the region.
The lights and luminaires segment, in the market by hardware, of the smart lighting market, is projected to hold a larger share during the forecast period.
The market for lights and luminaires accounted for a larger share of in 2020. Improved smart standards coupled with the growing demand for high input-powered devices for lighting are driving the said market. OEMs are coming up with integrated solutions in luminaires, which require more input power. Lights and luminaires broadly include smart bulbs, lamps, and luminaires such as fluorescent lights, light-emitting diodes (LEDs), and high-intensity discharge lamps (HIDs).
The performance and characteristics of the light source used in lamps depend on the lighting task being performed. Choosing the right lamp type helps save energy to a great extent. Smart LED luminaires are cost-effective and offer a high return on investment. They reduce installation costs and are safer since conduits and metal cladding are not required.
The benefits provided by smart technology make LED lighting systems a very attractive option for property owners. LED lighting is one of the mainstream technologies offering competitive cost and energy efficiency benefits.
In end-use applications, the indoor segment is projected to hold the largest share of the smart lighting market during the forecast period.
The indoor segment accounted for the largest share of the smart lighting market in 2020. Growing affordability and higher efficiencies are driving the use of smart lighting in commercial, industrial, and residential buildings. The dominance is attributed to the growing consumer awareness about smart lighting and the adoption of energy-efficient products in the smart lighting market. However, the high implementation cost of these solutions is one of the major factors inhibiting the growth of the market in the residential segment.
APAC accounts for a large share of global construction investments, in which a significant portion is invested in the lighting industry, especially for the indoor segment. This factor is expected to drive the smart lighting market for indoor end-use applications in APAC at the highest CAGR during the forecast period.
Ongoing and Upcoming Smart City Projects in Developing Economies
Improved Acceptance of Standard Protocols for Lighting Control Systems
Introduction of New Features Such as Data Analytics and API Event Generation
Rising Demand for IoT-Enabled Lighting Fixtures and Smart Lighting Solutions
Increasing Use of Led Lights and Luminaires in Outdoor Lighting
High Initial Costs of Smart Lighting Equipment and Accessories
Security and Reliability Issues with IoT-Based Lighting Systems
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
Rapid Transition from Traditional Lighting to Connected Lighting Solutions
Disruption in the Smart Lighting Supply Chain due to COVID-19
Interoperability Issues Between Different Network Components
Acuity Brands Inc.
Adesto Technologies (Echelon Corporation)
Enlighted Inc. (A Siemens Company)
Honeywell International Inc.
Ideal Industries (Cree)
Ikea Systems Bv
Leviton Manufacturing Company, Inc.
LG Electronics Inc.
Lutron Electronics Co. Inc.
Osram Licht Ag
Rab Lighting Inc.
Savant Systems Inc. (Ge Lighting)
Schneider Electric Se
Signify (Philips Lighting)
Synapse Wireless, Inc. (Mcwane, Inc.)
Wipro Enterprises (P) Limited
Zumtobel Group Ag
For more information about this report visit https://www.researchandmarkets.com/r/z49g7d
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