The market size, market share, revenue growth, and CAGR from 2021 to 2028 are all covered in the Smart Lighting Market study. A complete SWOT analysis, Porter's Five Forces analysis, and feasibility analysis are all included in the study to provide readers a competitive edge. It also contains important information about the leading businesses in the market. The present pandemic's recent trends, significant difficulties, prospects, and limitations are the main subjects of the report.
According to the most recent estimate by Emergen Research, the size of the worldwide smart lighting market will reach USD 45.47 billion in 2028, with a consistent revenue CAGR of 19.7%. The growing use of LED lights and luminaires for outdoor lighting as well as the rising popularity of smart lights are the factors driving the market's revenue growth.
In addition to being centred on improving energy efficiency, smart lighting is a type of lighting technology that has been built with features and functionalities that, among other things, increase convenience and security. Using smartphone apps, smart lights may be remotely controlled. In offices and households all across the world, this makes it fashionable and significantly original. It has self-operating controls, incredibly energy-efficient fixtures that can be adjusted for occupancy and ambient illumination, and it is very energy-efficient.
Smart lights are being used by many different industries, sectors, and businesses as a potential element for decoration, security, and other advantages and benefits. As a result, it is clear that the market for smart lighting is expanding quickly. A large variety of products, several light source options, a broad range of applications, including both indoor and outdoor lighting, and wired and wireless communication technology are some of the factors driving the worldwide smart lighting market's current revenue growth.
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Global Smart Lighting Market Highlights:
- Regional demand estimation and forecast
- Product Mix Matrix
- RD Analysis
- Cost-Benefit Analysis
- Pre-commodity pricing volatility
- Supply chain optimization analysis
- Technological updates analysis
- Raw Material Sourcing Strategy
- Competitive Analysis
- Mergers Acquisitions
- Location Quotients Analysis
- Carbon Footprint Analysis
- Patent Analysis
- Vendor Management
Competitive Landscape:
The latest study provides an insightful analysis of the broad competitive landscape of the global Smart Lighting market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Smart Lighting market and pinpoint the fundamental growth trends.
Key Companies Profiled in the Report are:
Acuity Brands, Signify Holding, Honeywell International Inc., Itron Inc., Ideal Industries, Inc., Häfele GmbH Co KG, Wipro Consumer Lighting, YEELIGHT, Sengled Optoelectronics Co., Ltd., Verizon, Häfele GmbH Co KG
Key Parameters Analyzed in This Section:
- Company Profiles
- Gross Revenue
- Profit margins
- Product sales trends
- Product pricing
- Industry Analysis
- Sales distribution channels
Regional Segmentation:
- North America
- Latin America
- Europe
- Middle East Africa
- Asia Pacific
Key Points Covered in This Section:
- Regional contribution
- Estimated revenue generation
- Vital data and information about the consumption rate in all the leading regional segments
- An expected rise in market share
- Forecast growth in the overall consumption rate
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Some Key Highlights from the Report
- In August 2021, Signify launched new range of Philips Smart Wi-Fi lights in India. With this it expanded its Phillips Smart Wi-Fi ecosystem in India under Wiz Smart Light Range. The portfolio also includes a new smart LED downlighter, T-Bulb, T-Beamer, and Batten in addition.
- Hardware segment accounted for a significant revenue share in 2020. A majority of industries acknowledge the benefits earned by the use of smart light bulbs and fixtures which can switch shades, dim lights with a remote controller such as tablets, Alexa device, and smartphones among others. This has resulted in high preference for hardware among end-use industries.
- LED light sources segment accounted for a significantly robust revenue share in 2020 due to higher preference and benefits such as long lifespan and energy efficiency, which helps in improving its environmental impact and most importantly low voltage operation.
- Wireless receivers and transmitter segment accounted for a moderately robust revenue share in 2020, as these products are gaining gradual popularity due flexibility, versatility, and cost effectiveness.
- North America registered highest revenue growth in 2020 due to rising demand for smart lights at different sectors in countries in this region. Emergence of smart city projects is also contributing to market revenue growth.
Market Overview:
The report bifurcates the Smart Lighting market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Component Outlook (Revenue, USD Billion; 2018–2028)
- Hardware
- Software
- Services
- Light Source Outlook (Revenue, USD Billion; 2018–2028)
- LED Light Source
- HID Light Source
- Fluorescent Light Source
- Type Outlook (Revenue, USD Billion; 2018–2028)
- Smart Bulbs
- Fixtures
- Lighting Control
- Sensors
- Microcontroller and Microprocessors
- Wireless Receivers and Transmitters
- Others
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Additional information offered by the report:
- Along with a complete overview of the global Cobots market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
- The report elaborates on the global Cobots market size and share governed by the major geographies.
- It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.
- It further presents a detailed description of the company profiles of the key market contenders.
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