DUBLIN — The “Smart Lighting Market by Offering Connectivity Technology Lighting Technology and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019-2026” report has been added to ResearchAndMarkets.com’s offering.
The global smart lighting market is expected to generate revenue worth $8.68 billion in 2018, and is projected to reach $38.68 billion by 2026, to register a CAGR of 20.5% during the forecast period.
In 2019, North America dominated the market, contributing more than a 33% share of the overall revenue, followed by Europe. Emerging advancements in smart lighting; rapid adoption of residential, commercial, and industrial automation; and rise in penetration of smart infrastructure fuel the global smart lighting market growth.
Smart lighting is designed to manage luminance using remote controls. Smart lighting ensures energy efficiency and includes automated control and highly efficient fixtures, which can adjust depending on conditions, such as occupancy and external lighting. Lighting is an intentional use of light to add practical and aesthetic effects to a space. Furthermore, these systems include general, accent, and task lighting. Besides this, smart lighting systems ensure lower energy usage and high-cost savings.
The dynamics such as rise in demand for intelligent street lighting systems in developing and developed nations, growth in need for energy-efficient lighting systems for sustainable development, and high penetration of LED bulbs and lightnings, globally, drive the global smart lighting market.
However, high installation cost and maintenance cost in smart lighting hamper the market growth. Furthermore, advancement in wireless communication technology, growth in developments of smart city projects, especially in Asia-Pacific, and the emergence of IoT technology for smart lighting is expected to provide lucrative opportunities for market growth.
The smart lighting market is segmented on the basis of offering, connectivity technology, lighting technology, application, and industrial vertical. Depending on offering, it is bifurcated into hardware and software. By connectivity technology, it is categorized into Bluetooth, Zigbee, WiFi, and DALI. On the basis of lighting technology, it is classified into LED, Halogen, incandescent, Fluorescent, and CFL. The applications covered in the study include indoor and outdoor lighting.
Key Findings of the Smart Lighting Market:
- The DALI segment accounted for the highest smart lighting market in 2018, with $2,075.59 million, growing at a CAGR of 15.00%, from 2019 to 2026.
- The automotive industry generated the highest revenue, accounting for $1,398.08 million in 2018.
Asia-Pacific is expected to dominate the smart lighting market share, garnering 23.70% of the total share during the forecast period.
- Key players analyzed in the report for smart lighting industry are Acuity Brands, Inc., Cisco Systems, Inc., Cree, Inc., Eaton, Deco Lighting, Inc., Dialight, General Electric, Honeywell International Inc., Koninklijke Philips N.V. and Syska. The key players adopted various key strategies such as product launch, collaboration, partnership, acquisition, and agreements to drive the market.
For more information about this report visit https://www.researchandmarkets.com/r/8n6d6aTagged with smart lighting