LONDON — According to The Business Research Company’s smart lighting market research report, the smart lighting and control systems market is fairly fragmented with a large number of global players operating in the market. The key players in the market are focusing on developing innovative products to meet the demand from customers. As per the lighting led and smart lighting market overview, the companies are also focusing on expanding their business presence in the market through the strategic acquisition of emerging companies in the industry.
The top 10 companies in the market occupied 52.26% of the market share in the global smart lighting market. Major players in the smart lighting system market include Schneider Electric SA, Cisco Systems Inc., Honeywell Inc., Signify Holding (Philips), and Eaton.
The global smart lighting market reached a value of nearly $11.06 billion in 2020, having increased at a compound annual growth rate (CAGR) of 12.1% since 2015. The market is expected to grow from $11.06 billion in 2020 to $22.57 billion in 2025 at a rate of 15.3%. The smart lighting market growth is then expected to be at a CAGR of 14.3% from 2025 and reach $43.97 billion in 2030.
North America was the largest region in the global smart lighting market, accounting for 36.7% of the total in 2020. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the smart lighting market will be Eastern Europe and Africa, where growth will be at CAGRs of 29.1% and 27.1% respectively. These will be followed by South America and Middle East where the markets are expected to grow at CAGRs of 25.9% and 21.7% respectively.
The Business Research Company’s report titled Smart Lighting Global Market Report 2021: COVID-19 Implications And Growth To 2030 covers major smart lighting companies, smart lighting market share by company, smart lighting manufacturers, smart lighting market size, and smart lighting market forecasts. The report also covers the global smart lighting market and its segments.
Request a sample of the Global Smart Lighting Market Report: https://www.thebusinessresearchcompany.com/sample.aspx?id=3091&type=smp
New product launches are an ongoing key trend in the smart lighting control market. Companies operating in the smart lighting sector are focused on new product launches in order to retain a competitive position in the market. For instance, in September 2020, Xiaomi, a china-based Home electronics company launched Mi Smart LED Bulb in India. Mi Smart LED bulb is a 7.5W bulb with a brightness of 810 lumens, works with assistance from Amazon Alexa as well as Google Assistant, does not need a separate bridge, and can be linked to Wi-Fi (2.4GHz) via Mi Home App.
Smart Lighting companies around the globe reduced their manufacturing operations during the lockdowns imposed by governments. These companies are slowly resuming operations at full capacity as countries ease lockdown restrictions. Due to the tough and stringent COVID-19 restrictions, smart lighting companies are developing interconnectable lighting devices via the Internet of Things. Smart lighting companies believe that connecting technology is the future.
For example, Signify, a specialist in smart street lighting, believes that connecting technology is the future in urban areas by providing entire cities with IoT infrastructure for delivering public services. The company’s connected street lighting system, Interact City, can remotely control and monitor individual lighting through a centralised online application and can also be used with BrightSites smart poles. Indeed, it is a time taking project to bring real benefits and recover from the impacts of COVID-19, but installing smart lighting is a start. Signify is trying to unlock the potential of all energy efficiency technologies for the built environment, but lighting, because of its high potential savings, ease of implementation, and digital nature, can certainly pave the way.Tagged with smart lighting