Smart Lighting Market Increasing Demand and Dynamic Growth with Forecast 2032
Integration of smart technologies such as IoT and AI in smart lighting has revolutionized the LED market. LED bulbs are integrated with IoT technology
WILMINGTON, DELAWARE , UNITED STATES, February 9, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, Smart Lighting Market Analysis Report by Offering (Hardware and Software), Connectivity Technology (Bluetooth, Zigbee, Wi-Fi, and DALI), Lighting Technology (LED, Halogen, Incandescent, Fluorescent, and CFL), and Industry Vertical (Commercial, Residential, Industrial, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2032
Smart lighting market size 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. North America dominated the market, contributing more than a 33% share of the overall revenue, followed by Europe.
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Smart lighting is designed to manage luminance remotely. It ensures energy efficiency and includes automated controls and highly efficient fixtures that can adjust depending on conditions, such as occupancy and external lighting. Lighting is an intentional use of light to add practical and aesthetic effect 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 penetration of smart lights is expected to increase owing to benefits such as controlled power usage, longer life, multiple light settings in a single lamp/luminaire, and availability of a wide range of modern decorative lighting products. The adoption of smart lighting in the residential, commercial, and industrial sectors is yet to reach its full potential.
Recent years have witnessed fast adoption of Zigbee wireless technology in the IoT market. Most smart devices used for residential and commercial purposes are equipped with Zigbee technology. It offers consumers easy-to-use control over installed LED light bulbs, LED fixtures, switches, and remotes, which creates lucrative smart lighting market opportunity globally.
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The technology is designed to be a low power, low data rate, proximity wireless mesh network protocol, with the intention of being simpler and less expensive than other wireless network protocols. The increasing adoption of smart homes is likely to create demand for the ZigBee protocol. ZigBee is a wireless technology developed as an open global standard to address the unique needs of low-cost, low-power, wireless IoT networks.
According to smart lighting market, DALI has a major adoption in buildings as it provides manufacturers with reliable low-cost solutions. In addition, benefits of reconfiguration, switching of individual lights as per the need of illumination, and other remote access features drives the demand for DALI system in large space premises.
Among various regions, North America was the highest revenue generator in 2018 and maintain its dominance in the future. This is attributed to the rise in adoption of automation, which creates lucrative opportunities for smart lighting market forecast.
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Asia-Pacific is projected to grow at the fastest rate throughout the smart lighting market analysis period, China in this region witnessed the highest demand for smart lighting in 2018, due to wide adoption of autonomous infrastructure and stringent government regulations associated with sustainable development. Moreover, enhancement in industrial autonomy and increase in expenditure in emerging markets such as Latin America and the Middle East to meet the demand for exponentially growing economies in these countries have strengthened the smart lighting market.
The smart lighting market is segmented on the basis of offering, connectivity technology, lighting technology, application, and industrial vertical. On the basis of 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 includes indoor and outdoor lighting. By industrial vertical it is divided into commercial, residential, industrial, automotive and others. Region wise, it is analyzed as North America, Europe, Asia Pacific, and LAMEA.
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.
The Report Provides:
⦁ Assessment of market share at both regional and country levels.
⦁ Analysis of market share for key industry players.
⦁ Strategic recommendations tailored for new entrants.
⦁ Forecasts for all mentioned segments and regional markets over the next decade.
⦁ Exploration of market trends, including drivers, challenges, opportunities, threats, investment opportunities, and recommendations.
⦁ Strategic recommendations specifically focused on the primary business segment within the market forecast.
⦁ Overview of major general trends through competitive landscaping.
⦁ Company profiling with detailed insights into strategy, financials, and recent developments.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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