Smart Lighting Market to Grow at Booming CAGR of 27.8 % by 2028 | Leading Key Players - Philips Lighting, Honeywell, Acuity Brands, Osram, Eaton, Legrand, ABB Ltd, Syska LED, among others.

A recent report published by QMI on smart lighting market is a detailed assessment of the most important market dynamics. After carrying out thorough research of smart lighting market historical as well as current growth parameters, business expectations for growth are obtained with utmost precision. The study identifies specific and important factors affecting the market for smart lighting during the forecast period. It can enable manufacturers of smart lighting to change their production and marketing strategies in order to envisage maximum growth.

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According to the report, the global smart lighting market is projected to reach USD 106.51 billion by 2028, growing at a CAGR of 27.8% during the forecast period.

Smart lighting is an energy-efficient lighting technology. This may include high-efficiency installations and automated controls that create changes depending on circumstances such as the availability of occupancy or daylight. The lightings are also accessible through a smartphone application, making them easily controllable.

Growing demand for the Internet of Things (IoT) technology, wireless optical networking data transmission technology, and the emergence of light fidelity (Li-Fi) technology are resulting in the growth in the adoption of smart lighting. Based on communication technology, the wireless segment is expected to dominate the smart lighting market.

Based on light source, the smart lighting market is segmented into LED lamps, fluorescent lamps, high-intensity discharge lamps, others. Among these, the LED lamps segment is expected to account for a major share in the smart lighting market.

Major Companies profiled in the report which are key players in the global smart lighting market are Philips Lighting, Acuity Brands, Osram, Cree Inc., General Electric, Eaton, Honeywell, Legrand, Hubbell Lighting, Zumtobel Group, Hafele Group, Lutron Electronics, Wipro Consumer Care and Lighting, Streetlight Vision, Virtual Extension, Signify NV, ABB Ltd., Syska LED, Leviton Manufacturing, Switchmate Inc., Gooee, Lifx, Isotera, Ketra, Tao Light, and Nualight Limited.

Important Factors Impacting the Growth of Smart Lighting Market:
o Growing demand for the Internet of Things (IoT) technology and wireless optical networking data transmission technology.
o The emergence of light fidelity (Li-Fi) technology.
o Government investments in smart cities and rapid urbanization.
o Increasing demand for energy-efficient lighting.
o High Cost of Installation.
o Temperature Sensitivity.

Significant Developments in the Smart Lighting Market:
o In May 2018, Cree (US) expanded its SmartCast Intelligence platform. The company announced a new collaboration with Synapse Wireless Inc. (US) to deliver intuitive, intelligent lighting control designed specifically for outdoor area and high-bay applications
o In Jul 2018, Philips Lighting (Netherlands) planned to launch more than 20 experience centers across the country this year, to cash in on the strong demand for smart lighting products. The company has seen sales of smart lights grow three times in the consumer segment in the last one year and seeks to increase the sales five times this year
o In October 2018, Ideal Industries Inc. (US) announced the acquisition of Cree Lighting (US), expanding its intelligent lighting control solutions and LED lighting fixtures business for commercial, industrial, and consumer applications. It was a separate operating division of Ideal Industries Inc.

Insights about regional distribution of market:
The market has been segmented in major regions to understand the global development and demand patterns of this market.

For smart lighting market, the segments by region are for North America, Asia Pacific, Western Europe, Eastern Europe, Middle East, and Rest of the World. During the forecast period, North America, Asia Pacific and Western Europe are expected to be major regions on the smart lighting market.

North America and Western Europe have been one of the key regions with technological advancements in ICT, electronics & semiconductor sector. Factors like the use of advanced technology and presence of global companies to cater the potential end users are favourable for the growth of smart lighting market. Also, most of the leading companies have headquarters in these regions.

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Asia Pacific is estimated to be one of the fastest growing markets for smart lighting market. Major countries in the Asia Pacific region are China, Japan, South Korea, India and Australia. These economies in the APAC region are major contributors in the ICT, electronics & semiconductor sector. In addition to this, government initiatives to promote technological advancement in this region are also one of the key factors to the growth of smart lighting market. Middle East and rest of the World are estimated to be emerging regions for smart lighting market.

Market Segmentation:
By Offering:
o Hardware
Lights & Luminaries
Lighting Controls
o Software
o Services
Design & Engineering
Installation
Post-Installation

By Communication Technology:
o Wired
o Wireless
By Installation Type:
o New
o Retrofit

By Light Source:
o LED Lamps
o Fluorescent Lamps
o High-Intensity Discharge Lamps
o Other

By Application:
o Commercial
o Residential
o Public Infrastructure
o Others

By Region:
North America
o By Country (US, Canada, Mexico)
o By Offering
o By Communication Technology
o By Installation Type
o By Light Source
o By Application

Western Europe:
o By Country (Germany, UK, France, Spain, Rest of Western Europe)
o By Offering
o By Communication Technology
o By Installation Type
o By Light Source
o By Application

Eastern Europe:
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Offering
o By Communication Technology
o By Installation Type
o By Light Source
o By Application

Asia Pacific
o By Country (China, Japan, India, Rest of Asia Pacific)
o By Offering
o By Communication Technology
o By Installation Type
o By Light Source
o By Application

Middle East:
o By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
o By Offering
o By Communication Technology
o By Installation Type
o By Light Source
o By Application

Rest of the World
o By Region (South America, Africa)
o By Offering
o By Communication Technology
o By Installation Type
o By Light Source
o By Application

Contact:
Quince Market Insights
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Office No- A109
Pune, Maharashtra 411028
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This release was published on openPR.