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Smart Lighting Market to Grow $38.68 Bn, Globally, by 2026 at 20.5% CAGR

07-29-2020 10:35 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Allied Market Research

Smart Lighting Market to Grow $38.68 Bn, Globally, by 2026

Rising demand for street lighting systems, increasing need for energy-efficient lighting systems, and high penetration of LED bulbs and lightning drive the growth of the global smart lighting market. However, high installation and maintenance cost in smart lightning system hampers the market growth. On the contrary, advent of IoT and AI technology for smart lightning and developments in smart city projects in Asia-Pacific region are expected to create lucrative opportunities in the near future.

According to the report, the global smart lighting industry was pegged at $8.68 billion in 2018 and projected to $38.68 billion by 2026, registering a CAGR of 20.5% from 2019 to 2026.

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The hardware segment dominated the market

The hardware segment held the largest share in 2018, contributing to nearly three-fourths of the global smart lighting market, owing to rise in use of multiple devices within a premise for automation of lighting control that demands the use of hardware. However, the software segment is projected to register the fastest CAGR of 23.5% during the forecast period, owing to advancements of software that control the hardware.

The LED lighting technology segment to manifest fastest growth through 2026

The LED lighting technology segment is expected to portray the fastest CAGR of 23.4% during the forecast period. Moreover, the segment held the largest share in 2018, contributing to more than two-fifths of the global smart lighting market, owing to rise in penetration of LEDs in residential, commercial, and industrial sectors coupled with advancement of LEDs. The report includes analysis of other segments such as Halogen, incandescent, fluorescent, and CFL.

The Indoor lighting segment held the largest share

The indoor lighting segment accounted for the largest share in 2018, contributing to more than two-thirds of the global smart lighting market, owing to adoption of smart infrastructure in developed and developing countries within homes, retail stores, offices, and other premises. However, the outdoor lighting segment is expected to register the fastest CAGR of 22.7% during the forecast period, owing to increase in government initiative for smart city projects.

North America held the lion's share

The global smart lighting market across North America dominated in 2018, contributing to more than one-third of the market, owing to high disposable income and fast adoption of automation in residential and commercial sectors. However, the market across Asia-Pacific is anticipated to manifest the fastest CAGR of 23.7% during the forecast period, owing to rapid adoption of advanced technologies for sustainable development.

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Major market players:
Acuity Brands, Inc.
Cree, Inc.
Cisco Systems, Inc.
Deco Lighting, Inc.
Eaton
General Electric
Dialight
Koninklijke Philips N.V.
Honeywell International Inc.
Syska

About us:

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 domain.

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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