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Smart Lighting Market 2019: Growth Predicted at CAGR of 20.8% till 2026

07-02-2021 02:26 PM CET | Industry, Real Estate & Construction

Press release from: AllTheResearch

The global smart lighting market was valued at USD 8.56 billion in 2018 and is expected to reach USD 38.9 billion in 2026, growing at a CAGR of 20.8% during the forecast period.

Supportive government initiatives pertaining to energy efficient lighting and growing awareness towards energy consumption and green lighting are expected to drive the growth of the smart lighting market.

Smart Lighting is used in commercial, residential, and industrial applications to enhanced illuminations. These lighting can be controlled through remote, touch screen panel, wall-mounted keypad, and wireless smartphone. The smart lighting is designed to offer operational efficiency, user-friendly operations, and adjust the lighting according to conditions.

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Smart Lighting has a huge application in the construction industry. It is used in a variety of residential, commercial, and industrial applications. The growing offices, restaurants, retail shops, shopping malls, and hospital use smart lighting to offer enhanced user experience and appearance. Also, it is widely used due to its low cost of handling and energy efficiency.

Rising demand for smart lighting in end-use applications like building & construction, hotel, hospital, offices, and shopping malls in emerging countries is the key factors attributed to the market growth. Furthermore, the increasing awareness towards energy saving and supportive government initiatives towards energy efficiency, and rising demand for development of infrastructure to transform cities into smart cities also expected to fuel the market growth during the forecast period. On the other hand, high initial costs and lack of awareness about the advantages of smart lighting is acting as a restraint to this market. However, continuous development of wireless communication technology for smart lighting systems and developing IoT technology for smart lighting and developing wireless technology for street lighting systems is expected to create major growth opportunities during the forecast period.

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Key Findings:

Based on offering, the services segment is expected to grow at the highest CAGR of around 27% during the forecast period

Based on communication technology, the wireless technology segment expected to grow at the fastest rate of 32% CAGR during the forecast period

Based on application, The indoor application segment predicted to own nearly 85% in the market in 2018

Based on installation type, the new installation segment register for the largest market share in terms of value in the global smart lighting market, in 2018

North America accounted for around 42% share of the global smart lighting market in 2018

Recent News:

In May 2019, Silicon Laboratories signed collaboration agreement with Philips Hue systems for developing the smart light switches under the Friends of Hue program.

May 2019, Eaton Corporation launched new smart lighting connected system. This new lighting system is designed to offer efficient, effective decision-making for building operations called “Trellix”. The lighting system is helpful for the customers in hospital, education, office, manufacturing, and retail industry to improve the operational efficiency.

In August 2017, Osram GmbH acquired Digital Lumens. The acquisition focuses on enhancing its product portfolio of connected lighting systems used in industrial buildings by leveraging the IoT expertise of Digital Lumens.

In August 2017, GE launched new Amazon Alexa-embedded lighting system. This new lighting system works with voice driven function and features with visual clock and sleep-enhancing light, among others used in residential applications.

In July 2016, Cree, Inc. Signed partnership agreement with Avnet, Inc. The partnership focuses on expanding its distribution channel in Americas and development of new lighting system.

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Contact Name: Rohan S.

Email: contactus@alltheresearch.com

Phone: +1 (407) 768-2028

AllTheResearch was formed with the aim of making market research a significant tool for managing breakthroughs in the industry. As a leading market research provider, the firm empowers its global clients with business-critical research solutions. The outcome of our study of numerous companies that rely on market research and consulting data for their decision-making made us realize, that it's not just sheer data points, but the right analysis that creates a difference. While some clients were unhappy with the inconsistencies and inaccuracies of data, others expressed concerns over the experience in dealing with the research firm. Also, same-data-for-all-business roles were making research redundant. We identified these gaps and built AllTheResearch to raise the standards of research support.

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