Smart Lighting Market Growing at the Fastest Rate in APAC Region

According to a research report "Smart Lighting Market with COVID-19 Impact Analysis by Offering (Hardware, Software and Services), Installation Type (New Installations and Retrofit Installations), End Use Application, Communication Technology and Geography - Global Forecast to 2026", is projected to reach USD 27.7 billion by 2026 from USD 10.9 billion in 2021; it is expected to grow at a CAGR of 20.5% from 2021 to 2026. Europe has the largest market share for smart lighting. Whereas, APAC has the highest growth rate and is expected to grow at the highest CAGR during the forecast period owing to the rapidly changing face of technology and customer needs in high-potential markets such as China, Japan, South Korea, and Australia. Due to advancements in technology and the emergence of new business models as well as new constructions in the developing cities of the region, the smart lighting market is exhibiting an upbeat outlook. The booming commercial and industrial sectors would further fuel the adoption of smart lightings in APAC. Furthermore, growth in end-use sectors and mounting investments from government bodies are also favouring the growth of the smart lighting market in the region.

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The new installations segment, in market by installation type, of the smart lighting market is projected to account for a larger share during the forecast period.

As there are no tax benefits for retrofit installations (except the US-EPact 179D), it is anticipated that there will be a sudden decrease in retrofit installations across commercial and industrial verticals. Also, the high initial investment would be a major bottleneck for the retrofitting segment of the smart lighting market, given the cost pressure faced by several companies worldwide due to the COVID-19 impact. Additionally, the surge in the prices from lighting vendors (e.g., Signify, which announced to increase the price of LED & luminaires by 3% to overcome losses) would ultimately lead to high costs in the partial upgrading (retrofitting) of lighting fixtures, leading to a change in the attitude of customers against retrofitting installations. Therefore, the market for new installations is expected to hold larger market share and have higher CAGR during the forecast period. Europe accounted for the largest size of the smart lighting market for new installations. The region is one of the early adopters of the technology and has the presence of major smart lighting vendors, including Signify (Netherlands), Osram Licht AG (Germany), and Legrand (France).

In communication technology, the wireless segment in the smart lighting market is expected to have higher CAGR during the forecast period

Wireless technology is expected to become the mainstream control technology in the near future, owing to the ongoing developments in wireless technologies and increasing adoption of the technology in indoor professional lighting and commercial spaces. The market for wireless communication technology is expected to grow at a higher CAGR during the forecast period. In 2020, wired communication technology held a ~70% share of the smart lighting market. Wired protocols offer reliable performance and greater control; thus, the technology held the largest share of the market. However, the cost of wiring and installation is high, especially in commercial settings, which is a restraining factor inhibiting the growth of the said market. The wireless communication technology market in APAC is expected to grow at the highest CAGR. The high growth is attributed to the rising income and improved standard of living, leading to the increasing adoption of expensive lighting technologies coupled with the growing demand for energy-efficient lighting systems.

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The smart lighting market in APAC is projected to have the highest CARG during the forecast period (2021-2026)

The smart lighting market in APAC is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rapid infrastructure building activities being undertaken in APAC, mainly in China, where smart lighting paves the way for the modernization of infrastructure. The modernization and development of infrastructure such as smart cities across the region would also drive the demand for smart streetlights, thereby driving the market for smart lighting in this region. The smart lighting market in APAC comprises China, Japan, Australia, India and the Rest of APAC, which primarily includes South Korea, Indonesia, Singapore, Taiwan, Malaysia, Thailand, Vietnam, Bangladesh and the Philippines. The smart lighting market has enormous growth potential in this region, as connected lighting systems are rapidly being adopted in various applications, especially in smart offices/workspaces. The commercial smart lighting market for hardware in China is expected to be driven by the increasing demand for energy-efficient lighting solutions for outdoor applications such as roadways and highways and public places. This rise in demand can be attributed to the increasing network of streets and roads in the country, which will lead to a rise in the installation of new streetlights, indirectly creating a demand for commercial smart lighting control devices. Increasing construction activities in Asia Pacific are contributing significantly to the growth of the smart lighting market in the region. The increasing number of smart city and smart infrastructure projects undertaken by the governments will create several opportunities for energy-efficient lighting and advanced lighting systems in the next few years. In addition, government initiatives for offering low-cost LED lights at subsidized prices are expected to contribute majorly to the accelerated growth of the Asia Pacific smart lighting market. According to a report published by Eaton in 2021, power management investments in Singapore are set to increase, with a focus on intelligent power management software solutions. Four of five Singaporean companies say they will adopt new solutions to improve power management in the next one to three years. According to the report, one in three (33%) companies in Singapore increased their investments in power management due to the COVID-19 pandemic compared to 60% in Australia and 40% in Indonesia.

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This release was published on openPR.