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Smart Lighting Market to Surpass Valuation of US$ 83.52 Bn by 2031
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The global smart lighting market is broadly affected by several factors, including rise in the number of smart city projects in developing countries.
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Smart Lighting Market: Dynamics
Smart lighting is an updated way to light homes. Smart LED bulbs contain software that connects to an app, smart home assistant, or smart accessory in order to automate lights or control them remotely, eliminating the need for traditional wall switches.
The global smart lighting market is projected to expand significantly during the forecast period due to the increasing penetration of smart lighting devices owing to ongoing smart city projects. Governments of developing countries are spending considerable funds on smart city developments. This offers a huge opportunity for various vendors who provide technology services, utility services, and consulting. Smart city projects are synchronous with smart lighting. One of the key aims of the smart city project development is to utilize electricity more efficiently, and smart lighting is gain popularity for its efficiency.
Moreover, smart city projects offer sustainable growth opportunities for the economy. Energy-efficiency, sustainability of resources, and advancements in digital technologies have led to a rise of the smart cities concept. The smart lighting application is expected to play a significant role in attaining sustainability and energy savings. Thus, growing trend of smart cities is expected to fuel the smart lighting market.
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Smart Lighting Market: Prominent Regions
The smart lighting market in the Asia Pacific is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and countries, such as China, India, Japan, South Korea, and Taiwan that are offering ample and lucrative opportunities for manufacturers on a long-term basis owing to expansion of construction and infrastructure sectors in the region. Asia Pacific held a prominent share of the global market due to an increase in number of smart city and smart infrastructure projects undertaken by governments in the last few years. For instance, by March 2019, the Government of India launched the UJALA program, with a target to distribute 770 million LEDs. The UJALA program is primarily focused on providing low cost electrification and reducing emissions from inefficient lighting in the country. The smart lighting market in Asia Pacific is anticipated to expand at a notable CAGR during the forecast period, owing to the presence of a large number of players manufacturing smart lighting in the region.
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Smart Lighting Market: Key Players
Key players operating in the global smart lighting market include LG Corporation, Leviton Manufacturing Company, Inc., Hubbell Incorporated, Panasonic, Honeywell International Inc., Signify Holding, Cree, Inc., Koninklijke Philips N.V., OSRAM, and Syska LED.
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