Press release
Smarter Laundry: Global Market Trends for Smart Washing Machines 2024
Smart Lighting Market Drivers
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According to The Business Research Company's, The smart lighting market size has grown rapidly in recent years. It will grow from $15.55 billion in 2023 to $18.37 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth in the historic period can be attributed to increase in voice assistant devices, strong economic growth in emerging markets, low interest rate environment, increase in internet penetration, high investments.
The smart lighting market size is expected to see exponential growth in the next few years. It will grow to $38.55 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The growth in the forecast period can be attributed to rising investments in energy efficient infrastructure, evolving smart cities, favorable government initiatives, increasing iot. Major trends in the forecast period include manufacturing wi-fi enabled led bulbs, adopting lifi technology to employ high speed two-way wireless communications for the workplace, investing in human-centric lighting (hcl) to optimize building efficiency for resident protection and safety, adopting iot smart lighting technologies to enhance user experience and safety, adopting mergers and acquisitions to expand their existing product portfolio and geographical presence, focusing on new product launches to meet the market demand.
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Market Drivers and Trends:
Government support in developed and developing economies drive the growth of the smart lighting market. The growth of the smart lighting market in emerging markets is reinforced by the increase in disposable incomes, regulatory support in using energy-efficient lights, and the incorporation of advanced technologies. A smart lighting system confirms high-cost savings and lower energy consumption. For instance, in December 2021, according to a press release issued by the Government of India, Ministry of Power, projects worth $4.12 billion (Rs. 30,904 crore) were sanctioned under the Integrated Power Development Scheme (IPDS). Therefore, supportive government plans increase the demand for smart lights thus propelling the market for smart lighting.
The use of Li-fi (Light Fidelity) network is the latest trend in the smart lighting market. Li-Fi is a wireless optical networking technology that uses light-emitting diodes (LEDs) for data transmission. The Li-fi bulbs are equipped with a small chip that modulates the light used for data transmission. The common household LED light bulbs are used to enable data transfer with speeds up to 224 gigabits per second. Keeping up with the trend, in February 2023, PureLiFi launched Light Antenna ONE, a LiFi module that is ready for mass integration into billions of devices. It is the first-of-its-kind wireless communications antenna that enables LiFi to connect devices at scale. The device is smaller than a dime and is ready to enable LiFi on connected devices.
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Major Key Players of the Market:
Korea Shipbuilding & Offshore Engineering Co. Ltd, Samsung Heavy Industries, Fincantieri S.p.A, Daewoo Shipbuilding & Marine Engineering Co Ltd, Imabari Shipbuilding Co. Ltd, Yangzijiang Shipbuilding Ltd, CSSC Offshore and Marine Engineering Group Company Limited, Mitsubishi Heavy Industries, United Shipbuilding Corporation, Tsuneishi Shipbuilding, Cochin Shipyard Limited, Western India Shipyard, Hindustan Shipyard Ltd, Adani Kattupalli Shipyard (Larsen & Toubro) , Shanghai Waigaoqiao Shipbuilding Co., Ltd, Qingdao Captain Marine Co.,Ltd, HBM-Huanan Building Materials (Shenzhen) Co.,Ltd, Headway Technology Co.,Ltd, Star MarinePro Corp. Limited , China Shipbuilding Industry Co., Ltd, TGE Marine Gas Engineering, Emden Dockyard (Emder Werft und Dock GmbH) , Schoenrock Hydraulik Marine Systems GmbH, Gebr. Friedrich GmbH & Co, Neptun Ship Design, I.G. Giourouk GmbH, NORIS Group GmbH, Wessels Reederei GmbH & Co. KG, Lethe GmbH, Ostseestaal GmbH & Co. KG, Hamburgische Schiffbau-Versuchsanstalt GmbH - Hamburg Ship Model Basin (HSVA) , Fosen Yard Emden GmbH, Amur Shipbuilding Plant, Pregol Shiprepair Yard, Lotos Shipbuilding Plant, Vyborg Shipyard Jsc, Nakhodka Shiprepair Yard, JSC Okskaya Shipyard , Zvezda Shipbuilding (SSK), Monterey Boats, Ellicott Dredges, Marine Specialty Painting, Bertram Yachts, BAYONNE DRY-DOCK & REPAIR CORP, Indmar Products Co, Inc., Master Boat Builders, Inc., Crestliner Boats, Advanced Integrated Technologies (AIT) , Back Cove Yachts, Advex Corporation , East Coast Repair & Fabrication LLC, Intech Boating, Flexboat Năutica, Shipyard Rio Tiete Ltd, Naproservice, Flexprin Indústria Com e Serv Marítimos, OKEAN YACHTS, Global Ship Service, Active Nautical , RBNA Classification Society, Drydocks World Dubai, Albwardy Damen Marine Engineering Dubai, Grandweld Shipyards, Abu Dhabi Ship Building (ADSB) , Oceanic Ship Repair and Engineering Services LLC, Premier Marine Engineering Services (L.L.C), The Damen Group, Southern African Shipyards, Dormac Marine & Engineering, DCD Enerji Çevre ve Teknoloji A.S, Southern Engineering Co. Ltd, Nigerdock FZE, West Atlantic Shipyard
Smart Lighting Market 2024 Key Insights:
• The smart lighting market size is expected to see exponential growth in the next few years. It will grow to $38.55 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%.
• Government Backing Drives Smart Lighting Market Growth Worldwide
• Transforming General Lighting And Wireless Data Communication
• North America was the largest region in the smart lighting market in 2023
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