Smart Lighting Market to grow by USD 17.20 billion from 2022 to 2027, The emergence of smart lighting to boost growth- Technavio
NEW YORK, Feb. 5, 2024 /PRNewswire/ -- The smart lighting market is estimated to grow by USD 17.20 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 16.88% during the forecast period. The emergence of smart lighting is a key driver boosting the market growth. Smart lighting optimizes electricity usage by controlling lighting, heating, and cooling. It reduces costs with features like automatic activation and color adjustments, operating autonomously and adapting to users. LED adoption and IoT integration drive its global growth. Current Lighting Solutions LLC., Eaton Corp. Plc, Helvar Merca Oy Ab, Honeywell International Inc., Hubbell Inc., Legrand SA, Leviton Manufacturing Co. Inc., Lightwaverf Technology Ltd., Lutron Electronics Co. Inc., OSRAM Licht AG, RAB lighting Inc., Savant Systems Inc., Siemens AG, Signify NV, Synapse Wireless Inc., Wipro Ltd., Zumtobel Group AG, Acuity Brands Inc., Dialight Plc, and IDEAL INDUSTRIES Inc. are key companies.
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Technavio has segmented the market based on Application (Commercial, Residential, Public Infrastructure, and Others), Component (Hardware, Software, and Services), and Geography (Europe, North America, APAC, South America, and Middle East and Africa).
- The commercial segment will account for a major share of the market's growth during the forecast period. Commercial establishments like restaurants, bars, hotels, and offices are adopting smart lighting systems to comply with energy and emission regulations, integrating IoT for energy efficiency and centralized control.
- Europe is estimated to contribute 34% to the growth during the forecast period. The European lighting market is growing due to end-users focus on energy efficiency and building modernization, driven by the replacement of old systems and the demand for secure access control through IBMS.
- The advent of IoT is a major trend.
- The high average cost of LED fixtures are significant challenge restricting growth.
Smart lighting: Applications
Smart lighting is revolutionizing Lighting systems by integrating advanced technologies like Zigbee and Z-Wave to create Wireless networks that enable efficient energy use. LED lamps and Compact fluorescent lamps are at the forefront of this innovation, offering energy-efficient lighting solutions. These systems utilize Wireless mesh networks for seamless communication, ensuring Interoperability and enhanced control through Lighting control systems. Smart lighting is a key component of the Internet of things (IoT), leveraging Telecommunications and Mesh networking for remote management and Energy conservation. This technology is a result of advancements in Electrical engineering and Electronics, enabling the evolution of Electric light sources and Communication protocols.
What are the key data covered in this Smart Lighting Market report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth of the Smart Lighting Market between 2023 and 2027
- Precise estimation of the size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Smart Lighting industry across Europe, North America, APAC, South America, and the Middle East and Africa
- A thorough analysis of the competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of Smart Lighting companies
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Related Reports:
The Decorative Lighting Market size is estimated to grow by USD 9.99 billion at a CAGR of 5.34% between 2022 and 2027.
The Global LED Lighting Market size is estimated to grow by USD 34.82 billion at a CAGR of 7.35% between 2022 and 2027.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Application
Segmentation by Product
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.
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Website: www.technavio.com
SOURCE Technavio
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