Smart Lighting Market worth $27.7 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 3, 2021 /PRNewswire/ -- 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", published by MarketsandMarkets™, the Smart Lighting Market 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 lights and luminaires segment, in market by hardware, of the smart lighting market is projected to account for a larger share during the forecast period.
The market for lights and luminaires accounted for a larger share in 2020. Improved smart standards coupled with the growing demand for high input-powered devices for lighting are driving the said market. OEMs are coming up with integrated solutions in luminaires, which require more input power. Lights and luminaires broadly include smart bulbs, lamps, and luminaires such as fluorescent lights, light-emitting diodes (LEDs), and high-intensity discharge lamps (HIDs). The performance and characteristics of the light source used in lamps depend on the lighting task being performed. Choosing the right lamp type helps save energy to a great extent. Smart LED luminaires are cost-effective and offer a high return on investment. They reduce installation costs and are safer since conduits and metal cladding are not required. The benefits provided by smart technology make LED lighting systems a very attractive option for property owners. LED lighting is one of the mainstream technologies offering competitive cost and energy efficiency benefits.
In applications, the indoor segment is projected to hold the largest share of the smart lighting market during the forecast period
The indoor segment accounted for the largest share of the smart lighting market in 2020. Growing affordability and higher efficiencies are driving the use of smart lighting in commercial, industrial, and residential buildings. The dominance is attributed to the growing consumer awareness about smart lighting and the adoption of energy-efficient products in the smart lighting market. However, the high implementation cost of these solutions is one of the major factors inhibiting the growth of the market in the residential segment. APAC accounts for a large share of global construction investments, in which a significant portion is invested in the lighting industry, especially for the indoor segment. This factor is expected to drive the smart lighting market for indoor end-use application in APAC at the highest CAGR during the forecast period.
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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 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. This region is expected to have the highest CAGR during the forecast period. It is expected to be the fastest-growing market for smart lighting during the forecast period. 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. Increasing construction activities in Asia Pacific are contributing significantly to the growth of the smart lighting market in the region. There are several new opportunities for energy-efficient lighting and advanced lighting systems in the next few years as ~200 million homes, and 18 million homes are expected to be constructed in China and India, respectively. 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.
China is expected to lead the smart lighting market in APAC owing to the availability of cost-effective land for setting up manufacturing plants as well as for new constructions of commercial spaces, presence of multiple lighting manufacturers, and continuing growth in commercial and industrial buildings as well as smart offices. The country has expertise in manufacturing lighting equipment and adopts technologies at a faster rate than other nations in the region. Rapid economic growth in China, India, Japan, and the Rest of APAC is expected to propel the APAC smart lighting market in the coming years.
Key Players of Smart lighting Market:
Signify (Philips Lighting) (Netherlands), Legrand S.A. (France), Acuity Brands, Inc. (US), Lutron Electronics (US), Leviton Manufacturing Company, Inc. (US), Zumtobel Group (Austria), Honeywell International Inc. (US), Hubbell Incorporated (US), and GE Current (US). Other players operating in the smart lighting market include Dialight PLC (UK), Helvar (Finland), Ideal Industries, Inc. (Cree Lighting) (US), Adesto Technologies (Echelon Corporation) (US), Panasonic (Japan), LightwaveRF PLC (UK), RAB Lighting (US), Synapse Wireless (US), Syska LED (India), Wipro Enterprise Ltd (India), LG Electronics (South Korea), ABB (Switzerland), Savant Systems Inc. (GE Lighting) (US), and Enlighted Inc (a Siemens company).
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