“Government initiatives and policies for energy savings to drive growth of smart lighting market”
The smart lighting market is estimated to grow from USD 13.4 billion in 2020 and projected to reach USD 30.6 billion by 2025, at a CAGR of 18.0%. The major factors driving the growth of the smart lighting market include the advent of integrated lighting control systems, upcoming smart city projects in developing economies, increasing adoption and decreasing cost of LEDs, integration of lighting solutions with smart devices, and growing awareness about energy savings among consumers and governments worldwide. Factors such as the high installation cost of smart lighting systems and security and reliability issues with IoT-based lighting systems are restraining the growth of the smart lighting market.
“Wired technology is expected to hold a larger share of the smart lighting market by 2025”
Currently, the smart lightings based on wired technology are widely adopted for different types of structures as this technology offers reliable connectivity, with no limitation on long-distance data transfer. Wired communication technologies for smart lightings include Digital Addressable Lighting Interface (DALI), Power-line Communication (PLC), Power over Ethernet (PoE), and various wired hybrid protocols, which include company-specific proprietary protocols. Wired protocols offer reliable performance and greater control; thus, the technology held the largest share of the market.
“Highways & roadways to hold largest size of smart lighting market for outdoor application during forecast period”
The highways & roadways lighting application segment holds the largest market share of the outdoor smart lighting application due to government support and subsidies encouraging the installation and use of smart lighting control solutions. As of now, the latest trend in the street lighting segment is the replacement of existing street lighting sources with LED street lights to reduce energy consumption significantly.
“Smart lighting market in APAC expected to grow at highest CAGR during forecast period “
The smart lighting market in APAC is expected to grow at the highest CAGR during the forecast period. This growth is attributed to rapid infrastructure building activities being undertaken in APAC, mainly in China and India, where smart lighting paves the way for the modernization of infrastructure. The modernization and development of infrastructure such as smart cities across the region, coupled with government policies to support energy-efficient lighting, would also drive the demand for smart street lights, thereby driving the market for smart lighting in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with the key experts. The breakup of the profiles of primary participants is as follows:
- By Company Type: Tier 1 – 55 %, Tier 2 – 20%, and Tier 3 – 25%
- By Designation: C-level Executives – 40%, Directors – 35%, Others – 25%
- By Geography: North America – 10%, Europe – 20%, APAC – 40%, and RoW – 30%
Some of the major players in the smart lighting market are Signify (Philips Lighting) (Netherlands), Legrand S.A. (France), Acuity Brands, Inc. (US), Eaton Corporation (Ireland), General Electric Company (US), OSRAM Licht (Germany), Lutron Electronics (US), Zumtobel Group (Austria), Honeywell International Inc. (US), Hubbell Incorporated (US), and Leviton Manufacturing Company, Inc. (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), and Enlighted Inc (a Siemens company) (US).
This report covers the smart lighting market based on installation type, offering, end-use application, communication technology, and geography. A detailed analysis of the key industry players has been done to provide insights into their business, products and services, and key strategies such as product launches, product developments, partnerships, contracts, agreements, mergers and acquisitions, collaborations, and expansions associated with the smart lighting market.
Reasons To Buy the Report:
- Illustrative segmentation, analysis, and forecast pertaining to the smart lighting market based on installation type, offering, end-use application, communication technology, and geography have been conducted to provide an overall view of the smart lighting market.
- Major drivers, restraints, opportunities, and challenges for the smart lighting market have been detailed in this report.
- The report includes a detailed competitive landscape of key players in the market and their market ranking.