The commercial smart lighting market is projected to reach USD 21.8 billion by 2025 from USD 8.2 billion in 2020; it is expected to grow at a CAGR of 21.5% during the forecast period. The commercial smart lighting market in APAC is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rapid infrastructure development activities being undertaken in APAC, mainly in China, where smart lighting solutions pave the way for the modernization of infrastructure. Projects related to infrastructure modernization and development, such as smart cities, across the region would also drive the demand for smart street lights, thereby propelling the growth of the market for commercial smart lighting in this region.
The major restraints for the growth of the market are high initial costs and major supply chain disruptions due to COVID-19 outbreak
“The new installation segment projected to hold a larger share of the commercial smart lighting market during the forecast period.”
The new installations segment is estimated to hold a larger market share during the forecast period, due to the increasing number of new commercial floor spaces. The rising adoption of cost-effective lighting solutions is also expected to contribute to the growth of this segment
“The indoor segment to hold the larger share of commercial smart lighting marker in 2019”
The indoor end-use application is one of the booming application areas pertaining to commercial smart lightings, owing to the high demand in commercial space. In these applications, smart lighting is an essential element in creating a modern workspace that attracts customers with changing preferences. It continues helping owners to create a flexible working environment, reduce expenses, improve work efficiencies, and create quality lighting that enhances the occupant experience. Hence, the adoption of smart lighting in commercial spaces is gaining more traction and has a high opportunity in the near future due to smart city initiatives by governments across the world.
“Among the regions, Europe projected to hold the largest share of the commercial smart lighting market in 2019.”
The significant share of Europe in the overall commercial smart lighting market is attributed to the increasing awareness about energy conservation and the growing support provided by the government to deploy smart lighting solutions. The 2012 Energy Efficiency Directive and the Energy Performance of Building Directive (EPBD) for the European real estate sector has established and promotes energy conservation measures across all sectors, such as industrial and commercial workplaces.
Also, various local governments in the European Union are focusing on the installation of energy-efficient streetlights. There has been an increase in investments made by governments in intelligent street lighting projects due to the number of benefits offered by this technology, such as cutting greenhouse gas emissions, reducing electricity costs, and providing safety to citizens.
Breakdown of profiles of primary participants:
- By Company Type: Tier 1 = 55%, Tier 2 = 20%, and Tier 3 = 20%
- By Designation: C-level Executives = 40%, Directors = 35%, and Others = 35%
- By Region: North America = 10%, Europe = 20%, APAC = 30%, and RoW = 40%
Key players in the commercial smart lighting market include Signify (Philips Lighting) (Netherlands); Legrand S.A. (France); Acuity Brands, Inc. (US); GE Current, a Daintree Company (US); OSRAM Licht AG (Germany); Leviton Manufacturing Company, Inc. (US); Lutron Electronics (US); Hubbell Incorporated (US); LEDVANCE GmbH (Germany); Schneider Electric SE (France); Ideal Industries, Inc. (Cree Lighting) (US); and Zumtobel Group (Austria)
This report segments the commercial smart lighting market based on offering, installation type, communication technology, end-use application. The report gives a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW.
Reasons To Buy the Report:
- This report includes statistics pertaining to the commercial smart lighting market based on offering, installation type, communication technology, end-use application, and region, along with their respective market sizes
- Major drivers, restraints, opportunities, and challenges for the commercial smart lighting market have been provided in detail in this report
- The report includes illustrative segmentation, analysis, and forecast for the commercial smart lighting market based on its segments and subsegments