The increasing worldwide demand for energy is responsible for a rise in energy prices, tight energy supplies, and growing anxiety about climate change and related liabilities. The lighting segment consumes most of the electricity in residential, commercial, and industrial sectors. Lighting accounts for 15% of total electricity consumption and 5% of total greenhouse gas emissions worldwide. The future global economy is expected to consume more energy resources, especially with the growing energy demand from developing countries, such as China and India. Additionally, the risk of climate change associated with the use of fossil fuels has made the supply of energy increasingly difficult. Amidst the increasing energy demand and environmental concern, smart lighting systems are gaining popularity and are expected to grow at a noteworthy rate in the coming years. With the installation of the smart lighting system in a building, 50% of energy costs can be saved, enhancing the productivity and comfort of the user.
The report further considers the market dynamics, supply chain analysis, and the detailed product contribution of the key players operating in the market. The global smart lighting market report is a compilation of different segments, including market breakdown by component type, application, technology, region, and country.
The global smart lighting market, based on component type, has been categorized into fixture and control. The fixture category is expected to maintain its dominance during the forecast period. Further, the fixtures are subcategorized into key products – compact fluorescent lights (CFL), light-emitting diode (LED), organic light-emitting diode (OLED), high-intensity discharge (HID) lamps, and plasma lamps. The control category is further subcategorized into sensors, microprocessors and controllers, dimmers and switches, wireless transmitters and receivers, and ballasts and LED drivers
The global smart lighting market, by technology, has been categorized into wired and wireless technology. The wired segment dominated the global smart lighting market in 2020 and is expected to maintain its dominance through the forecast period.
Based on application, the global smart lighting market is categorized into residential, commercial, industrial, outdoor, and automotive. Smart lighting has maximum usage in residential applications. The increasing number of smart homes coupled with customization benefits are pushing the growth of the global smart lighting market in residential applications.
Based on the region, the global smart lighting market has been segmented into Asia-Pacific and Japan, Europe, the U.K., China, North America, South America, and the Middle East and Africa. Each region is segmented into countries. Data for each of these regions and countries is provided by the application, component type, and technology.
The global smart lighting market competitive landscape consists of different strategies undertaken by key players across the industry to gain traction and market share presence. Some strategies adopted by the service providers are new product launches, business expansions, mergers, partnerships, and collaborations. Among all these strategies adopted, product launch is the popular choice of the strategy implemented in the smart lighting market. Some of the most prominent ecosystem players are Acuity Brands Inc., ams AG, CommScope Holding Company Inc., Control4 Corporation, General Electric Company, Honeywell International Inc., NXP Semiconductors NV, OSRAM Licht AG, Koninklijke Philips N.V., and Zumtobel Group AG.
Market Report Coverage - Smart Lighting
- Application Type – Residential, Commercial, Industrial, Outdoor, and Automotive
- Component Type – Fixture and Control
- Technology Type – Wired and Wireless
- North America - U.S. and Canada
- Latin America
- Europe – Germany, France, Spain
- Middle East and Africa
- Asia-Pacific and Japan – Japan, South Korea, India
- Prevailing Issue of Global Energy Crisis Supporting the Adoption of Smart Lighting
- Increasing Trend of Smart Homes along with Customization Benefits Supports Smart Lighting Market
- Continually Declining Average Selling Price (ASP) of LED Bulbs
- Development of Smart Cities
- Security and Privacy Concerns
- Design Challenges with LED Usage
- Consumers Having to Bear High Replacement Costs to Switch from Existing Solutions to Smart Lighting
- Lack of Standards and the Associated Interoperability Issues
- Advancement in Lighting Control
- Integration of Physical Security Industry with Smart Lighting
- Changing Paradigm of Lighting Industry to Electronics Industry
- Adding Voice Control Feature to the Upcoming Products
- Consumer Awareness for Energy Conservation
Key Companies Profiled
Acuity Brands Inc., ams AG, CommScope Holding Company Inc., Control4 Corporation, General Electric Company, Honeywell International Inc., NXP Semiconductors NV, OSRAM Licht AG, Signify (Philips Lighting), and Zumtobel Group AG
Key questions answered in this report:
- What is the global smart lighting market size in terms of volume and revenue from 2019 to 2025?
- How is the industry expected to evolve during the forecast period 2021-2025?
- What has been the impact of COVID-19 on the smart lighting market?
- Which region will lead the global smart lighting market by 2025?
- Which application will lead the global smart lighting market by 2025?
- What are the driving factors for the global smart lighting market from 2019 to 2025?
- What are the underlying structures resulting in the emerging trends within the smart lighting market?
- Which factors are impeding the growth of the global smart lighting market?
- What is the role of governments regarding environmental issues and safety changing the landscape of the smart lighting market?
- What are the growth opportunities and critical success factors for participants to compete in this market?
- Who are the leading players in the global smart lighting market along with their ranking?
- What are the key developmental strategies implemented by the key players to sustain in the competitive market?