New York, USA, Jan.11, 2022(GLOBE NEWSWIRE) --Market Overview:According to a comprehensive research report by Market Research Future (MRFR), “Smart Lighting Marketinformation by Product Type, by Components, by Light Source and Region – forecast to 2027” market size to reach USD 30,658.36 million, growing at a compound annual growth rate of 17.5% by 2026.
Market Scope:Smart lighting solutions leverages the internet to control the environment in offices and homes using parameters of amount of natural light, occupancy, temperature, and movement. MRFR’s report on the smart lighting market outlines drivers and opportunities for the forecast period (2020-2027). The sudden outbreak of the COVID-19 pandemic and its cascading effects on the industry are explored below.
Dominant Key Players on Smart Lighting Market Covered are:
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Market USP Exclusively Encompassed:Market DriversDevelopment of Smart City Projects to Drive Market DemandInitiatives taken by governments and property builders for developing smart cities can drive market demand significantly. Use of efficient lighting and sustaining growth in countries can augur favorably for the market. Rapid urbanization and transformation of cities to smart cities can spur demand for smart lighting solutions.Huge need for infrastructure development and public safety can drive market demand. Moreover, adoption of internet of things (IoT), 5G, and analytics can create a bevy of opportunities in the coming years.
Smart Homes to Light up Market GrowthSmart homes can utilize smart lighting solutions for controlling heating, electrical, cooling, and light appliances. They can increase comfort and usability while managing the ambience of rooms through a centralized remote. Moreover, it can enhance the security of homes by enabling floodlights and security illuminations at breach points. The COVID-19 pandemic has propelled the demand for smart lights by providing a safe space for work in homes and workstations.
High Costs of Smart Equipment to Hamper Market GrowthThe huge initial costs of installation owing to added costs of installation and equipment can hamper the smart lighting market growth. Use of expensive software, light sources, and control systems can deter potential clients. However, dipping prices of LEDs and energy savings of these lights can prove to be fruitful to the market in the coming years.
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Segmentation of Market Covered in the Research:LED Light Source to Gain Market ShareBy light source, the market is segmented into fluorescent lamp (FL), light emitting diode (LED), and high intensity discharge lamps (HID). Out of which, the LED segment is expected to grow at the highest rate during the forecast period. It is attributed to low installation costs, safe nature, and high returns on investments.
Wi-Fi to be Leading Wireless Communication TechnologyBy communication technology, it is divided into wired and wireless. The Wi-Fi segment is expected to be the leading wireless technology due to processing of smart signals made possible by collection of data by an ASIC. The coexistence of lighting systems with Wi-Fi gateways makes it optimal for powering the optical communications hub. Recently, Signify has expanded its product offerings by providing Bluetooth and ZigBee powered lights.
Indoor Lighting Application to Lead Global MarketAwareness of smart lights and their subsequent adoption in co-working spaces, commercial buildings, and residential buildings can drive its demand in indoor applications. But high implementation costs can hinder the application growth.
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Regional AnalysisEurope to Lead Global Smart Lighting MarketEurope is anticipated to dominate the demand share of the smart lighting market owing to investments in modernization of infrastructure and technological advances in lighting. Applications of smart lights in automobiles, commercial buildings, and public places coupled with presence of key players can drive regional market growth. Commercial facility owners are increasing embracing smart lighting solutions to conserve energy.
APAC to Display Highest CAGRAPAC is estimated to display a strong growth rate owing to adoption of connected lighting systems in smart offices and homes. Rise of government-driven infrastructural projects and development of residential homes can provide opportunities to players in the regional market. Undertaking of smart city projects and initiatives by governments to offer LED lights at subsidized prices can bode well for the market.
COVID-19 Impact on the Global Smart Lighting MarketThe COVID-19 outbreak had weakened the market owing to hurdles in supply chains and production of lights. Dependence on Chinese suppliers for components and lockdown restrictions can wear down manufacturers. The halt on new construction projects and lack of tax benefits on installation of LED lights can prove detrimental to the market. This will cause a dip in adoption rate in highways, roadways, and public places.
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Industry NewsSmartlabs and Nokia have decided to collaborate in launching Nokia Smart Lighting, a suite of IoT driven electrical and lighting products. The partnership is expected to usher in smart ways of conserving energy and control lights in households.
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