According to BIS Research, the smart lighting market is expected to reach $34,500.0 Million by the end of 2025 with a CAGR of 23.1% during the forecast period 2021-2025. 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 evolution of smart technology has changed the overall lighting industry w.r.t. energy and money-saving and improved the safety and convenience of the users. The global lighting market is growing at a significant rate and is expected to reach a substantial level by 2025. Moreover, smart lighting systems are gaining popularity and are expected to grow at a noteworthy rate in the coming years.
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. The lighting segment consumes most of the electricity in a commercial building and draws substantial energy for a private residence. Several countries are opting for various methods for decreasing the carbon dioxide concentration in the atmosphere. Rising energy demands globally call for improved energy efficiency usage and increased energy supply. India’s power ministry proposed a simple solution for its energy crisis, which is, upgrading the lighting system to LED light bulbs. The country’s Ministry of Power estimates that the nationwide LED upgrade project could save $8 billion worth of electricity annually for the nation. To promote the adoption of smart lighting, the Indian government launched a program in 2014 to sell LED bulbs to average households at $0.16 (10 Rupees), which is about half the price of incandescent bulbs and fluorescent lamps.
The changing paradigm of the lighting industry to the electronics industry is a major opportunity for the growth of the smart lighting controls market. With the arrival of smart technologies in the lighting industry, various gateways have been opened for the companies of several industry verticals, such as control systems, dimmers, and software-based solutions and sensors.
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Asia-Pacific and Japan to Witness Fastest Growth Globally:
This report covers the global smart lighting market and consequently provides the revenue of the key regions – North America, Latin America, Europe, Asia-Pacific and Japan (APJ), China, the U.K., and the Middle East and Africa (MEA). Each region is segmented into countries. Data for each of these regions and countries is provided by the application, component type, and technology.
Competitive Landscape & Key Market Players:
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.
The primary sources involve the industry experts from the smart lighting industry, including smart lighting manufacturers, distributors, sensor manufacturers, electrical and electronic component manufacturers. Respondents such as CEOs, vice presidents, marketing directors, and technology and innovation directors have been interviewed to obtain and verify both qualitative and quantitative aspects of this research study.
Secondary research was done to obtain crucial information about the industry’s value chain, revenue models, market’s monetary chain, the total pool of key players, and the current and potential use cases and applications.
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?
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.
About BIS Research:
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don’t simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
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