An extensive study of the product application and services conducted by subject matter experts assessing the Smart Lighting Market will help product owners to make a wise decision.
New York, United States – June 19, 2020 /MarketersMedia/ —
The Smart Lighting Market, the market is expected to reach USD 22 Billion by 2025 from USD 7.93 Billion in 2018, at a CAGR of 20% between 2018 and 2025. Modernization and development of infrastructure to transform cities into smart cities, need for energy-efficient lighting systems, increasing adoption and decreasing cost of LEDs, increased demand for intelligent solutions for street lighting systems, and growing awareness about energy savings among consumers and governments worldwide are the major factors driving the growth of the market.
This report covers the recent COVID-19 incidence and its impact on Smart Lighting. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.
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Significant research by input suppliers required for the establishment of a strong supply chain will drive the growth of the Smart Lighting market. At present, the lack of an established supply chain and distributed patent portfolio are the major restraints for the growth of the market. Huge investment requirement in infrastructure, equipment, and process development; and need for different manufacturing processes as well as equipment compatibility are the key challenges faced by Smart Lighting technology developers. Lack of universal open standards for aiding communication between all IoT devices is a major challenge for the commercialization of the technology in different products.
Some of the major companies operating in the Smart Lighting market are Philips Lighting (Netherlands), Hafele Group (Germany), Acuity Brands (US), OSRAM (Germany), Cree (US), Hubbell (US), Zumtobel Group (Austria), Honeywell (US), Legrand (France), Eaton (Ireland), Lutron Electronics (US), and General Electric (US).
Players will require increased investments to tackle these challenges and facilitate growth in the coming years. This report comprises drivers, restraints, opportunities, and challenges pertaining to the Smart Lighting market; and extensive value chain analysis, patent analysis, analysis of the current manufacturing capability and technology status, commercialization potential in different devices, along with market size forecasts till 2025.
For the purpose of this report, the market has been segmented on the basis of offering, communication technology, application, installation type and region:
Offering Outlook (Revenue, USD Million; 2018–2025)
o Lights & Luminaires
o Lighting Controls
o Local/Web-Based Software
o Cloud-Based Software
o Design & Engineering
o Installation Services
o Post-Installation Services
Communication Technology Outlook (Revenue, USD Million; 2018–2025)
• Wired Technology
o Digital Addressable Lighting Interface (DALI)
o Power-Line Communication (PLC)
o Power Over Ethernet (PoE)
o Wired Hybrid Protocols
• Wireless Technology
o Bluetooth/Bluetooth Low Energy
o Wireless Hybrid Protocols
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Application (Revenue, USD Million; 2018–2025)
• Indoor Application
• Outdoor Application
o Highways & Roadways
o Public Places
Installation Type Outlook (Revenue, USD Million; 2018–2025)
• New Installation
• Retrofit Installation
Regional Outlook (Revenue in USD Million; 2016–2026)
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Colombia)
Further key findings from the report suggest
• The Smart Lighting market, the market is expected to reach USD 22 Billion by 2025 from USD 7.93 Billion in 2018, at a CAGR of 20% between 2018 and 2025. Modernization and development of infrastructure to transform cities into smart cities, need for energy-efficient lighting systems, increasing adoption and decreasing cost of LEDs, increased demand for intelligent solutions for street lighting systems, and growing awareness about energy savings among consumers and governments worldwide are the major factors driving the growth of the market.
• The use of lightings based on wireless technology eliminates the wire usage, thereby abolishing the need for installation and protection of cables. Therefore, the wireless smart lighting systems have significantly low cost. Also, the wireless system is flexible in nature. Thus, sensors equipped with wireless communication can be organized into an autonomous network, which makes updating, adding, moving, and replacing of sensors easy after the initial installation. The developments in wireless technologies are expected to drive the growth of the smart lighting market for the wireless communication protocols.
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