According to IMARC Group’s latest report, titled “Smart Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027”, the global market reached a value of US$ 11.2 Billion in 2021. Smart lighting has the ability to manage illuminance remotely. The lighting provides energy efficiency and is equipped with automated controls and highly efficient fixtures. These fixtures can be adjusted as per the conditions, occupancy, and external lighting. Smart lighting is highly efficient and consumes low energy compared to traditional lighting, and can be connected via Bluetooth, Wi-Fi, smart things, or Zigbee.
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The rapid adoption of smart assistant platforms and the rising demand for energy-efficient lighting systems are key factors primarily driving the market growth. In addition to this, government initiatives to promote the use of energy-efficient lighting systems and the integration of IoT technology in smart lighting are other factors significantly contributing to the market growth. Apart from this, the increasing consumer expenditure capacities and the extensive utilization of smart lighting solutions in both the residential and commercial establishments are creating a positive outlook for the market. Looking forward, IMARC Group expects the smart lighting market to reach US$ 35.5 Billion by 2027, exhibiting at a CAGR of 21.5% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Philips Lighting
- Acuity Brands
- Osram
- Cree
- General Electric Company
- Eaton
- Honeywell
- Legrand
- Hubbell Lighting
- Zumtobel Group
- Hafele Group
- Lutron Electronics
- Wipro Consumer Care and Lighting
- Vision
- Virtual Extension
- Syska LED
Market Segmentation:
Breakup by Offering:
- Hardware
- Lights and Luminaires
- Lighting Controls
- Software
- Services
- Design and Engineering
- Installation
- Post-Installation
Breakup by Communication Technology:
- Wired Technology
- Wireless Technology
Breakup by Installation Type:
- New Installation
- Retrofit Installation
Breakup by Light Source:
- LED Lamps
- Fluorescent Lamps
- Compact Fluorescent Lamps
- High Intensity Discharge Lamps
- Others
Breakup by Application:
- Commercial
- Residential
- Public Infrastructure
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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