Smart Lighting Market Size, Share, Growth, Sales Revenue, and Key Drivers Analysis Research Report by 2028

[Ravi Thakre]

The Smart Lighting Market Analysis includes information on market size, market share, revenue growth, and CAGR from 2021 to 2028. The study includes a thorough SWOT analysis, a Porter's Five Forces analysis, and a feasibility analysis to provide readers with a competitive edge. Important details on the top companies in the market are also included. The report's key topics are the current pandemic's recent trends, significant challenges, prospects, and limitations.

The global smart lighting market size is expected to reach USD 45.47 Billion at a steady revenue CAGR of 19.7% in 2028, according to the latest analysis by Emergen Research. The increasing popularity of smart lights, the wide acceptability of standard protocols for lighting control systems, and the increasing use of LED lights and luminaires in outdoor lighting are driving market revenue growth.

Smart lighting is a lighting technology based primarily on increasing energy efficiency and is also designed with features and functionalities to enhance convenience and security, among others. Smart lights can be controlled remotely with smartphone applications. This makes it trendy and gives it significant novelty in businesses and homes worldwide. It is highly energy efficient, comprises self-operating controls, and comes with exceptionally efficient fixtures that can be modified according to occupancy and external lighting.

Various industries, sectors, and companies are using smart lights as a potential feature for decoration, security, and other advantages and benefits. Due to this, rapid growth in the smart lighting market is evident. Factors like the vast range of products, alternative availability of light sources, wide area of applicability, including indoor lights and outdoor light applications, and wired and wireless communication technology are currently boosting the revenue growth of the global smart lighting market.

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Global Smart Lighting Market Highlights:

Regional demand estimation and forecast

Product Mix Matrix

R&D Analysis

Cost-Benefit Analysis

Pre-commodity pricing volatility

Supply chain optimization analysis

Technological updates analysis

Raw Material Sourcing Strategy

Competitive Analysis

Mergers & Acquisitions

Location Quotients Analysis

Carbon Footprint Analysis

Patent Analysis

Vendor Management

Competitive Landscape:

The latest study provides an insightful analysis of the broad competitive landscape of the global Smart Lighting market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Smart Lighting market and pinpoint the fundamental growth trends.

Key Companies Profiled in the Report are:

Acuity Brands, Signify Holding, Honeywell International Inc., Itron Inc., Ideal Industries, Inc., Häfele GmbH & Co KG, Wipro Consumer Lighting, YEELIGHT, Sengled Optoelectronics Co., Ltd., Verizon, Häfele GmbH & Co KG

Key Parameters Analyzed in This Section:

Company Profiles

Gross Revenue

Profit margins

Product sales trends

Product pricing

Industry Analysis

Sales & distribution channels

Regional Segmentation:

North America

Latin America

Europe

Middle East & Africa

Asia Pacific

Key Points Covered in This Section:

Regional contribution

Estimated revenue generation

Vital data and information about the consumption rate in all the leading regional segments

An expected rise in market share

Forecast growth in the overall consumption rate

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Some Key Highlights from the Report

In August 2021, Signify launched new range of Philips Smart Wi-Fi lights in India. With this it expanded its Phillips Smart Wi-Fi ecosystem in India under Wiz Smart Light Range. The portfolio also includes a new smart LED downlighter, T-Bulb, T-Beamer, and Batten in addition.

Hardware segment accounted for a significant revenue share in 2020. A majority of industries acknowledge the benefits earned by the use of smart light bulbs and fixtures which can switch shades, dim lights with a remote controller such as tablets, Alexa device, and smartphones among others. This has resulted in high preference for hardware among end-use industries.

LED light sources segment accounted for a significantly robust revenue share in 2020 due to higher preference and benefits such as long lifespan and energy efficiency, which helps in improving its environmental impact and most importantly low voltage operation.

Wireless receivers and transmitter segment accounted for a moderately robust revenue share in 2020, as these products are gaining gradual popularity due flexibility, versatility, and cost effectiveness.

North America registered highest revenue growth in 2020 due to rising demand for smart lights at different sectors in countries in this region. Emergence of smart city projects is also contributing to market revenue growth.

Market Overview:

The report bifurcates the Smart Lighting market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.

Segments Covered in this report are:

Component Outlook (Revenue, USD Billion; 2018–2028)

Hardware

Software

Services

Light Source Outlook (Revenue, USD Billion; 2018–2028)

LED Light Source

HID Light Source

Fluorescent Light Source

Type Outlook (Revenue, USD Billion; 2018–2028)

Smart Bulbs

Fixtures

Lighting Control

Sensors

Microcontroller and Microprocessors

Wireless Receivers and Transmitters

Others

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Additional information offered by the report:

Along with a complete overview of the global Cobots market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.

The report elaborates on the global Cobots market size and share governed by the major geographies.

It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.

It further presents a detailed description of the company profiles of the key market contenders.

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