Smart Lighting Market Overview:
The Smart Lighting market research gives a detailed view of the competition, including the market share and company profiles of the major competitors in the global industry. The scope of the research includes a comprehensive examination of the Smart Lighting Market, as well as the reasons for variations in the industry’s growth in various locations.
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Smart Lighting Market was valued at US$ 10.9 Bn. in 2021 and is expected to reach US$ 48.78 Bn. by 2029, at a CAGR of 20.6 % during a forecast period.
Market Scope:
Following the completion of market engineering, which included calculations for market statistics, estimations of market size, market forecasts, market breakdown, and data triangulation, significant primary research was done to acquire information and verify and validate important numbers. To undertake market estimating and forecasting for the overall market segments and sub-segments described in this research, top-down and bottom-up techniques, as well as many data triangulation methodologies, were often employed throughout the market engineering process. Extensive qualitative and quantitative analysis is performed on all facts obtained over the whole market engineering process in order to provide essential information throughout the report.
Drivers:
Since it can easily be integrated into the city infrastructure or the IT network of a building to transmit data about the operation’s state, smart lighting is also referred to as connected lighting. For instance, IoT-connected smart street lights that provide extensive coverage, environmental monitoring, information on parking and traffic management, and municipal surveillance help to ensure safety. Having sensors built into them, smart lights are frequently a source of intelligence for gathering information on activity patterns, sunlight levels, occupancy, temperature changes, or humidity. Governmental organisations need this information to monitor the city in order to react appropriately and keep an eye out for suspicious behaviour.
Segmentation:
In 2021, the wireless connectivity segment had the largest market share according to the Communication Channel. In a smart lighting environment, consumers who need connections within a short distance strongly prefer wireless connectivity, making it the market category with the largest growth over the forecast period. With the help of wireless technologies like Wi-Fi, Bluetooth, SmartThings, Z-Wave, or ZigBee, lighting fixtures can be connected to smartphone apps. The residential lighting market has embraced wireless technology heavily to control the colour and tint of luminaires for aesthetic reasons in small spaces.
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Key Players:
Primary and secondary research is used to identify market leaders, while primary and secondary research is utilized to determine market revenue. Primary research included in-depth interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing executives. Secondary research included a review of the leading manufacturers’ annual and financial reports, whereas primary research included in-depth interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing executives. Secondary sources are utilized to compute percentage splits, market shares, growth rates, and global market breakdowns, which are then checked using primary data.
The biggest players in the Smart Lighting market are as follows:
• Philips Lighting
• Acuity Brands
• Osram
• Cree
• General Electric (GE + Current)
• Eaton
• Honeywell
• Legrand
• Hubbell Lighting
• Zumtobel Group
• Hafele Group
• Lutron Electronics
• Wipro Consumer Care and Lighting
• Streetlight.Vision
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Regional Analysis:
Individual market influencing components and changes in market regulations affecting the present and future market trends are also included in the regional overview of the Smart Lighting market analysis. Current and future trends are researched in order to assess the entire market potential and identify profitable patterns in order to get a stronger foothold. The geographical market assessment is based on the present environment and expected developments.
COVID-19 Impact Analysis on Smart Lighting Market:
End-user industries where Smart Lighting are utilised saw a dip in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant decrease in the revenues of businesses working in these industries and, as a result, in demand for Smart Lighting manufacturers, influencing the development of the Smart Lighting market in 2020. End-user business demand for Smart Lighting has declined significantly as a result of lockdowns and an increase in COVID-19 events worldwide.
Key Questions Answered in the Smart Lighting Market Report are:
- In 2021, which segment held the highest proportion of the Smart Lighting market?
- What is the Smart Lighting market’s competitive landscape?
- What are the primary drivers assisting Smart Lighting market growth?
- Which region has the most market share in the Smart Lighting market?
- What will be the Smart Lighting market’s CAGR throughout the projected period (2022-2027)?
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