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.
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.
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.
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Key participants include
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).
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.
Services play a major role before and after the installation of smart lighting systems. This segment comprises design and engineering services, installation service, and post-installation services (maintenance, and support and monitoring services). The growth of the smart lighting market for services is mainly attributed to the expected high rate of adoption of smart street lighting systems for energy conservation and ecological safety during the forecast period. Post-installation services consist of maintenance, support, and monitoring services for smart lighting systems. Among these, maintenance and support services require high expenditure. Post-installation services consist of maintenance and support for smart lighting systems to ensure long life of the luminaires and lamps, with minimum energy consumption and maximum efficiency.
Indoor application (residential, commercial, and industrial) is expected to hold a larger size of the smart lighting market during the forecast period. In residential applications, smart lighting can be installed according to the requirement of a particular room or an entire house. The incorporation of wireless technology in smart lightings would help the market for residential indoor application to grow at a high rate. The commercial application of smart lighting includes the implementation of these lightings in offices, retail shops, shopping malls, and hospitality infrastructure. Reducing energy consumption has become a major objective for building owners, governments, utilities, and other stakeholders. Replacing existing lights with more energy-efficient lighting sources, such as LEDs, is one of the ways to reduce massive energy consumption; however, it is a small-scale solution for the issue. On a large scale, energy consumption can be reduced by turning the lights off when not required, optimizing light levels to suit the workers’/occupants’ needs, and reducing the overall demand for lighting energy. These measures come under smart lighting arrangement, which is the best way to ensure the automatic reduction in energy consumed in the lighting task.
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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For this report, Reports and Data have segmented into the global Smart Lighting market on the basis of resin type, composite phases, industry vertical, and region:
Offering Outlook (Revenue, USD Million; 2018–2025)
Communication Technology Outlook (Revenue, USD Million; 2018–2025)
Application (Revenue, USD Million; 2018–2025)
Installation Type Outlook (Revenue, USD Million; 2018–2025)
Regional Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- North America
- Asia Pacific
- Latin America
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The post Smart Lighting Market Size Analysis, Drivers, Restraints, Key Factors Forecast, 2018–2025 | Top Companies Philips Lighting, Hafele Group, Acuity Brands, OSRAM, etc first appeared on News Degree | Hub for Latest and Trending News from Around the Globe.