According to IMARC Group’s recently published research report titled “Global Smart Lighting Market Growth, Industry Trends, Size, Share, Opportunity and Forecast 2020-2025”, the market reached a value of USD 9.5 Billion in 2019. Looking forward, the market is expected to continue its moderate growth during the next five years., according to a new report by IMARC Group.
Smart lighting refers to an energy-efficient lighting system that has power-saving features and automated controls for smooth operations. It enables a user to change the light intensity depending on occupancy and availability of natural light. As it is cost-effective and sustainable, smart lighting is gaining traction over conventional lighting solutions across the globe.
Global Smart Lighting Market Trends:
Smart lighting products consume lesser energy and offer a longer serviced life as compared to traditional lights. This represents one of the significant factors which is catalyzing the demand for smart lighting solutions around the world.
Furthermore, advancements in big data and the internet of things (IoT) are resulting in the increasing integration of smart lighting with other automated systems that are used in smart homes. Apart from this, governing agencies in several countries are investing in the development of smart cities. This, along with the increasing affordability of these lighting solutions, owing to declining prices, is anticipated to strengthen the market growth in the coming future.
Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Global Smart Lighting Market Segmentation:
Breakup by Offering:
Hardware
Software
Services
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
Some of the major players operating in the industry include Philips Lighting (NYSE: PHG), Acuity Brands (NYSE: AYI), Osram (OTCMKTS: OSAGF), Cree, General Electric Company (NYSE: GE), Eaton, Honeywell, Legrand, Hubbell Lighting, Zumtobel Group, Hafele Group, Lutron Electronics, Wipro Consumer Care and Lighting, Streetlight.Vision, Virtual Extension, Syska LED, etc.
For more information about this report visit: https://www.imarcgroup.com/smart-lighting-market
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