Smart Lighting Market to Reach USD 23.21 Billion by 2028 Thanks to Rising Integration of Smart Lighting with Smart Phones
Global Smart Lighting market size was valued at USD 10.88 billion in 2021, and it is expected to reach a value of USD 23.21 billion by 2028, at a CAGR of 14.5% over the forecast period (2022–2028).
Westford, USA, Jan. 16, 2023 (GLOBE NEWSWIRE) — SkyQuest’s analysis of the Smart Lighting market provides valuable insights. The industry is currently in a growth phase, with sales increasing at a rate of 14.5% per year. However, there is potential for further growth, particularly in the premium segment of the market. One of the key drivers is that Smart lighting adoption is anticipated to increase as a result of benefits such as managed power usage, longer life, multiple light settings in a single lamp/luminaire, and the availability of a diverse range of modern decorative lighting products. Smart lighting adoption in the residential, commercial, and manufacturing industries has yet to reach its full potential. As a result, numerous government initiatives to encourage the use of LED-based smart lights are expected to boost demand during the forecast period.
Another growth is the growing trend of smart city projects is driving significant market demand for smart lighting solutions in highway and roadway applications. Government officials in several countries, including India, Italy, Germany, and China, are focusing on strategic partnerships to develop smart cities, thereby concept which includes representation. In addition, leaders in the smart city sector will receive grants from their respective governments to upgrade their R&D centers.
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SkyQuest recommends Players Invest in Technological Advancement To Enhance Their Product Offerings
According to SkyQuest analysis, we found that the lighting industry is undergoing a major transformation, fueled by rapid advancements in semiconductor technology, the advancement of LED lighting, and the demand for power and sustainable solutions. LED is widely recognized as the most viable alternative to its competitors due to its longer average lifespan and capacity to consume comparatively less energy. Furthermore, LED lights are expected to remain popular for a long time, and there is almost no chance of this lighting technology being phased out or banned because the amount of harmful chemicals in it is negligible. It is also easy to recycle and can be embedded or integrated with controlling devices. It has been observed that the global population’s interest in controlling lighting in their facilities (including homes, offices, and other institutions) using their handsets and smart devices is increasing. This lays the groundwork for the further advancement of linked and intelligent lighting technologies.
Supporting this, we advise companies to focus on creating strong R&D to enhance the product offering. Technology advancement is a hot topic, and the lighting industry is no exception. Indeed, new lighting technology is making some of the most significant advances since the introduction of the LED bulb. With new lighting technology advancements, it is an exciting time for the players, and given the rapid pace of technological change, it will only get more interesting.
According to our industry analyst, the competitive environment is marked by fragmented production, with no single manufacturer holding a significant market share. Furthermore, there are no entry barriers in this industry. As a result, to be more competitive, we recommend that businesses focus on cost-cutting strategies. Companies in the global smart lighting market should focus on differentiation to stand out in the market in terms of marketing. This can be accomplished through one-of-a-kind product offerings, branding, and marketing campaigns. Finally, the distribution industry is highly fragmented, with no single distributor commanding a significant market share. As a result, to be successful, businesses must focus on developing strong relationships with retailers.
Top Trends in Global Smart Lighting Market
- Lights’ ability to connect with IoT devices and generate a variety of ambient lighting using only tablets or smartphones has increased their popularity and demand in both commercial and residential spaces. Smart lights can be dimmed with various cooler tones, scheduled to turn on/off, monitored for energy usage, and connected via Wi-Fi, Bluetooth, SmartThings, Z-Wave, or ZigBee. Furthermore, smart lights can be voice-controlled through platform integration, such as Google Assistant, Amazon’s Alexa, Apple’s Siri, or Microsoft’s Cortana.
- The current environmental imbalance in the eco-system has changed traditional corporate practices. Today, a growing number of businesses are embracing a “Green” strategy to promote global sustainability. Furthermore, the public and private sectors are working together to promote different smart initiatives around the world. The market for smart technologies is rapidly expanding, and lighting is one of the most promising prospects in this market.
- The increasing popularity of outdoors smart lighting: The increasing popularity of outdoors Smart Lighting has also helped to drive industry growth. Outdoors Smart Lighting is becoming increasingly popular for use in patios, decks, highways & roadways, architecture, and other outdoor spaces.
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SkyQuest Survey Reveals Comfort, Style and Price are major Trigger Points for Purchasing Bean Bag Chain Among Young Adults
SkyQuest’s survey of the Smart Lighting market is one of the most thorough surveys of its kind. We surveyed over 1,200 smart lighting users to get an accurate representation of the market. The results of their survey are extremely detailed and provide valuable insights into the world of Smart Lighting. Some of the key findings from the survey include:
Smart Lighting is most popular with younger people aged 18-35.-The majority of smart lights have been bought for indoor uses. The demand is propelled by the need to control lighting consumption because office spaces or warehouses are operational 24 hours a day, 7 days a week, and require consistent power supply throughout the day and night. Installing smart lighting with built-in sensors ensures that lights are only used in the required area based on the movement of people detected by the sensors.
What’s driving this increase in popularity in the global Smart Lighting market? It’s because Smart Lighting is a system for indoor and outdoor end-use applications that can be controlled remotely, and self-learning mode can be enabled by a single portable device via WIFI transmission. Intelligent signal processing can be performed automatically on data collected by an MCU or an ASIC inside commercial applications. WiFi is gaining market share among wireless communication modules because it can be integrated into an efficient remote-control intelligent LED lighting system.
The most popular reasons given for wanting to purchase smart lighting were Ease of use (64%), Features (61%), and price (54%). Of those who said they would not be likely to purchase smart lighting, the most common reasons given were that they were too expensive (38%), that they were hard to use (32%), or that they did not like the luminous (30%).
The full results of SkyQuest’s survey of Smart Lighting are available in the report consumer preferences for Smart Lighting section.
Global Smart Lighting Market is Flooded with Numerous Local and Regional Players
SkyQuest’s analysis of the market reveals that it is flooded with numerous local and regional players. Companies are competing to gain the most distribution network to lead the market. Traditional manufacturers and new market entrants are both aware of the importance of distribution networks. Companies are heavily investing in expanding their distribution networks.
Even though the market is crowded, there is still room for expansion. The market is expected to grow in popularity, particularly in Europe and North America. The Edge in Amsterdam is a model smart office building in Europe. PoE lighting solutions have been deployed in commercial buildings because they provide smart lighting controls, a comfy work environment, and flexible control. According to our research, the Smart Lighting market offers an appealing opportunity for companies looking to enter the market or expand their current product offerings.
The North American region is the fastest-growing market for Smart Lighting, and Europe is the largest market accounting for approximately 46% of global sales. The study highlights that the competitive landscape in the Smart Lighting market is constantly changing, with new players entering the market and existing players expanding their product offerings.
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Major Players in Global Smart Lighting Market
- ignify (Philips Lighting) (Netherlands),
- Legrand S.A. (France)
- Acuity Brands, Inc. (US)
- Lutron Electronics (US)
- Leviton Manufacturing Company, Inc. (US)
- Zumtobel Group (Austria)
- Honeywell International Inc. (US)
- Hubbell Incorporated (US)
- GE Current (US)
- Dialight PLC (UK)
- Panasonic (Japan)
- Lightwave RF PLC (UK)
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