Industry Background:
Smart lighting, a technology which is designed to reduce energy consumption and achieve better energy efficiency. It is generally uses mesh networking and control system which intelligently control light, based on various parameters including temperature, occupancy, and natural light accuracy. In the current scenario, increasing government expenditure on public infrastructure and focusing on reducing the energy utilization by substituting the traditional lighting systems with efficient and advance lighting control systems are the major driving factors in the growth of the very market worldwide.
According to AMA Research, the market for Smart Lighting is expected to register a CAGR of 20.8% during the forecast period to 2028. This growth is primarily driven by Increasing Demand for Intelligent Solutions for Street Lighting Systems
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | N |
Value Unit | USD (Billion) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Electrical Components & Equipment sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Acuity Brands (United States), OSRAM (Germany), Cree (United States), Hubbell (United States), Zumtobel Group (Austria), Honeywell (United States), Gooee (United Kingdom, Hafele Group (Germany), Philips Lighting (Netherlands), Hafele Group (Germany), Legrand (France), Eaton (Ireland), Lutron Electronics (United States), General Electric (United States), Leviton Manufacturing Co. Inc (United States) and Lifi Labs Inc. (Australia), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
April 2018, Lutron Electronics, the leader in smart lighting controls and automated shading solutions, has signed an agreement to acquire Ketra, whose Natural Light solutions provide the highest-quality light, that seamlessly emulates daylight in interior spaces
In February 2023 - Signify helped the German municipality of Eichenzell become a future-proof smart city through intelligent street lighting. Its BrightSites solution brings fast, wireless broadband connectivity to the city, allowing Eichenzell to cater to next-generation IoT applications and future 5G densification. Signify installed LED lighting, which is managed by the Interact City System. Eichenzell can continuously monitor and manage all lights from a single dashboard., and In January 2023 - Savant company GE Lighting announced the expansion of its smart home ecosystem, Cync. Cync unveiled its entire Dynamic Effects entertainment lineup, which includes 16 million colors, pre-set and custom light shows, on-device music syncing, and other features. In addition, following a successful launch last year, Cync has expanded its Wafer light fixture line.
Regulatory Insights:
The US Department of Energy (DOE) has begun the process of changing the scope of which products fall under the designations “general service lamp” (GSL) and “general service incandescent lamp” (GSIL), essentially rolling back policy that would have required a conversion of more lamp types to LED sources in the coming year. In addition, The NEMA (National Electrical Manufacturers Association) organization has taken legal action and lobbied for such a change, supported by major light-bulb manufacturers that are members of the organization.
Influencing Trend:
The Growth of Smart Building and Development of Infrastructure to Transform Cities Into Smart Cities
Market Growth Drivers:
Increasing Demand for Intelligent Solutions for Street Lighting Systems, Surging Need for Energy-Efficient Lighting Systems, Increasing Penetration and Decreasing Cost of LEDs and Growing Awareness About Energy Savings Among Consumers and Governments Worldwide
Challenges:
Lack of Universal Open Standards for Aiding Communication Between All IoT Devices
Restraints:
Perception of Higher Costs of Installation and Limited Awareness About Payback Periods and Security and Privacy Issues in Smart Lighting Systems
Opportunities:
Advancement of Wireless Communication Technology for Smart Lighting Systems, Increasing Number of Smart City Projects in Developing Economies and Deployment of IoT Technology for Smart Lighting
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Smart Lighting Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Smart Lighting Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Smart Lighting players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Smart Lighting Study Sheds Light on
The Smart Lighting Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Smart Lighting industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Smart Lighting industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.