Rising demand for street
lighting systems, increasing need for energy-efficient lighting systems, and
high penetration of LED bulbs and lightning drive the growth of the global
smart lighting market. However, high installation and maintenance cost in smart
lightning system hampers the market growth. On the contrary, advent of IoT and
AI technology for smart lightning and developments in smart city projects
in Asia-Pacific region are expected to create lucrative opportunities
in the near future.
According
to the report, the global smart lighting industry was pegged at $8.68 billion in 2018 and projected to $38.68 billion by 2026,
registering a CAGR of 20.5% from 2019 to
2026.
The hardware
segment dominated the market
The hardware segment held the largest share in 2018,
contributing to nearly three-fourths of the global smart lighting market, owing
to rise in use of multiple devices within a premise for automation of lighting
control that demands the use of hardware. However, the software segment is
projected to register the fastest CAGR of 23.5% during the forecast period,
owing to advancements of software that control the hardware.
The LED lighting
technology segment to manifest fastest growth through 2026
The LED lighting technology segment is expected to portray the
fastest CAGR of 23.4% during the forecast period. Moreover, the segment held
the largest share in 2018, contributing to more than two-fifths of the global
smart lighting market, owing to rise in penetration of LEDs in residential,
commercial, and industrial sectors coupled with advancement of LEDs. The report
includes analysis of other segments such as Halogen, incandescent, fluorescent,
and CFL.
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Article: https://www.alliedmarketresearch.com/smart-lighting-market
The Indoor
lighting segment held the largest share
The indoor lighting segment accounted for the largest share in
2018, contributing to more than two-thirds of the global smart lighting market,
owing to adoption of smart infrastructure in developed and developing countries
within homes, retail stores, offices, and other premises. However, the outdoor
lighting segment is expected to register the fastest CAGR of 22.7% during the
forecast period, owing to increase in government initiative for smart city projects.
North America held the lion's share
The global smart lighting market across North America dominated in 2018, contributing to more than
one-third of the market, owing to high disposable income and fast adoption of
automation in residential and commercial sectors. However, the market across Asia-Pacific is
anticipated to manifest the fastest CAGR of 23.7% during the forecast period,
owing to rapid adoption of advanced technologies for sustainable development.
Major market
players
·
Acuity Brands, Inc.
·
Cree, Inc.
·
Cisco Systems, Inc.
·
Deco Lighting, Inc.
·
Eaton
·
General Electric
·
Dialight
·
Koninklijke Philips N.V.
·
Honeywell International Inc.
Syska
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