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Global Smart Lighting Market To Surpass 15 Billion By 2024

Summary

The global smart lighting market is expected to expand at a CAGR of 4.6% over the forecast period to reach an estimated USD 54.7 billion over the forecast period.

Owing to the emerging concept of smart buildings and smart cities, there has been a transformation in the lightning industry. Rising investment in smart homes by big market players will further bring attractive opportunities in global smart lightning market.

Rising energy saving concerns and emerging advanced technologies such as internet of things (IoT) and connected devices coupled with accelerating LED price erosion are the major factors driving the growth of smart lighting market. With cheaper and smarter lights rapidly replacing conventional lighting bulbs and compact fluorescent light, smart connected lights are surging to become one of the largest IoT devices over the forecast period. Global smart lighting market segmentation has been carried out on the basis of product type, lighting source and applications. Lighting Source is further bifurcated into LED, fluorescent lights and high intensity discharge lamps. LED lamps accounted for the 28.2% of all type of light bulbs in 2016 and the LED projection lamps penetration will be 32.8% and 17.3% for LED tube lights. According to Goldstein Research, smart lighting market growth looks promising with vast opportunities in the residential and commercial sectors. The global smart lighting market is expected to expand at a CAGR of 4.6% over the forecast period to reach an estimated USD 54.7 billion over the forecast period i.e. 2016-2024.  Asia-Pacific is the largest revenue generating region for smart lighting market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific smart lighting market size reached USD 9.2 billion in 2016 and is estimated to reach USD 15.3 billion by 2024. China is expected to dominate the smart lighting market followed by Japan and South Korea due to high LED production and rapid smart lighting penetration in these countries. Rising need for energy efficient lighting solutions and stringent government policies will further propel the growth of smart lighting market in the region.

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 Market Segmentation

  • By Product Type
  • Smart Bulbs
  • Fixtures
  • Control Systems
  • Drivers and Ballasts 
  • Switches and Dimmers Actuators 
  • Sensors 
  • Microcontrollers
  • Transmitters and Receivers
  • By Light Source Type
  • Light Emitting Diode (LED)
  • Fluorescent Light
  • High Intensity Discharge Lamps
  • By Applications
  • Commercial
  • Industrial 
  • Residential
  • Architectural Lighting 
  • Others
  • By Geography
  • North America (US, Canada)
  • Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe)
  • Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa)
  • Latin America (Brazil, Mexico and Rest of Latin America)
  • Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific)
  • Rest of the World

 Global Smart Lighting Market Outlook 2024contains detailed overview of the global smart lighting market in terms of market segmentation by product type, by light source type and by applications.

Further, for the in-depth analysis, smart lightning market report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.

Global Smart Lighting Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Philips Lighting, Osram Licht AG, Zumtobel Group, CREE Inc, General Electric Company, Digital Lumens, SemiLEDs Corporation etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

Overall, the report represents comprehensive synopsis on the global smart lighting market trends that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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 About Goldstein research

Goldstein research is a leading market research firm with diversified presence in various emerging industries. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions.

Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear cut forecasts. Backed up by reliable research and impactful statistics, our business solutions empower our clients to grow at a fast pace despite unsettling fluctuations in the market. We believe in vigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable to our clients’ needs and business agenda.

 Browse full smart lightning market report@ Global Smart Lighting Market Outlook 2024: Outlook, Forecast, Insights, Trends, Demand Analysis