According to IMARC Group’s latest report, titled “Smart Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027”, the global smart lighting market reached a value of US$ 11.2 Billion in 2021. Smart-lighting refers to a technology that enables efficient use of light resources with power-saving fixtures and offers automated controls. Smart-lighting products are mainly comprised of a wall keypad and touchscreen panel. The lightings can also be operated through a smartphone, tab, or laptop. Owing to these attributes, smart lighting system finds widespread application in commercial, industrial and residential sectors.
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Consistently rising energy consumption, along with the growing demand for electricity across the globe, is primarily driving the market growth. Furthermore, consumers are also increasingly adopting smart lighting products due to their cost efficiency and remote accessibility through smartphones and voice-command features, which in turn is providing a positive outlook to the market. Besides this, Smart lighting serves as an essential tool in smart-city development since a significant number of public lamps run on high-intensity bulbs that use mercury and other material to operate, having detrimental effects on the environment. To combat this, governments across countries have started to equip existing tunnels, roads, and public areas with smart lighting equipment that works according to the occupancy and traffic on the road. All the above-mentioned factors are expected to further bolster the market growth in the coming years. Looking forward, IMARC Group expects the smart lighting market to reach US$ 35.5 Billion by 2027, exhibiting at a CAGR of 21.5% during 2022-2027.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Philips Lighting
- Acuity Brands
- General Electric Company
- Hubbell Lighting
- Zumtobel Group
- Hafele Group
- Lutron Electronics
- Wipro Consumer Care and Lighting
- Virtual Extension
- Syska LED
Breakup by Offering:
- Lights and Luminaires
- Lighting Controls
- Design and Engineering
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
Breakup by Application:
- Public Infrastructure
Breakup by Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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