According to the recent study the Smart Lighting Market is projected to reach an estimated $27 billion by 2028 from $12 billion in 2022, at a CAGR of 17.7% from 2023 to 2028. Growth in this market is primarily driven by development of smart cities, increasing wireless technology, and increasing awareness towards energy saving.
Browse 103 figures/charts
and 108 tables in this 195-page report to understand trends, opportunities and
forecast in smart lighting market by product type (smart bulbs, fixtures,
control systems), light source (light emitting diode, fluorescent lamps,
high-intensity discharge lamps, and others), application (indoor lights and
outdoor lights), communication technology (wired and wireless), and region
(North America, Europe, Asia Pacific, and the Rest of the World).
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Smart Lighting Market.
“Control system market is expected to
remain the largest segment during the forecast period.”
Based on product type,
the smart lighting market is segmented into smart bulbs, fixtures, control
systems. Lucintel forecasts that the control system market is expected to
remain the largest segment due to growth in home automation and to improve
energy efficiency.
“Within the smart lighting market, the light emitting diodes (LEDs)
segment is expected to remain the largest light source.”
Based on light source
the light emitting diodes (LEDs) segment is expected to witness the highest
growth over the forecast period due to the declining cost of LEDs, low
maintenance and high energy efficiency is expected to spur the growth of this
segment over the forecast period.
“Europe will dominate the smart lighting market in near future.”
Europe is expected to
remain the largest market due to the growing standard of living and increasing
automation in Germany, France, and the United Kingdom building and construction
industries.
Major players of smart
lighting market are adopting various growth strategies like new product
launches, expansions, merger and acquisitions, partnerships, agreements, and
collaborations to expand their presence in this market. Zumtobel Group, CREE
Inc, AMS, Signify N.V., Savant Systems, SemiLEDs Corporation are among the
major smart lighting providers.
This unique research
report will enable you to make confident business decisions in this globally
competitive marketplace. For a detailed table of contents, contact Lucintel at
+1-972-636-5056 or write us at helpdesk@lucintel.com.
About Lucintel
At Lucintel, we offer solutions for
you growth through game changer ideas and robust market &
unmet needs analysis. We are based in
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years. We are quoted in several publications like the Wall Street Journal,
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Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. 972.636.5056
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