New York, NY -- (SBWIRE) -- 01/18/2021 -- The need for energy-efficient lighting systems and the increased adoption and cost reduction of LEDs are key factors driving the market growth.

Market Size – USD 9.51 Billion in 2019, Market Growth - CAGR of 20%, Market Trends – Modernization and Development of Infrastructure to Transform Cities into Smart Cities. 

The Smart Lighting Market is expected to reach USD 31.68 Billion by 2027 from USD 9.51 Billion in 2019, at a CAGR of 20% between 2019 and 2027. The key factors driving the market growth are modernization and infrastructure creation to turn cities into smart cities, the need for energy-efficient lighting systems, increased adoption and reduced prices of LEDs, increased demand for intelligent street lighting solutions, and increasing awareness of energy savings among consumers and governments worldwide.

The growth of the smart lighting market is speculated to be guided by significant research by input providers needed for the establishment of a strong supply chain. The lack of an existing supply chain and a dispersed patent portfolio are, at present, the key constraints on market development. The main challenges facing smart lighting technology developers are enormous investment requirements in infrastructure, equipment, and process development; and the need for different manufacturing processes as well as compatibility of equipment.

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Further key findings from the report suggest

The Smart Lighting Market is expected to reach USD 31.68 Billion by 2027 from USD 9.51 Billion in 2019, at a CAGR of 20% between 2019 and 2027.
Before and after smart lighting systems are installed, services play a major role. This section covers facilities for design and engineering, installation and post-installation services (maintenance, and support and monitoring services). In the forecast period, the growth of the smart street lighting market for services is mainly boosted by the projected high rate of adoption of smart street lighting systems for energy conservation and ecological protection.
During the forecast period, indoor applications (residential, commercial, and industrial) are projected to retain a greater size of the smart lighting market. Smart lighting may be mounted in residential installations, according to the specifications of a room or an entire building. The integration of wireless technology into smart lighting will allow the market to expand at a high rate for residential indoor applications.
The use of lighting based on wireless technology removes the use of wire, removing the need for cable installation and safety. Therefore, the cost of wireless smart lighting systems is considerably low. Furthermore, in essence, the wireless system is versatile. Thus, sensors equipped with wireless communication can be grouped into an autonomous network, making it easy after the initial installation to upgrade, add, transfer, and replace sensors.
During the forecast period, the smart lighting market in APAC is projected to rise at the highest CAGR. The area offers tremendous growth opportunities for market players, and customers are likely to recognize these smart lighting systems as an integral part of a digitalized household. The increased construction activities in APAC are contributing significantly to the growth of the smart lighting market in the region.
Some of the major companies operating in the smart lighting market are Acuity Brands (U.S.), Eaton (Ireland), Hafele Group (Germany), Philips Lighting (Netherlands), Hubbell (U.S.), OSRAM (Germany), Lutron Electronics (U.S.), Cree (U.S.), Honeywell (U.S.), Zumtobel Group (Austria), Legrand (France), and General Electric (U.S.).

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For the purpose of this report, the market has been segmented on the basis of offering, communication technology, application, installation type, and region:

Offering Outlook (Revenue, USD Million; 2017–2027)

Hardware
Lights & Luminaires
Lighting Controls
Software
Local/Web-Based Software
Cloud-Based Software
Services
Design & Engineering
Installation Services
Post-Installation Services

Communication Technology Outlook (Revenue, USD Million; 2017–2027)

Wired Technology
Digital Addressable Lighting Interface (DALI)
Power-Line Communication (PLC)
Power Over Ethernet (PoE)
Wired Hybrid Protocols
Wireless Technology
Zigbee
Bluetooth/Bluetooth Low Energy
EnOcean
Wi-Fi
6LoWPAN
Wireless Hybrid Protocols

Application Outlook (Revenue, USD Million; 2017–2027)

Indoor Application
Residential
Commercial
Industrial
Outdoor Application
Highways & Roadways
Architectural
Public Places

Installation Type Outlook (Revenue, USD Million; 2017–2027)

New Installation
Retrofit Installation

Regional Outlook (Revenue, USD Million; 2017–2027)

North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Rest of Europe
Asia Pacific
China
Japan
India
Rest of APAC
Rest of the World
Middle East
Africa
South America

The report is a qualitative and quantitative research study that offers key insights into the latest strategic steps and tactics undertaken by the industry players to gain a robust footing in the market. The report further offers strategic recommendations to the new and emerging players and established companies to help them overcome the barriers of the industry. The report also covers a comprehensive SWOT analysis and Porter's Five Forces analysis to offer a better understanding of the Smart Lighting market and its competitive landscape.

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