The smart lighting market is projected to grow at the highest CAGR in the APAC region. The rapidly developing infrastructure in this region, especially in China, where smart lighting solutions have developed the way to modernize infrastructure. Developments like smart cities across the region would raise the demand for smart street lights, which will propel the growth of the smart lighting market in this region. Thus, the global smart lighting market is estimated to grow from USD 10.9 billion to USD 27.7 billion by 2026 at a CAGR of 20.5%. Smart lighting is used in sectors like industrial, government buildings, automobiles, and residential buildings.
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The lights and luminaires market registered a larger share in 2020. Lights and luminaires broadly include smart bulbs, luminaires, and lamps such as LEDs, fluorescent lights, and high-intensity discharge lamps (HIDS). OEMs are coming up with more collaborative solutions in luminaires, which require more input power. Smart LED luminaires are cost-effective and offer a high ROI.
The benefits provided by smart technology make LED lighting systems a desirable option for property owners. LED lighting is one of the vital technologies that offer cost-effective solutions and energy efficiency benefits. Choosing the right lamp type helps save energy to a great extent.
Moreover, The adoption of energy-efficient products in the smart lighting market creates awareness among growing consumers. Moreover, the high implementation cost of these solutions is the main factor to hamper the market growth. APAC region contributes a large share of global construction investments, in which a significant portion is invested in the lighting industry, especially for the indoor segment.This factor is expected to drive the smart lighting market for indoor end-use applications in APAC at the highest CAGR value.
By region, The adoption of energy-efficient products in the smart lighting market creates awareness among growing consumers. Moreover, the high implementation cost of these solutions is the main factor to hamper the market growth. APAC region contributes a large share of global construction investments, in which a significant portion is invested in the lighting industry, especially for the indoor segment.This factor is expected to drive the smart lighting market for indoor end-use applications in APAC at the highest CAGR value.
China is expected to lead the smart lighting market in the APAC region due to cost-effective land for setting up manufacturing plants, new commercial spaces constructions, and continuous growth in industrial and commercial buildings and smart offices. Therefore, Rapid growth in India, China, Japan, and the Rest of APAC is expected to project the APAC smart lighting market in the estimated period.
The report takes on a logical way to help our customers to improve comprehension of the market. In addition, the report offers a 360-degree overview of the market by providing authentic and forthcoming development dependent on volume, worth, creation, and utilization. It additionally categorizes sub-sections, key portions according to the vital regions and offers a top to bottom examination of the strategic advantage of the market.
Prominent key players thriving in the market are Zumtobel Group (Austria), Honeywell International Inc. (US), Hubbell Incorporated (US), and GE Current (US). (Philips Lighting) (Netherlands), Legrand S.A. (France), Acuity Brands, Inc. (the US), Lutron Electronics (US), Leviton Manufacturing Company, Inc. Other players operating in the smart lighting market include Dialight PLC (UK), Helvar (Finland), Ideal Industries, Inc. (Cree Lighting) (US), Adesto Technologies (Echelon Corporation) (US), Panasonic (Japan), LightwaveRF PLC (UK), RAB Lighting (US), Synapse Wireless (US), Syska LED (India), Wipro Enterprise Ltd (India), LG Electronics (South Korea), ABB (Switzerland), Savant Systems Inc. (GE Lighting) (US), and Enlighted Inc (a Siemens company)(US).
Scope of the Report
It becomes easy to understand market insights and obtain precise knowledge on the best market opportunities in the market with the Smart Lighting market report.
The Smart lighting survey report has a lot to offer to acquire the best quality market data and information specific to the niche and business requirements.
The research report likewise evaluates the end client’s inventive, worthwhile development openings for the worldwide smart lighting market.
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