The increasing worldwide demand for energy is responsible for a rise in energy prices, tight energy supplies, and growing anxiety about climate change and related liabilities. The lighting segment consumes most of the electricity in residential, commercial, and industrial sectors. Lighting accounts for 15% of total electricity consumption and 5% of total greenhouse gas emissions worldwide. The future global economy is expected to consume more energy resources, especially with the growing energy demand from developing countries, such as China and India. Additionally, the risk of climate change associated with the use of fossil fuels has made the supply of energy increasingly difficult. Amidst the increasing energy demand and environmental concern, smart lighting systems are gaining popularity and are expected to grow at a noteworthy rate in the coming years. With the installation of the smart lighting system in a building, 50% of energy costs can be saved, enhancing the productivity and comfort of the user.
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The report further considers the market dynamics, supply chain analysis, and the detailed product contribution of the key players operating in the market. The global smart lighting market report is a compilation of different segments, including market breakdown by component type, application, technology, region, and country.
The global smart lighting market, based on component type, has been categorized into fixture and control. The fixture category is expected to maintain its dominance during the forecast period. Further, the fixtures are subcategorized into key products – compact fluorescent lights (CFL), light-emitting diode (LED), organic light-emitting diode (OLED), high-intensity discharge (HID) lamps, and plasma lamps. The control category is further subcategorized into sensors, microprocessors and controllers, dimmers and switches, wireless transmitters and receivers, and ballasts and LED drivers
The global smart lighting market, by technology, has been categorized into wired and wireless technology. The wired segment dominated the global smart lighting market in 2020 and is expected to maintain its dominance through the forecast period.
Based on application, the global smart lighting market is categorized into residential, commercial, industrial, outdoor, and automotive. Smart lighting has maximum usage in residential applications. The increasing number of smart homes coupled with customization benefits are pushing the growth of the global smart lighting market in residential applications.
Based on the region, the global smart lighting market has been segmented into Asia-Pacific and Japan, Europe, the U.K., China, North America, South America, and the Middle East and Africa. Each region is segmented into countries. Data for each of these regions and countries is provided by the application, component type, and technology.
The global smart lighting market competitive landscape consists of different strategies undertaken by key players across the industry to gain traction and market share presence.
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Some strategies adopted by the service providers are new product launches, business expansions, mergers, partnerships, and collaborations. Among all these strategies adopted, product launch is the popular choice of the strategy implemented in the smart lighting market. Some of the most prominent ecosystem players are Acuity Brands Inc., ams AG, CommScope Holding Company Inc., Control4 Corporation, General Electric Company, Honeywell International Inc., NXP Semiconductors NV, OSRAM Licht AG, Koninklijke Philips N.V., and Zumtobel Group AG.