FREMONT, Calif., March 25, 2021 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled "Global Smart Lighting Market – Analysis and Forecast, 2019-2025", the global smart lighting market is expected to reach $34.5 billion by 2025. Smart lighting fixtures and controls play an important role in the designing of the smart lighting system. The controls allow the user to turn the lights on or off using a manual or an automatic switch and adjust the intensity of light with the use of an automatic or manual dimmer. Due to the inherently controllable character of solid-state lights, usage of controls increases with a downfall in the price of LED lights.
Increasing environmental concerns and the risk of climate change associated with fossil fuels have made the supply of energy increasingly difficult. The future global economy is expected to rely on more energy demand. According to Energy Information Administration (EIA), global energy consumption is predicted to increase by nearly 50% in the coming 25-30 years.
The comprehensive research study covers the following:
Key trends impacting the smart lighting industry, along with information on new technologies that smart lighting manufacturers are adopting.
An insight into how the demand for the smart lighting market is expected to shape over the next five years (2021-2025) across different regions and countries.
Detailed insights and information of key companies operating in this market; these insights include their growth strategies, their strengths, and weaknesses, as well as how they compete against each other at a global, regional, and country-level.
Who stands to gain from this report?
Smart Lighting Providers
Electrical & Electronic Device Suppliers
Cloud Service Providers
Professional and Managed Service Providers
Technology Standard Providers
Technology Patent/License Providers
According to Ajeya Saxena, Principle Lead Analyst at BIS Research, "The shift toward LEDs has increased energy efficiency and dealt with the prevailing issue of the energy crisis. Due to the rapid technological developments and scientific innovations such as connected LED lighting, companies have started adopting solid-state lighting aggressively to minimize per-unit costs and increase energy efficiency. Moreover, continually declining average selling price (ASP) of LED bulbs owing to advancement in miniaturization technologies, especially for integrated circuits and electronic devices, is further accelerating the growth of the smart lighting market".
Growth in the development of smart cities has further led to an increase in demand for smart lighting solutions. Since smart cities use sensors and embedded devices from streets to power meters to traffic signals, smart lighting decreases the consumption of energy up to a great extent. However, the lack of standards makes it difficult to integrate, operate, and maintain management systems for smart lighting and is prohibiting the growth of the smart lighting market.
A DEEP TECH M-A-PTM design of 'Smart Lighting Market - A Global & Regional Market Analysis: 2019-2025' report provides holistic coverage of relevant markets, applications, technologies, and components.
The report covers aspects at not only a global level but also deep dives across all major regions of the world and key countries within them. 243 Data Tables and 36 Figures over nearly 240 Pages provide sufficient and relevant depth and coverage to help make confident and reliable business decisions for now and the future.
Further, as a premium report option, BIS Research is also offering its buyers who are interested only in 'products and innovations' to purchase only a mini-report focusing on just those aspects. This mini-report has the complete 'products' section, along with related coverage from regions, competitive benchmarking, and company profiles of the full report. This strategic document with well-arranged critical insights will help decision-makers answer key questions about the market.
This report is a good compilation of research on 50 players in the smart lighting market. It draws upon the insights from in-depth interviews with key opinion leaders of more than 50 leading companies, market experts, and vendors.
The companies profiled in the report are Acuity Brands Inc., ams AG, CommScope Holding Company Inc., Control4 Corporation, General Electric Company, Honeywell International Inc., NXP Semiconductors NV, OSRAM Licht AG, Signify (Philips Lighting), and Zumtobel Group AG.
What is the use of this report?
Driving a successful growth strategy – Helps understand those markets where the demand for smart lighting products is expected to rise.
Driving a successful product strategy – Helps understand products that must be targeted if manufacturers intend to capitalize on the smart lighting industry.
Driving a successful competitive strategy – Helps understand which players are the competition and how they can collaborate with leading players across various regions to expand the company's footprint.
Some key questions answered in this report are:
What is the global smart lighting market size in terms of volume and revenue from 2019 to 2025?
How is the industry expected to evolve during the forecast period 2020-2025?
What has been the impact of COVID-19 on the global smart lighting market?
Which region will lead the global smart lighting market by 2025?
Which application will lead the global smart lighting market by 2025?
What are the driving factors for the global smart lighting market from 2019 to 2025?
What are the underlying structures resulting in the emerging trends within the smart lighting market?
Which factors are impeding the growth of the global smart lighting market?
What is the role of governments regarding environmental issues and safety changing the landscape of the global smart lighting market?
What are the growth opportunities and critical success factors for participants to compete in this market?
Who are the leading players in the global smart lighting market and what are their rankings?
What are the key developmental strategies implemented by the key players to sustain in the competitive market?
BIS Research, a premium market intelligence company, offers in-depth insights and consulting to Fortune 500 companies. We are established and known for tracking the growth of deep technologies across key industry verticals and the subsequent challenges and opportunities associated with deep tech across markets, applications, and products.
With more than 500 clients, over 7000 plus primary interviews, and approximately 200 reports published in a year, BIS Research has set an interesting growth trajectory for itself. We provide market estimations, emerging high-growth applications, technology analysis, highly segmented granular country-level market data, and other important market parameters that come in handy for our clients during strategic decision-making.
We publish a wide gamut of syndicated market studies across industry verticals. In addition, bespoke market studies is another area where BIS Research excels, along with consulting services.