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Smart Lighting Market to Reach $38.68 Bn, Globally, by 2026 at 20.5% CAGR, Says Allied Market Research

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Allied Market Research

09 Dec, 2019, 14:30 GMT

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Rising demand for street lighting systems, increasing need for energy-efficient lighting systems, and high penetration of LED bulbs and lightning drive the growth of the global smart lighting market

PORTLAND, Oregon, Dec. 9, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Smart Lighting Market by Offering (Hardware and Software), Connectivity Technology (Bluetooth, Zigbee, Wi-Fi, and DALI), Lighting Technology (LED, Halogen, Incandescent, Fluorescent, and CFL), and Industry Vertical (Commercial, Residential, Industrial, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global smart lighting industry was pegged at $8.68 billion in 2018 and projected to $38.68 billion by 2026, registering a CAGR of 20.5% from 2019 to 2026.

Major motives for market growth

Rising demand for street lighting systems, increasing need for energy-efficient lighting systems, and high penetration of LED bulbs and lightning drive the growth of the global smart lighting market. However, high installation and maintenance cost in smart lightning system hampers the market growth. On the contrary, advent of IoT and AI technology for smart lightning and developments in smart city projects in Asia-Pacific region are expected to create lucrative opportunities in the near future.

Download Sample Report: https://www.alliedmarketresearch.com/request-sample/1029

The hardware segment dominated the market

The hardware segment held the largest share in 2018, contributing to nearly three-fourths of the global smart lighting market, owing to rise in use of multiple devices within a premise for automation of lighting control that demands the use of hardware. However, the software segment is projected to register the fastest CAGR of 23.5% during the forecast period, owing to advancements of software that control the hardware.

The LED lighting technology segment to manifest fastest growth through 2026

The LED lighting technology segment is expected to portray the fastest CAGR of 23.4% during the forecast period. Moreover, the segment held the largest share in 2018, contributing to more than two-fifths of the global smart lighting market, owing to rise in penetration of LEDs in residential, commercial, and industrial sectors coupled with advancement of LEDs. The report includes analysis of other segments such as Halogen, incandescent, fluorescent, and CFL.

The Indoor lighting segment held the largest share

The indoor lighting segment accounted for the largest share in 2018, contributing to more than two-thirds of the global smart lighting market, owing to adoption of smart infrastructure in developed and developing countries within homes, retail stores, offices, and other premises. However, the outdoor lighting segment is expected to register the fastest CAGR of 22.7% during the forecast period, owing to increase in government initiative for smart city projects.

North America held the lion's share

The global smart lighting market across North America dominated in 2018, contributing to more than one-third of the market, owing to high disposable income and fast adoption of automation in residential and commercial sectors. However, the market across Asia-Pacific is anticipated to manifest the fastest CAGR of 23.7% during the forecast period, owing to rapid adoption of advanced technologies for sustainable development.

Enquire For Discount: https://www.alliedmarketresearch.com/purchase-enquiry/1029

Major market players

  • Acuity Brands, Inc.
  • Cree, Inc.
  • Cisco Systems, Inc.
  • Deco Lighting, Inc.
  • Eaton
  • General Electric
  • Dialight
  • Koninklijke Philips N.V.
  • Honeywell International Inc.
  • Syska                                                                                                        

Access KNOWLEDGE TREE (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/knowledgetree

Knowledge tree is a cloud-based intelligence platform that offers more than 2,000 selective, off-the-shelf reports on niche markets to enable our clients gain deep insights on the latest trends, dynamic technologies, and emerging application areas.

Similar Reports:

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Planar Lightwave Circuit Splitter Market - Global Opportunity Analysis and Industry Forecast, 2019-2026

Light Fidelity (Li-Fi)/Visible Light Communication Market - Global Opportunity Analysis and Industry Forecast, 2019-2026

Industrial and Commercial LED lighting Market - Global Opportunity Analysis and Industry Forecast, 2019-2026

Pre-book Offer 10% Discount:

High Bay Lighting Market - Global Opportunity Analysis and Industry Forecast, 2019-2026

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About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com

Web: www.alliedmarketresearch.com

Follow us on: https://www.linkedin.com/company/allied-market-research

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

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