DUBLIN, July 4, 2023 /PRNewswire/ — The “Smart Lighting Market – Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offering.
The smart lighting market is expected to witness a CAGR of 16.90% to grow to US$26.377 billion by 2028 from US$8.841 billion in 2021.
The smart lighting market is poised to experience significant growth in the coming years, driven by various factors. The increasing penetration of IoT technology, advancements in LED technology, and the growing trend of smart homes are among the key drivers of market growth.
Additionally, the rising urban population, projected to reach 68% by 2050, according to the World Bank, is expected to drive demand for energy-efficient lighting solutions. As electricity consumption continues increasing, consumers seek more affordable and energy-saving lighting options.
According to the International Energy Agency’s New Policies Scenario, annual electricity demand is expected to increase by around 2% until 2040, with global electricity consumption projected to increase from 25,679 billion kWh to approximately 40,443 billion kWh. This trend is expected to fuel demand for smart lighting solutions that can help reduce energy consumption and costs.
Furthermore, the increasing investment in developing smart homes and cities is expected to boost market growth further. The growing number of social and cultural events, such as concerts and sports matches, will also likely contribute to the market’s growth by increasing demand for high-quality and energy-efficient lighting solutions. These factors are expected to attract significant investments in the smart lighting market.
Major companies in the smart lighting market, such as Svarochi, Philips, Lutron Electronics, and Acuity Brands Lighting, have been making significant developments in recent years. For instance, in 2021, Svarochi introduced a new range of smart LED bulbs that can be controlled using a smartphone app or voice commands through Amazon Alexa or Google Assistant.
Companies Mentioned
- Acuity Brands Lighting
- Lutron Electronics
- Johnson Controls
- Osram
- Daintree Networks
- General Electric
- Honeywell International
- Philips
- The Smart Lighting Company
- Svarochi
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.4. Industry Value Chain Analysis
5. SMART LIGHTING MARKET BY TYPE
5.1. Introduction
5.2. LED Lamps
5.3. Fluorescent Lamps
5.4. High-Intensity Discharge Lamps
6. SMART LIGHTING MARKET BY APPLICATION
6.1. Introduction
6.2. Commercial
6.3. Industrial
6.4. Residential
6.5. Automotive
6.6. Others
7. SMART LIGHTING MARKET BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/qqm6x
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SOURCE Research and Markets
