SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Smart Lighting and Control Systems – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: April 2021
Executive Engagements: 5099
Companies: 63 – Players covered include ABB; Acuity Brands; Belkin International, Inc; Cree Lighting; Dialight PLC; Eaton Corporation plc; Elgato Systems; Enlighted, Inc; General Electric Company; Helvar; Honeywell International Inc; Hubbell Incorporated; Koninklijke Philips NV; Legrand S.A; Leviton Manufacturing Company, Inc; LG Electronics Inc; LightwaveRF Plc; Lutron Electronics Co., Inc; OSRAM Licht AG; RAB Lighting, Inc; Schneider Electric SE; Synapse Wireless, Inc; Wipro Enterprises (P) Limited; Zumtobel Group AG and Others.
Coverage: All major geographies and key segments
Segments: Lighting Source (Light Emitting Diodes (LEDs), Fluorescent Lamps, Other Lighting Sources); Connectivity (Wired, Wireless); Application (Commercial, Industrial, Government, Residential)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Latin America; Rest of World.
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Global Smart Lighting and Control Systems Market to Reach $78.8 Billion by 2026
Smart lighting refers to an energy efficient lighting product, wherein the light control is adjusted based on the needs of users and as per the regulations. Smart lighting system and control systems offer numerous benefits including ability to remotely access the lighting system, improved energy efficiency, reduced energy consumption, easy installation, and cost effective lighting solution, when compared to conventional lighting system. Smart lighting products also reduce greenhouse gas emissions thus helping maintain sustainable atmosphere. Driven by the continuous focus on sustainable green building initiatives to address rising environmental concerns, the adoption of smart lighting products is on the rise. The demand for smart lighting systems is also benefiting from government efforts to promote smart city projects, which focus on adoption of energy efficient and connected, or IoT based lighting systems. Advances in sensor and electronics segments, evolution of wireless technology, and the transition away from incandescent lamps is also expected to support market expansion.
Amid the COVID-19 crisis, the global market for Smart Lighting and Control Systems estimated at US$35.7 Billion in the year 2020, is projected to reach a revised size of US$78.8 Billion by 2026, growing at a CAGR of 14.7% over the analysis period. Light Emitting Diodes (LEDs), one of the segments analyzed in the report, is projected to record a 17.7% CAGR and reach US$67.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Fluorescent Lamps segment is readjusted to a revised 6.1% CAGR for the next 7-year period. Market growth is dominated by light emitting diodes (LED) segment, due to its widespread and expanding use in various lighting applications. The LED segment benefits from features such as high energy savings and low carbon emissions. The decline in cost of LEDs and their superior performance are making them highly popular and augmenting their adoption.
The U.S. Market is Estimated at $8.9 Billion
The Smart Lighting and Control Systems market in the U.S. is estimated at US$8.9 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$11.8 Billion by the year 2026 trailing a CAGR of 18.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.6% and 13.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.3% CAGR. Developed economies of North America and Europe lead the market growth, led by government support and rising implementation of advanced LED lighting solutions. Rising awareness about energy conservation constitutes a key factor fueling adoption of smart lighting systems in developed economies. Rapid pace of industrialization and the need for energy optimized infrastructure in residential and commercial sectors will boost market prospects in developing economies.
By Connectivity, Wired Segment to Reach $52.3 Billion by 2026
As LEDs become ubiquitous in commercial spaces, wired smart lighting controls, as integrated systems in light fixtures, are expected to increase in number providing strong growth opportunities. Wired controls are connected using standard Ethernet connection cables. In the global Wired (Connectivity) segment, USA, Canada, Japan, China and Europe will drive the 13.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$20.2 Billion in the year 2020 will reach a projected size of US$48.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.3 Billion by the year 2026. More
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