Chicago, June 15, 2022 (GLOBE NEWSWIRE) — According to a research report by MarketsandMarkets™, the “Smart Lighting Market by offering (hardware, software and services), installation type (new and retrofit installations), end-use application, communications technology and geography – Global forecast to 2026″, is expected to reach USD 27.7 billion by 2026 from USD 10.9 billion in 2021; it is expected to grow at a CAGR of 20.5% from 2021 to 2026. The major drivers of market growth are ongoing and upcoming smart city projects in developing cities, improved smart standards for power higher, the introduction of new features such as data analysis and API event generation, growing demand for IoT-enabled lighting devices, increasing use of LED lamps and fixtures in lighting exterior, etc in commercial and industrial sectors. Additionally, falling manufacturing costs and rapid infrastructure construction and increasing government initiatives for energy-efficient buildings along with the huge untapped market in APAC countries provide growth opportunities for developers. smart lighting.
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Growing smart office and smart retail trends, geographic opportunities in APAC and RoW regions, development of human-centric lighting solutions, growing demand for PoE-based lighting solutions in commercial and healthcare applications, the rapid transition from traditional lighting to connected lighting, and the growing inclination towards energy efficient lighting solutions are the major opportunities for the smart lighting market. However, the disruption of smart lighting supply chain due to COVID-19 and interoperability issues between different network components are proving to be a challenge for the market.
The smart lighting market is segmented on the basis of hardware, software and service offerings. Based on communication technology, the market has been categorized into wired and wireless. On the basis of facility type, the market is segmented into new facilities and retrofit facilities. The market has been segmented on the basis of indoor and outdoor end-use application. Based on region, the smart lighting market is segmented into North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW). The smart lighting market in these regions is further segmented into different countries.
Browse in-depth TOC on “Smart Lighting Market”
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Smart Lighting Market Key Players
- Signify (Philips Lighting) (Netherlands),
- Legrand S.A. (France),
- Acuity Brands, Inc. (USA),
- Lutron Electronics (USA),
- Leviton Manufacturing Company, Inc. (USA),
- Zumtobel Group (Austria),
- Honeywell International Inc. (USA),
- Hubbell Incorporated (USA),
- Current GE (US)
Top 2 players in the smart lighting market:
MEANS HOLDING (PHILIPS LIGHTING)
Philips Lighting has changed its name to Signify. Signify is an industry leader in connected lighting systems and services and leverages the Internet of Things (IoT) to help transform homes, buildings and urban spaces. The company operates its lighting business in more than 60 countries and has manufacturing facilities in Europe, South America and Asia-Pacific. Signify is a global market leader with proven expertise in the development, manufacture and application of innovative green lighting products, energy efficient lighting products, systems and services. It offers its products under lighting brands such as Philips, interact, Wiz, Philips Hue and Color Kinetics. Signify installed the first Power over Ethernet (PoE) connected commercial lighting system for smart offices in the Nordics using Cisco networking technology in February 2018. The technology was integrated into a newly built smart office in the municipality of Albertslund in Copenhagen, Denmark, allowing office workers to customize the lighting in their office using a smartphone app. It included occupancy sensors built into the company’s SmartBalance and PowerBalance fixtures with the system deployed.
ACUITY BRANDS INC.
Acuity has an operating segment serving the North American lighting market and certain international markets. The company sells its products under several brands, such as Lithonia Lighting, Holophane, Peerless, Gotham, Mark Architectural Lighting, Winona Lighting, Juno, Indy Aculux, Healthcare Lighting, Hydrel, American Electric Lighting, Antique Street Lamps, Sunoptics, eldoLED, Distech Controls, nLight, ROAM, Sensor Switch, Power Sentry, IOTA and Atrius. The company offers conventional lighting solutions and connected lighting control technology for consumer, industrial and decorative lighting applications. The Company’s primary offerings include luminaires and lighting control components and systems, which include sensor light switches, smart dimmers and integrated lighting systems for indoor and outdoor applications.
Power Over Ethernet Lighting Market by Offer (Hardware, Software and Services), Wattage (Up to 25 Watts, Above 25 Watts), Application (Commercial, Industrial) and Geography (2021-2026)