Dublin, Nov.19, 2021(GLOBE NEWSWIRE) -- The "Global Smart Lighting Market Size, Share & Trends Analysis Report by Component, by Connectivity (Wired, Wireless), by Application (Indoor, Outdoor), by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.The global smart lighting market size is expected to reach USD 46.90 billion by 2028, registering a CAGR of 20.4%, from 2021 to 2028
The market growth is attributable to the development of smart cities, the rising trend of smart homes, intelligent street lighting systems, and the need for implementing energy-efficient lighting systems.
Although smart lights are expensive compared to general lights, their advantages outweigh the overall installation cost. However, the high price of smart lights restricted market growth as the purchasing capacity of the middle-class income group declined during the COVID-19 pandemic.The new trend of home automation is penetrating houses with middle and high-income group consumers. The trend is further fueled by constantly evolving IoT technology for smart homes; wherein smart lights can be connected to control the functions of electronic devices.
Moreover, personal assistants such as Alexa, Crotona, and Siri can be synced with a smart light app to control lighting hue, brightness, on/off time, and other functions using only voice commands. Similar transformation using smart lights has also penetrated the commercial spaces.
Retail has emerged as the top beneficiary of smart lighting. Apart from energy efficiency, the "smart" lighting systems installed in retail stores are leveraging Bluetooth Low Energy (BLE) and Visible Light Communication (VLC) technology which allows LED light fixtures to communicate wirelessly with the antennas and cameras in smartphones.
Thus smart lighting technology helps retailers reach customers visiting the shop premises to send offers and product availability information based on their purchasing pattern. Similar add-on integrated functions are expected to augment the market growth in the upcoming years.The residential, commercial, and industrial sector is slowly making in-roads with the integration of Artificial Intelligence (AI), Internet of Things (IoT), and other technologies to extend the capability of smart lights. With aid from AI in the local network, the smart light creates safe and sustainable lighting solutions while safeguarding users' privacy as the data is not uploaded to the cloud.
Data privacy has been one of the main concerns when smart lighting is connected via Wi-Fi and other wireless methods to electronic appliances. It serves as a way for hackers to infiltrate the premise network to access personal information.
Moreover, the incidence of hacking has increased during COVID-19 across the internet-connected infrastructure. Hence, building a robust security infrastructure to provide internet-free offline connectivity can restrict the hacker and improve efficiency and adoption of smart lighting over the forecast period.Smart Lighting Market Report Highlights
Key Topics Covered:Chapter 1. Methodology and ScopeChapter 2. Executive Summary2.1. Market Snapshot2.2. Segment OutlookChapter 3. Smart lighting Market Variables, Trends, and Scope3.1. Penetration and Growth Prospect Mapping3.2. Industry Value Chain Analysis3.3. Market Dynamics3.3.1. Market driver analysis3.3.2. Market challenge/restraint analysis3.4. Business Environment Analysis Tools3.4.1. Industry analysis - Porter's five forces analysis3.4.2. PEST analysis3.5. Smart lighting Market: COVID-19 Impact AnalysisChapter 4. Smart lighting Market: Component Estimates & Trends Analysis4.1. Component Market Analysis & Market Share, 2020 & 20284.1.1. Hardware184.108.40.206. Global hardware market, by region, 2017 - 2028 (USD Million)220.127.116.11. Lamp18.104.22.168. Luminaire4.1.2. Software4.1.3. ServicesChapter 5. Smart lighting Market: Connectivity Estimates & Trends Analysis5.1. Connectivity Market Analysis & Market Share, 2020 & 20285.1.1. Wired5.1.2. WirelessChapter 6. Smart Lighting Market: Application Estimates & Trends Analysis6.1. Application Market Analysis & Market Share, 2020 & 20286.1.1. Indoor22.214.171.124. Global indoor market, by region, 2017 - 2028 (USD Million)126.96.36.199. Residential188.8.131.52. Commercial & Industrial6.1.2. Outdoor184.108.40.206. Global indoor market, by region, 2017 - 2028 (USD Million)220.127.116.11. Highways & Roadways18.104.22.168. ArchitecturalChapter 7. Smart Lighting Market: Regional Estimates & Trend analysis7.1. Regional Market Analysis & Market Share, 2020 & 2028Chapter 8. Competitive Analysis8.1. Recent Developments & Impact Analysis, By Key Market Participants8.2. Company/Competition Categorization (Key Innovators, Market leaders, Emerging Players)8.3. Key Company Market Ranking Analysis, 2020Chapter 9. Competitive Landscape9.1. Company overview9.2. Financial performance9.3. Product benchmarking9.4. Strategic initiatives
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