Portland, Feb. 26, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global smart lighting market accounted for $8.68 billion in 2018 and anticipated to $38.68 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.
Increasing demand for street lighting systems, surge in need for energy-efficient lighting systems, and high penetration of LED bulbs and lighting have boosted the growth of the global smart lighting industry. However, high installation and maintenance cost in smart lighting systems hinders the market. On the other hand, the emergence of IoT and AI technology for smart lighting and development in smart city projects are anticipated to open new opportunities in the near future.
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The global smart lighting market is segmented on the basis of offering, connective technology, lighting technology, industry vertical, and geography. Based on offering, the market is categorized into hardware and software. The software segment is expected to manifest the highest CAGR of 23.5% from 2019 to 2026. However, the hardware segment dominated the market in 2018, accounting for nearly three-fourths of the market.
On the basis of lighting technology, the LED lighting technology segment held the lion’s share in 2018, accounting for more than two-fifths of the market, due to increase in penetration of LEDs in residential, industrial, and commercial sectors coupled with advancements of LEDs. The segment is expected to register the fastest CAGR of 23.4% during the forecast period.
The global smart lighting market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to portray the fastest CAGR of 23.7% from 2018 to 2026. However, the market across North America held the largest share in 2018, accounting for more than one-third of the market.
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The global smart lighting market report includes an in-depth analysis of the major market players such as Acuity Brands, Inc., Cisco Systems, Inc., Deco Lighting, Inc., Eaton, Dialight, Koninklijke Philips N.V., Honeywell International Inc., Cree, Inc., General Electric, and Syska.
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