Dallas, Texas, United states, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Smart Lighting Market was valued at USD 12.72 billion in 2020, and it is expected to reach a value of USD 37.41 billion by 2027, registering a CAGR of approximately 20.26% over the forecast period from 2021 - 2027.
Smart-lighting means a technology designed for efficient use of light resources with power saving fixtures and automatic controls. This allows the user to adjust ambient lighting depending upon the daylight availability. In commercial, industrial and residential sectors Smart-lighting products have applications and usually consists of a wall keypad and touchscreen panel.
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Key Players
Key players in Smart Lighting Market are Philips Lighting, Acuity Brands, Osram, General Electric Company, Eaton, Honeywell, Legrand, Hubbell Lighting, Zumtobel Group, Hafele Group, Lutron Electronics, Wipro Consumer Care and Lighting, Syska LED.
Impact of the COVID-19
The impact of epidemic on the smart lighting market having a lifelong effect as ample of the manufacturing sector, smart lighting manufacturers also depend on China for a noteworthy percentage of the components used. In the outbreak period of pandemic (COVID-19), the market witnessed a halt in manufacturing products and disruption across the supply chain, leading to weakened growth of industrial output and the decline of light-manufacturing output across substantial manufacturing hubs.
Regional Analysis
Europe is dominating the way in drafting safety, uniform performance standards for certain indoor commercial smart lighting for garages, roadways, and parking. The smart lighting market in APAC is anticipated to be the fastest-growing market for smart lighting in the forecast period as connected lighting systems are rapidly being adopted in various applications, especially in smart offices/workspaces.
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Market Segmentation
By Offering
- Hardware
- Software
- Services
By Application
- Indoor
- Outdoor
By Connectivity
- Wired
- Wireless
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Development
In March 2021, Hubbell Control Solutions announced the launch of a new and improved NX Distributed Intelligence Lighting Control Panel (NXP2 Series) that centralizes connection points in an enclosure, providing an installer-friendly solution that reduces time and costs to deploy code compliant lighting control.
In March 2021, Hubbell Lighting announced its partnership with LightAZ, a luminaire manufacturing company with headquarters in Illinois, US.
Feburary 2020 - AWOX (Cabasse Group) announced the SmartLight Color GU10. It is a smart health connected LED spot bulb equipped with Bluetooth for connecting wirelessly to a smartphone or tablet, and then one can control its lighting intensity, colors broadcast, etc.
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