Dublin, May 13, 2024 (GLOBE NEWSWIRE) -- The "North America Smart Lighting Market Report by Offering, Communication Technology, Installation Type, Light Source, Application, and Country 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The North American smart lighting market has exhibited significant growth, attaining a value of US$ 6.0 Billion in 2023. Projections for the market indicate an accelerated growth rate, with expectations to reach a valuation of US$ 22.9 Billion by the end of 2032, propelled by a robust Compound Annual Growth Rate (CAGR) of 16.0%.
A confluence of factors contributes to the market's robust expansion, high-efficiency and longevity of smart lighting solutions being prominent ones. These advancements have led to a growing consumer adoption, with smart lighting systems offering reduced maintenance and enhanced functionality. The integration of technology in smart lighting, informed by developments in the Internet of Things (IoT) and big data, has strengthened the connection between lighting and home automation. Regional Dynamics
The market's growth is unequally distributed across various North American countries, with specific analyses for the United States, Canada, and Mexico. The upward trajectory of the market is influenced by both the increased spending capability and the willingness of North American consumers to invest in state-of-the-art technological solutions, such as smart lighting for residential, commercial, and public infrastructure applications.
Market Segmentation Insights
The North American smart lighting market has been closely scrutinized across several segments. These segments encompass offerings like hardware — inclusive of lights, luminaires, and lighting controls — as well as software and various services, ranging from design and engineering to installation and post-installation. The market dissection further includes communication technologies, distinguishing between wired and wireless options, installation types, and various light sources. These segmentations provide a detailed exploration of the market's fabric and future outlook.
Impacts and Projections
While contemporary consumer behaviors and technological advancements are pivotal for market propulsion, COVID-19's impact on the market has also been assessed. The challenges and drivers have been meticulously analyzed to gauge their influence on the market trajectory. In the upcoming years, the market is poised to continue its expansion, backed by the persistent evolution of smart lighting solutions and the steadfast adoption by end-users. As the North American market evolves, it holds significant potential for stakeholders across the value chain, from manufacturers to end consumers, in paving the way for an interconnected and automated lighting future.
Strategic Market Analysis
A strategic analysis includes an examination of the competitive landscape, using tools like Porter's Five Forces analysis and PESTEL analysis, as well as an overview of government regulations shaping the market. The competitive structure and prominent leaders in the smart lighting domain stand out as essential elements in this sophisticated market ecosystem. The observations and projections for the North American smart lighting market are crucial for industry participants, policymakers, and investors, highlighting the market’s vigorous growth, evolving technological landscape, and prospective opportunities through 2032.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 124 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $6 Billion |
| Forecasted Market Value (USD) by 2032 | $22.9 Billion |
| Compound Annual Growth Rate | 16.0% |
| Regions Covered | North America |
For more information about this report visit https://www.researchandmarkets.com/r/9irih7
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