The global smart LED lighting market was valued at USD 7.30 million in 2020 and is expected to reach USD 34.15 million by 2028, expanding at a CAGR of 24.4 % during the forecast period, 2021 – 2028. The growth of the market is attributed to growing awareness about technologies such as light fidelity, Internet of Things (IoT), and wireless optical networking.
Smart LED lighting is a lighting technology, which is manufactured for energy-efficiency, security, and convenience. It includes automated controls and high efficiency fixtures that are modified, based on situations such as daylight availability.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing awareness about the significance of energy conservation is inspiring the consumers to opt for smart LED lights.
- Governments are approving smart city lighting projects to save money and energy this in turn is driving the market.
- Smart LED lights have features such as automatic on/off control, voice control, Bluetooth connectivity, and in-built WIFI technology. These features are expected to boost the market.
- Increasing acceptance of these products, owing to hassle-free solutions to regulate business and home lighting is expected to fuel the market.
Scope of the Report:
The report on the global smart LED lighting market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Global Smart LED Lighting Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Products (Wireless and Wired), Technology (WIFI, Hybrid, Dali, Bluetooth, and Zigbee), Distribution (Online and Offline), and Regions
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Koninklijke Philips NV, Cree Inc., ABB Limited, Eaton Corporation, TVILIGHT B.V., Wipro Limited, Digital Lumens, Inc., SSK Group, Bridgelux, , OSRAM Licht AG, and Acuity Brands Inc.
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Market Segment Insights:
The wired segment held a major market share of more than 50% in 2018
Based on products, the global smart LED lighting market is bifurcated into wireless and wired. The wired segment is anticipated to expand at a rapid pace during the forecast period. Wired appliances are mainly used in industries, government organizations, and corporate offices, due to low maintenance and installation costs as compared to the wireless segment. Decreased probability of failure related to these products is estimated to boost the demand for them during the forecast period.
The wireless segment is projected to witness a substantial CAGR of 26.4% during the forecast period. Consumers can operate smart lights remotely through phones or remotes. Most of these products are linked through WIFI and Bluetooth. Product advancement and development in new technology including Bluetooth is projected to provide new opportunities in the next few years. Rising disposal income and modern lifestyles are inducing consumers to use wireless smart electronic devices.
The hybrid technology segment is expected to expand at a substantial CAGR during the forecast period
On the basis of technology, the global smart LED lighting market is segregated as WIFI, Hybrid, Dali, Bluetooth, and Zigbee. Hybrid products have mechanized and programmed smart features which regulate the intensity of lights as per necessity. These products are helpful for green-house farms, as they let farmers offer high intensity of light for the crops with variable heat that can be managed inside the greenhouse. The zigbee segment is estimated to expand at a rapid pace during the forecast period. Lighting products with Zigbee technology can be integrated into a single unit that controls fans, ACs, security cameras, TVs, electronic doors, and other electronic devices. Companies are launching new products with Zigbee technology, which is anticipated to boost the segment growth.
The offline segment held a key market share of the total revenue in 2018
In terms of distribution, the global smart LED lighting market is fragmented as online and offline. The offline segment is attributed to expand at a substantial CAGR during the forecast period. Most consumers prefer buying products from offline stores, so that they get after-sales service and support. The online segment is expected to expand at a rapid CAGR of 29.9 % during the forecast period. Increasing number of online stores along with attractive offers is boosting the segment. Online suppliers provide easy installation, thus attracting consumers.
Europe held a key market share of more than 35% of the total revenue in 2018
Based on regions, the global smart LED lighting market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to emerge as a rapidly growing region in this segment. Increasing adoption of innovative home decorations along with awareness about visual appearance of the product particularly in major markets such as the UK., France, and Germany is projected to drive the demand for smart LED lights.
The market in North America is anticipated to expand at a rapid CAGR of 28.2% during the forecast period. Consumers in profit-oriented organizations opt for smart lighting to decrease their electricity costs.
Segments
The global smart LED lighting market has been segmented on the basis of
Products
Technology
- WIFI
- Hybrid
- Dali
- Bluetooth
- Zigbee
Distribution
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Koninklijke Philips NV
- Cree Inc.
- ABB Limited
- Eaton Corporation
- TVILIGHT B.V.
- Wipro Limited
- Digital Lumens, Inc.
- SSK Group
- Bridgelux
- OSRAM Licht AG
- Acuity Brands Inc.
Competitive Landscape
Key players in the global smart LED lighting market include Koninklijke Philips NV, Cree Inc., ABB Limited, Eaton Corporation, TVILIGHT B.V., Wipro Limited, Digital Lumens, Inc., SSK Group, Bridgelux, OSRAM Licht AG, and Acuity Brands Inc. Manufacturers are investing in product development and innovation and launching products in emerging countries to access a large market share.
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