Smart Lighting Market Predicted to Reach $39.91 Billion by 2029
Author : Pallavi Garudkar | Published On : 09 May 2024
Meticulous Research®, a renowned leader in global market research, has unveiled its latest comprehensive report, titled, 'Enlightening Tomorrow: Smart Lighting Market Insights, Offerings, and Global Projections till 2029.'
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The report presents a meticulous analysis of the Smart Lighting Market, delving into its various facets including Offerings (Hardware, Software, Services), Connectivity Modes (Wired, Wireless [Bluetooth, Wi-Fi, Others], Hybrid), Applications (Indoor [Residential, Commercial, Industrial], Outdoor), and Geography.
According to this groundbreaking publication by Meticulous Research®, the Smart Lighting Market is poised to surge at a remarkable CAGR of 12.2% from 2022 to 2029, anticipated to reach a substantial valuation of $39.91 billion by the end of 2029. The report attributes this exponential growth to several factors such as the escalating demand for IoT-integrated lighting fixtures, the burgeoning necessity for energy-efficient illumination systems, and the burgeoning adoption of smart home solutions. Furthermore, the swift transition from conventional lighting to interconnected lighting solutions and the burgeoning proliferation of smart cities are expected to catalyze significant opportunities within the market landscape. However, it acknowledges that the initial high costs associated with smart lighting equipment and accessories may marginally impede market expansion.
Diving deeper, the report segments the Smart Lighting Market based on offerings, connectivity modes, and applications. The hardware segment is anticipated to dominate the market landscape in 2022, owing to factors like increased penetration of smart lighting solutions and the surging demand for intelligent street lighting systems, particularly in developing nations. Meanwhile, the software segment is poised to exhibit the highest CAGR over the forecast period, primarily fueled by the burgeoning popularity of ambient lighting setups and the utility of smart lighting solutions in data collection within smart urban environments.
In terms of connectivity modes, while the wired segment currently commands a significant market share owing to its reliability and minimal signal distortion, the wireless segment, especially hybrid protocols and standards, is projected to witness accelerated growth in the forthcoming years. The report underscores the growing consumer inclination towards wireless connectivity modes, driven by their enhanced flexibility and convenience.
Moreover, analyzing the market through the lens of applications, the report forecasts a robust growth trajectory for the outdoor segment, attributed to the increasing adoption of energy-efficient lighting solutions and the burgeoning government initiatives aimed at promoting energy conservation and infrastructural development, particularly in smart city projects.
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Geographically, Europe emerges as a frontrunner in the Smart Lighting Market, driven by factors such as heightened awareness regarding energy conservation, favorable government policies, and a surge in deployment across residential, commercial, and government sectors. Nevertheless, the Asia-Pacific region is slated to witness the highest CAGR during the forecast period, buoyed by a plethora of government-led initiatives, increasing smart city projects, and substantial investments in public infrastructure.
The report concludes with a comprehensive analysis of key players in the Smart Lighting Market, including Signify Holding, Legrand, Acuity Brands, Lutron Electronics, Leviton Manufacturing, Zumtobel Group, Honeywell International, Hubbell Incorporated, GE Current, Dialight plc, Cree Lighting, Enlighted Inc., Panasonic Holdings, LightwaveRF PLC, RAB Lighting Inc., Synapse Wireless, Syska LED, Wipro Enterprises, LG Electronics, and ABB Ltd.
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