Global Smart LightingMarket expected to reach USD US$ 38.9 Bn by 2027, growing at a CAGR of 20.8% | Know the Companies List Could Potentially Benefit or Loose out From the Impact of COVID-19

According to AllTheResearch's analysis, The Global Smart Lighting Market expected to reach USD 38.9 billion in 2026 growing at a CAGR of 20.8% by 2026. The ripple effect of Coronavirus-COVID19 on the Smart Lighting Ecosystem Market Ecosystem needs to become part of strategy discussions to emerge strong.
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Smart Lighting Market Ecosystem are expected to grow at the fastest pace during the forecast period. Smart-lighting is a technology designed for the efficient use of light resources with power-saving fixtures and automated controls. Smart lighting enables users to adjust the lighting effect which ensures lower energy usage and high-cost savings.

Study of Major Company Profiles:
The major players operating in the global smart lighting market are Osram GmbH (Germany), Koninklijke Philips N.V. (Netherland), Legrand S.A. (France), GE (US), Lutron Electronics Co. Inc. (U.S.), Cree, Inc. (U.S.), Silicon Laboratories (US), Eaton (Ireland), Honeywell International Inc. (US), and Acuity Brands (US) among others

By Application: Indoor Application, Outdoor Application Others.

Based on application, the Smart Lighting Market has been segmented into indoor application and outdoor application. The indoor application segment predicted to own nearly 85% in the market in 2018. Owing to its low maintenance costs, energy-efficient, and enhanced appearance of the smart lighting systems in comparison with its conventional lighting systems further grows the demand for indoor applications. Again, major manufacturers of smart lighting are developing the wireless technology for LEDs further expected to increase the demand for indoor applications during the forecast period

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SMART LIGHTING MARKET :
The growth of the Smart Lighting Market is primarily driven by supportive government initiatives pertaining to energy-efficient lighting and growing awareness of energy consumption and green lighting. Moreover, rising demand for the development of infrastructure to transform cities into smart cities and developing wireless technology for street lighting systems in emerging countries also drives the growth of the global smart lighting market. On the other hand, high initial costs and lack of awareness about the advantages of smart lighting is creating a major hindrance for its market growth. However, the continuous development of wireless communication technology for smart lighting systems and developing IoT technology for smart lighting is expected to create major growth opportunities during the forecast period.

Based on installation type, the new installation segment is expected to lead during the forecast period

Based on installation type, the market has been segmented into new installation and retrofit installation. In 2018, the new installation segment register for the largest market share in terms of value in the global smart lighting market. New installation completely changes the fixtures and installations of lighting unlike in retrofit lighting which usually replaces and repair only lighting control and management system. Moreover, growing infrastructure development and rising construction sector further grows the commercial and residential sector is expected to increase the demand for new installations during the forecast period.

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By Region Analysis:
1. North America (US and Canada)
2. Europe (UK, Germany, France and Rest of Europe)
3. Asia Pacific (China, Japan, India and Rest of Asia Pacific)
4. Latin America (Brazil, Mexico and Rest of Latin America)
5. Middle East & Africa (GCC and Rest of Middle East & Africa)

North America to dominate the smart lighting market throughout the forecast period
North America accounted for nearly 42% share of the global smart lighting market in 2018 and is expected to dominate the market throughout the forecast period followed by Europe and Asia-Pacific. Smart city development programs and growing awareness towards energy-efficient lighting and supportive government initiatives towards smart lighting in the North America region is one of the key factors driving the consumption of smart lighting in this region. Moreover, the growth of construction and infrastructure development in key countries such as the US and Canada are also propelling the growth of smart lighting in the North America region. Moreover, Asia-Pacific accounted for the highest CAGR in the global smart lighting market during the forecast period
And more...

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