In the recent trend, the lighting is a considered application of the light to acquire some of the practical effect and aesthetic. Whereas, the smart lighting is an effective technology of the lighting which restructured for the energy efficiency. The smart lighting refers to the huge efficiency fixtures and automated controls that generate the modifications based on the environments such as possession and daylight sustainability. Furthermore, the players of this market are streamlining the various aspects of this market for investing the amount into the technological developments which further improve the functioning of the smart lighting and leading the fastest market growth across the globe during the forecasted period.
According to the report analysis, ‘Global Smart Lighting Market Industry Trends Forecast to 2026’ states that there are several key players which are presently functioning in this sector more actively for accounting the highest market growth and dominating the high value of market share across the globe in the coming years while improving the security and privacy concern related to the smart lighting systems and effectively determining the cost of installation includes Philips Lighting Holding B.V., Acuity Brands Lighting, Inc. , Hafele, Honeywell International Inc., Cree, Inc. , Digital Lumens, Inc., OSRAM GmbH., Lutron Electronics Co., Inc, Legrand SA, Seiko Epson Corporation, Encelium technologies, Virtual Extension, Zumtobel Group AG, Wipro Consumer Care & Lighting, Schneider Electric SE, Eaton, Leviton Manufacturing Co., Inc., Syska LED, Beam Labs B.V., and several others. Whereas, the market players of this market are analyzing the several profitable aspects for knowing the growth opportunities and growth drivers which further make the market more competitive and influence the investors for investing and leading the fastest market growth during the forecasted period more enormously.
Global smart lighting market is estimated to reach a CAGR of 22.5% in the forecast period of 2019 to 2026. However, the global market of smart lighting is segmented into different sectors which majorly involves offering, installation type, communication technology, application type and geography. Whereas, on the basis of application type, the market is further segmented into Indoor and Outdoor while, based on the communication technology, the market is split into Wired Technology and Wireless Technology. Moreover, in the application type, the Residential sector is estimated to dominate the global smart lighting market owing to the significant increase in the application of lighting control system at homes and workplaces. Wireless technology is anticipated to increase with the maximum CAGR in the forecasting period owing to rise in utilization of smart lighting in countless residential areas which mostly uses wireless technology lighting solutions such as smartphone utilizing the Wi-Fi, Bluetooth, Z-Wave, and even wireless radio for better connectivity and easy to access.
Additionally, speedy increase in the demand for the smart cities, increase in the utilization and decreased in the price of LED, rising ultimatum of the IoT technology for the smart lighting, and several others are the some major factors for propelling the market growth across the globe more significantly. Therefore, in the near future, it is anticipated that the market of smart lighting will increase around the more increasingly over the recent few years.
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Ankur Gupta, Head Marketing & Communications