Global Smart Lighting Market is expected to reach from USD 7.61 Bn in 2019 to USD XX Bn by 2027, at a CAGR of XX % during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Global Smart Lighting Market
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Global Smart Lighting Market Dynamics:
Smart Lighting Market is a technology designed to reduce energy consumption and achieve better energy efficiency. In order to achieve some aesthetic or practical effects, it makes use of high-efficiency fixtures and automated controls that adjust light intensity based on conditions such as occupancy or daylight accuracy.
Increasing usage of wireless technology, modernization and development of infrastructure to transform cities into smart cities, awareness of energy saving, demand for intelligent solutions for street lighting systems, adoption and decreasing cost of LED's, growth of wireless lighting techniques, and need for energy-efficient lighting systems are driving the overall growth of Smart Lighting Market.
Further key findings from the report:
• Smart Lighting Market bulbs is expected to experience a significant growth during the forecast period owing to increasing demand for wireless technologies in smart cities.
• Europe to grow at higher CAGR% during the forecast period owing to the increasing standard of living and increasing building automation in European countries such as France, Germany, and the United Kingdom.
• Communication technology segment- wireless connectivity is expected to grow at highest CAGR% between 2019 and 2027. Wireless technology has several advantages over wired connections that include no use of wire, no need for installation, and flexible nature; this advantage increases demand of wireless technology in the market further contributing to the growth of Smart Lighting Market.
• APAC to hold largest share of overall Smart Lighting Market growing at highest CAGR by 2027. Government initiatives and increased construction activities in APAC are contributing to the growth of the Smart Lighting Market in the region. Rising government expenditure on public infrastructure, increasing adoption of energy-efficient lighting systems in developing economies such as China, India are the major driving factors for the growth of smart lighting in APAC.
The objective of the report is to present a comprehensive analysis of the Global Smart Lighting Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.