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Smart Lighting Market 2022 : Trends, Growth, Scope, Size, Overall Analysis and Forecast till 2030

Quadintel published a research report on the Smart Lighting Market. The study offers primary and secondary research and exhaustive global market analysis. In addition, the research report explores the parent industry and its strategic substances in detail.

The global smart lighting market size was US$ 13.93 billion in 2021. The global smart lighting market is forecast to grow to US$ 67.5 billion by 2030 by growing at a compound annual growth rate (CAGR) of 21.10% during the forecast period from 2022 to 2030.

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Factors Influencing the Market

Rising demand for street lighting systems and rowing initiatives by governments to improve public infrastructure will drive the growth of the global smart lighting market during the study period.

Favorable technological advancements and the growing deployment of IoT and AI technology will surge the growth of the global smart lighting market. In addition, the trending smart city infrastructure and surging investments by government departments will escalate the growth of the market.

The introduction of technologies that operate on less energy will escalate the growth of the global smart lighting market.

Growing urbanization and employment rate will escalate the growth of the market. Furthermore, the growing living standards of the people and rising demand for energy conservation will offer ample growth opportunities for the smart lighting market.

The increasing number of partnerships between industry players to expand product offerings will boost the growth of the market. For instance, Daintree Networks and Samsung Electronics Co. Ltd. inked a pact in 2016 to joint solutions, including Samsungs smart lighting module (SLM).

Security and Privacy Concerns related to smart lighting may limit the growth of the market.

Regional Analysis

The Asia-Pacific smart lighting market is forecast to gain traction, owing to the growing number of smart city projects. The government of India recently proposed an investment that aims to establish smart city infrastructure in various parts of the country. In addition, the growing urbanization and employment rate will contribute to the growth of the market. Furthermore, the rising demand for energy conservation and increasing adoption of IoT-based technology will further prompt the demand for smart lighting.

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COVID-19 Impact Analysis

Due to the COVID-19 pandemic, manufacturing units witnessed significant disruptions due to the unavailability of raw materials. Furthermore, the shortage of workforce and ban on international trade activities hampered the supply chain. As a result, it restricted the growth of the global smart lighting market. Moreover, the shift in consumer demands and more focus towards healthcare further declined the demand for smart lighting. As a result, the market witnessed limited growth opportunities due to the pandemic.

Competitors in the Market

Acuity Brands, Inc.
Cisco Systems, Inc., Cree, Inc.
Eaton, Deco Lighting, Inc.
Dialight
General Electric
Honeywell International Inc.
Koninklijke Philips N.V.
Syska
Other Prominent Players
Market Segmentation

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The global smart lighting market segmentation focuses on Application, Industry Vertical, Offering, Technology, Connectivity, and Region.

By Application

Indoor Lighting
Outdoor Lighting
By Industry Vertical

Residential
Commercial
Industrial
Automotive
Others
By Offering

Hardware
Software
By Lighting Technology

LED
Halogen
Incandescent
Fluorescent
CFL
By Connectivity Technology

Bluetooth
Zigbee
WiFi
DALI
OTHERS
By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

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Final Report will add the analysis of the impact of COVID-19 on this industry.”

In the highly import dependent Smart Lighting Market , a large number of indigenous manufacturers of syringes and needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.

The report provides a snapshot of the Smart Lighting Market. It begins with the introduction section which mentions the features and uses of syringes and needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes and needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.

An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes and needles and problems associated with usage. Government legislation in the market has been discussed in the next section.

The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section. A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability

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